Michael Venuto

Michael Venuto wears two significant hats in the ETF world: he's the co-founder of Tidal Financial Group (one of the largest white-label ETF platforms) and the portfolio manager of BLOK, the Amplify Transformational Data Sharing ETF , one of the most successful blockchain/crypto ETFs in existence. The combination gives him a rare dual perspective: he understands both the infrastructure of launching ETFs and the active management of running one through volatile markets.

BLOK: Not Your Typical Crypto ETF

BLOK stands apart from other blockchain and crypto-related funds in several key ways. First, it's actively managed, which gives Venuto flexibility that index-based competitors lack. The portfolio is organized into core and non-core holdings across segments , including a semiconductor bucket identifying which chip companies actually make products used in blockchain infrastructure. "Figuring out which semi companies are actually making chips that are used in this space is not easy. But that's why we talk to management. What we learn talking to management is more about the supply chain and the other companies than we do about those companies themselves."

Second, BLOK does things no other blockchain ETF has done. It has owned Canadian spot Bitcoin ETFs directly, providing crypto exposure within the fund structure. It owns MicroStrategy's bonds , not just the equity. "We bought MicroStrategy bonds the last time crypto collapsed. It was just like, okay, this is better in the cap structure, we're going to participate." That kind of structural flexibility is only possible in an actively managed vehicle.

The weighting system is based on core vs. non-core classification, with no single segment allowed to exceed 25% of the overall portfolio , providing diversification within the blockchain theme while maintaining conviction positions in the highest-quality names.

Crossing the Institutional Chasm

BLOK has achieved something most thematic ETFs never do: institutional approval. "We've been through the due diligence at Morgan Stanley and I think Wells Fargo," Venuto says. And here's the irony: BLOK's early-mover advantage now works in reverse against newer competitors. "It's going to be very hard for even BlackRock to get their version of a blockchain ETF approved at Morgan Stanley. It doesn't have the assets, doesn't have the liquidity." Being first and reaching scale created a distribution moat that late entrants can't easily overcome.

The investor base reflects this institutional adoption: "Mostly who I talk to about it are large RIAs and family offices and Morgan Stanley and Wells Fargo advisors." The fund has crossed from retail novelty to institutional allocation , a transition that most thematic products never make.

The Tidal Platform Perspective

Through Tidal Financial, Venuto sees the ETF industry from the platform side , helping dozens of issuers launch and manage funds. That vantage point gives him insight into the common pitfalls and success patterns of new ETF issuers. The platform business and the active management business inform each other: understanding what makes funds succeed operationally shapes how he runs BLOK, and running BLOK gives him credibility and insight that benefits Tidal's platform clients.

The Grind Is the Strategy

In closing, Venuto delivers what might be the episode's most important insight , directed at every aspiring ETF issuer listening: "That's probably the biggest lesson from all the things we talked about today. This is a grind. And if you're not doing what Brad's doing, or what Guy Adami's doing, or what Bob Elliott's doing, you're just going to be complaining that it's not working. You're the one not working."

It's a blunt assessment from someone who sees both sides , the portfolio manager grinding for distribution and the platform operator watching dozens of issuers try and fail. Success in the ETF business isn't primarily about investment performance. It's about showing up, building relationships, creating content, and accepting that distribution is a years-long grind, not a launch-day event.

BLOK's journey from crypto-curious thematic product to institutionally-approved allocation validates the approach: build something differentiated, manage it actively with genuine expertise, cross the institutional due diligence threshold, and never stop grinding on distribution. The combination of Tidal's platform knowledge and BLOK's active management track record makes Venuto one of the more credible voices in the ETF infrastructure conversation.

One detail worth highlighting: BLOK's active management includes owning positions in the capital structure beyond equity , like MicroStrategy's bonds during the crypto collapse. This kind of structural arbitrage is only possible in an actively managed fund with a portfolio manager who understands both the crypto ecosystem and traditional fixed-income markets. Index-based competitors are limited to whatever their methodology specifies. The flexibility to say "this bond is a better risk-reward than the equity right now" is a genuine advantage that justifies active management fees. And the institutional approvals at Morgan Stanley and Wells Fargo validate that the due diligence process recognizes this differentiation. For advisors trying to add blockchain exposure through approved channels, BLOK may be the only game in town , and that distribution moat compounds with every year of track record.

Key Takeaways

• Michael Venuto wears two significant hats in the ETF world: he's the co-founder of Tidal Financial Group (one of the largest white-label ETF platforms) and the portfolio manager of BLOK, the Amplify Transformational Data Sharing ETF , one of the most successful blockchain/crypto ETFs in existence.
• The combination gives him a rare dual perspective: he understands both the infrastructure of launching ETFs and the active management of running one through volatile markets.
• BLOK stands apart from other blockchain and crypto-related funds in several key ways.
• The portfolio is organized into core and non-core holdings across segments , including a semiconductor bucket identifying which chip companies actually make products used in blockchain infrastructure.

Listen to the full conversation on Spotify, Apple Podcasts, or YouTube.