NODE Monthly Commentary: April 2026
May 13, 2026
Read Time 10 MIN
Please note that VanEck may have a position(s) in the digital asset(s) and companies described below.
Key Takeaways
- NODE delivers its strongest month since inception: The fund returned +24.8% in April, with NAV per share rising from $32.37 to $40.40 and AUM reaching approximately $63.8 million. NODE outperformed bitcoin by roughly 2.05x, with bitcoin (BTC) up +12.1% over the same period.
- AI compute and energy transition names lead the rally: HUT 8 (+57.7%), TeraWulf (+50.6%), and Applied Digital (+44.3%) drove portfolio gains as institutional demand for AI data center capacity reaccelerated. Energy infrastructure names TLN, VST, and CEG also contributed.
- Portfolio beta to BTC at all-time low: NODE’s beta to bitcoin fell from 0.84 at March-end to 0.65 at April-end, the lowest since fund inception. The shift reflects a deliberate tilt toward AI infrastructure and energy names whose return drivers are largely independent of crypto price action.
VanEck Bitcoin ETF (“HODL,” or the “Trust”): An investment in HODL is subject to significant risk and may not be suitable for all investors. The value of Bitcoin is highly volatile, and you can lose your entire principal investment. HODL is not an investment company registered under the Investment Company Act of 1940 (the “1940 Act”) and therefore is not subject to the same protections as mutual funds or ETFs registered under the 1940 Act.
VanEck Onchain Economy ETF (NODE): The Fund invests in Digital Transformation Companies and/or Digital Asset Instruments, not directly in digital assets or commodities. Investing involves substantial risk and high volatility including loss of your entire principal. Shares are not bank deposits and not FDIC insured.
Monthly Standardized Performance (4/30/2026)
| Performance | YTD | 1 YR | 3 YR | 5 YR | 10 YR | LIFE (5/13/25) |
| NODE (NAV) | 16.28 | -- | -- | -- | -- | 52.24 |
| NODE (Market Price) | 16.19 | -- | -- | -- | -- | 52.61 |
| MVIS Global Digital Assets Equity Index | 13.75 | -- | -- | -- | -- | 46.50 |
| Performance | YTD | 1 YR | 3 YR | 5 YR | 10 YR | LIFE † |
| HODL (NAV) | -12.48 | -18.71 | -- | -- | -- | 26.61 |
| HODL (Price) | -12.66 | -18.89 | -- | -- | -- | 24.79 |
| MarketVector Bitcoin Benchmark Rate (Index) | -12.48 | -18.71 | 37.50 | 6.04 | 66.88 | 26.63 |
Source: Morningstar as of 4/30/26. Returns less than one year are not annualized. Past performance is not a guarantee of future results. Not intended as a recommendation to buy or sell any securities named herein.
† Share price is calculated from January 11, 2024, which corresponds to the date the Shares commenced public trading. Net asset value returns are calculated from January 4, 2024, which is the inception date of the Trust.
Quarterly Standardized Performance (3/31/2026)
| Performance | YTD | 1 YR | 3 YR | 5 YR | 10 YR | LIFE (5/13/25) |
| NODE (NAV) | -6.51 | -- | -- | -- | -- | 23.62 |
| NODE (Market Price) | -6.90 | -- | -- | -- | -- | 23.48 |
| MVIS Global Digital Assets Equity Index | -9.67 | -- | -- | -- | -- | 16.33 |
| Performance | YTD | 1 YR | 3 YR | 5 YR | 10 YR | LIFE † |
| HODL (NAV) | -22.31 | -18.26 | -- | -- | -- | 20.70 |
| HODL (Price) | -22.52 | -17.80 | -- | -- | -- | 19.21 |
| MarketVector Bitcoin Benchmark Rate (Index) | -22.31 | -18.26 | 33.68 | 2.73 | 66.47 | 21.33 |
Source: Morningstar as of 4/30/26. Returns less than one year are not annualized. Past performance is not a guarantee of future results. Not intended as a recommendation to buy or sell any securities named herein.
† Share price is calculated from January 11, 2024, which corresponds to the date the Shares commenced public trading. Net asset value returns are calculated from January 4, 2024, which is the inception date of the Trust.
The performance data quoted represents past performance. Past performance is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Please call 800.826.2333 or visit vaneck.com for performance current to the most recent month ended.
Please see HODL and NODE fee information in disclosures at the end of this content.
