Amplify ETF's Christian Magoon Responds to Criticism Facing Riot Blockchain
There's a new way to invest in Blockchain technology. Amplify ETFs launched a blockchain-based technology fund under the ticker "Blok" in January. Amplify ETF explains the opportunity he sees in this market, and responds to criticism facing one of the companies in this ETF's holding.
"The smallest position in the fund is Riot Blockchain," said Magoon. "The fund is actively managed so I expect the fund portfolio managers are adjusting the portfolio. This was a controversial company that we did some research in." Shares of Riot Blockchain plummeted after CNBC released a report suggesting the re-branding of the company was done for personal gain.
"Now that news has come out it really seems like the momentum of this stock is going downward, and I'm expecting that come tonight when we update our holdings I wouldn't expect to see that stock in the portfolio based on this report," said Magoon.
An independent watchdog within the IRS reports that while taxpayer services have vastly improved, the agency is still too slow to resolve identity theft cases. And National Taxpayer Advocate Erin Collins says those delays are “unconscionable.” Erin M. Collins said in the report released Wednesday that overall the 2024 filing season went smoothly, though IRS delays in resolving identity theft victim assistance cases are worsening. It took nearly 19 months to resolve self-reported identity theft cases as of January, and Wednesday's report states that now it takes 22 months to resolve these cases.
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