In this episode, I sit down with Christian Magoon (CEO of Amplify ETFs) to map out what “blockchain stocks” actually means heading into 2025—and why 2024 was a mixed-but-bullish setup. We walk through the big tailwinds: the January launch of spot Bitcoin ETFs in the U.S., Ethereum ETFs following, the April halving, MicroStrategy getting added to the NASDAQ 100, and the post-election shift toward a more pro-crypto U.S. stance. Christian also breaks down how BLOK (their actively managed blockchain & crypto equity ETF) put up just over 50% in 2024, and why he thinks the next leg of the theme is broader than just miners. The most useful framework is the “barbell”: on one side, crypto-sensitive names (miners and Bitcoin treasury companies); on the other, less-correlated transaction and payments players like Visa, MasterCard, PayPal, and Block. We also dig into why miners are diverging—power costs, balance sheets, “sell vs. hodl” strategies, and the really important twist: the miners that are evolving into AI data center operators with long-term hyperscaler contracts (Core Scientific is a prime example). Finally, we get tactical on what active management is trying to do in a space that moves too fast for a rebalance-every-quarter index, and we close on why sideways Bitcoin can be a constructive moment if regulatory uncertainty clears.