BLOX ETF Holdings: What the Nicholas Crypto Income ETF Actually Owns Full Portfolio Breakdown, Sector Treemap & Options Overlay — Updated Regularly

The Nicholas Crypto Income ETF (BLOX) is one of the more unusual weekly payers we track. Launched in June 2025 by Nicholas Wealth and Tidal Investments, it seeks capital appreciation first and income second — the opposite ordering of most covered call funds — and it pays its distribution every single week.

BLOX is built on three sleeves: an equity portfolio of crypto industry companies (miners, exchanges, brokers, chipmakers), a crypto fund sleeve holding US-listed Bitcoin and Ether products, and an options overlay that writes calls and put spreads to generate the income that funds the weekly payout. The fund does not hold coins directly. Below is everything currently inside it.

The Options Overlay: Where the Weekly Income Comes From

Beyond the long book, the current holdings file shows roughly 30 listed options positions — mostly short-dated put spreads and written calls expiring within one to two weeks, struck on names the fund already owns: HUT, RIOT, CIFR, IREN, WULF, MARA, GLXY, HOOD, COIN, TSM, NVDA, FBTC, IBIT, ETHA and others.

The pattern is consistent: the fund sells a nearer-the-money put and buys a further out-of-the-money put on the same name (a put credit spread), and writes covered calls against parts of the Bitcoin and Ether fund sleeve. Premium collected from those spreads is the raw material for the weekly distribution. It also means the overlay's value swings week to week — as of this file it nets to about -1.4% of assets, with the largest single positions being a long HOOD August call and short July puts across the miner names.

Like most options-income funds we track, this structure means distribution amounts can vary meaningfully from one week to the next, and payouts may include return of capital — the same dynamic behind the Price Decay column on our homepage rankings.

5 Key Takeaways From the Current BLOX Portfolio

1. This is a crypto ecosystem fund, not a Bitcoin proxy. Only about 37% of assets sit in Bitcoin and Ether fund products. The other ~63% is equities: miners, exchanges, brokers and chipmakers.

2. TSM is the single largest holding. A traditional semiconductor giant tops a crypto income fund at 8.71% — a bet on the picks-and-shovels layer of the industry, alongside NVDA at 6.46%.

3. The miner sleeve is deep. Seven mining and data center names total roughly a third of the fund, led by Hut 8, Riot and Cipher.

4. Two in-house funds sit inside it. NGHT and BHDG — both Nicholas ETFs — together make up nearly 16% of BLOX, layering the AfterDark and tail-hedge strategies into the portfolio.

5. The income is manufactured weekly. The short-dated options ladder rolls constantly, which supports the weekly payout but adds turnover and distribution variability.