Pure-play miners remain tightly tethered to the price of bitcoin. Still, a growing subset of mining companies is beginning to trade on a different narrative: high-performance computing and AI infrastructure. That shift is showing up clearly in the Amplify Blockchain Technology ETF (BLOK), where several top holdings are evolving from simple crypto plays into broader computing platforms.

As of January 30, the following five stocks led BLOK’s gains:

When Bitcoin Power Becomes AI Compute

Leading the pack, IREN Limited (IREN) surged 42.28% in January. The rally followed a landmark multi-billion-dollar agreement to deliver cloud capacity for AI workloads, reinforcing the idea that its high-performance data centers are just as valuable for machine learning as they are for securing the blockchain.

Blockchain Rails Move Into the Financial Mainstream

Figure Technology Solutions (FIGR) climbed 39.28% during the month. Its nearly 40% January gain reflects accelerating institutional adoption of the Provenance Blockchain, which Figure uses to streamline home equity lending and private market secondary transactions.

The AI Data Center Land Grab

Applied Digital gained 38.17% in January, as the market continued to re-rate the company from digital asset miner to AI infrastructure provider. By designing data centers capable of supporting extremely high-density power loads, APLD has positioned itself as a critical supplier to the generative AI boom, benefiting from demand that extends well beyond crypto cycles.

Building the Institutional On-Ramp

Bakkt (BKKT) advanced 33.37% over the month, fueled by a sharp increase in digital asset trading activity. As a provider of institutional-grade custody, trading, and connectivity, Bakkt is benefiting from growing demand for regulated crypto access points. 

Tokenization Moves From Theory to Scale

WisdomTree (WT) rose 32.90% in January, reflecting surging investor interest in tokenization and real-world assets. As a pioneer in blockchain-native investment products, the firm has captured meaningful inflows. This was as assets brought on-chain reach record levels, reinforcing its role as a bridge between traditional finance and blockchain technology.

What the Performance May Signal

January’s momentum within BLOK was driven by a concentrated group of high-growth infrastructure and platform companies. Notably, the fund’s strongest performers shared a common trait. Each has moved beyond a single-use crypto model into higher-utility blockchain or AI-enabled businesses.

The fund’s exposure to smaller, faster-moving infrastructure and platform plays allows it to capture upside where capital is flowing most aggressively. This is at the intersection of blockchain, AI, and next-generation financial infrastructure.

This flexibility allows operators to allocate capacity to whichever workload offers the strongest economics. It  effectively turns energy into a programmable asset. For investors, that shifts the narrative away from crypto cyclicality. It looks toward next-generation digital infrastructure, where scarcity of power and ready-to-deploy capacity may be the most valuable assets of all.

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VettaFi LLC (“VettaFi”) is the index provider for BLOK,  for which it receives an index licensing fee. However, BLOK is not issued, sponsored, endorsed, or sold by VettaFi, and VettaFi has no obligation or liability in connection with the issuance, administration, marketing, or trading of BLOK.