Review of the Rally
The following reflects the opinions of the portfolio manager and constitutes forward-looking statements that may not be realized. Past performance is no guarantee of future results. Forward-looking statements do not reflect actual results, are valid as of the date of this communication, and are subject to change without notice.
April was NODE’s strongest month of the year as it delivered a broad-based, sustained rally across our portfolio. NODE returned +24.8% through April 30, with NAV per share rising from $32.37 to $40.40. Fund assets under management reached approximately $63.8 million at month-end. The fund peaked at $40.81 per share on April 22 before a modest softening to close the month. Bitcoin gained +12.1% over the same period, rising from approximately $68,194 to $76,466. As a result, NODE’s return was approximately 2.05× BTC’s return*, reflecting outperformance driven by the AI infrastructure and energy transition portions of the book.
Performance versus Benchmarks
NODE’s +24.8% return was catalyzed by broad appreciation across AI compute infrastructure (WULF, CIFR, HUT, APLD), energy transition (TLN, VST, CEG), and onchain financial services (COIN, FIGR, CRCL) names. NODE carried a portfolio beta of 0.65 to bitcoin, a decline from 0.84 at the end of March. A purely passive BTC-beta allocation at that beta level would have implied approximately +8% for the period; NODE’s +24.8% return reflects the additional contribution from AI infrastructure and energy transition positions that carried return drivers less correlated with bitcoin price action.
April 2026 Performance
| Name | Return (%) | Volatility (ann.) (%) | Max Drawdown (%) |
| NODE | +24.8 | 35.0 | -5.3 |
| Bitcoin (BTC) | +12.1 | 27.1 | -3.6 |
| Ethereum (ETH) | +7.5 | 38.7 | -7.7 |
| S&P 500 | +10.4 | 11.6 | -0.9 |
| Nasdaq Composite | +15.7 | 15.1 | -1.0 |
| Crypto Equities (MVDAPP) | +25.9 | 45.5 | -8.8 |
Source: Bloomberg as of 5/07/2026. Past performance is not a guarantee of future results. Not intended as a recommendation to buy or sell any securities named herein. Index performance is not illustrative of fund performance. It is not possible to invest directly in an index.
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Volatility and Risk
Daily volatility for NODE was 35.0% annualized (30-day trailing) in April, down sharply from 47.4% for the month of March. The compression in realized volatility reflects both the smoother upward trajectory of most asset classes in April (the fund gained ground on virtually every trading day through April 22) and our active reduction in high-beta miners during the late March risk-off episode. Our best day in April was April 30, when the fund gained +4.56% as AI compute and energy infrastructure names built on a strong month-long recovery. The sharpest single-session pullback was on April 21 at approximately -3.07%, a modest giveback from the interim high. The intra-April maximum drawdown was -5.3% (peak to trough: $40.81 on April 22 to $38.64 on April 29). Our portfolio beta to bitcoin declined from 0.836 at March-end to 0.647 at April-end, reflecting AI infrastructure and energy transition names becoming less correlated with BTC. BTC’s 30-day realized volatility was 27.1%, marginally below NODE’s, demonstrating the typically higher volatility profile of AI-related equities.
Biggest Winners and Losers
The primary contributors to April's performance were our AI compute infrastructure and energy transition positions. CleanSpark (CLSK), Cipher Mining (CIFR), Hut 8 (HUT), and Applied Digital (APLD) all posted double-digit returns as renewed institutional interest in AI data center capacity drove broad rerating of the compute infrastructure subsector. Energy transition names including Talen Energy (TLN), Vistra (VST), and Constellation Energy (CEG) also performed well, benefiting from continued demand signals for power-intensive AI compute. Figure Technology (FIGR) rebounded meaningfully from its March weakness as sentiment for tokenization and digital lending rebounded.
Top NODE Contributors
| Company | Ticker | Return (%) |
| HUT 8 Mining | HUT | +57.7 |
| Applied Digital | APLD | +44.3 |
| TeraWulf | WULF | +50.6 |
Source: Bloomberg as of 4/30/2026. Past performance is not a guarantee of future results. Not intended as a recommendation to buy or sell any securities named herein. Other assets held by the fund may have performed differently during the period.
VanEck Bitcoin ETF (HODL), our largest single position at approximately 10.5% of the portfolio, was a relative laggard and returned approximately +12.7% in April. Futu Holdings (FUTU) and Reddit (RDDT) were also modestly weak on a relative basis, reflecting broader pressure on global fintech and consumer internet names.
Relative Laggards versus NODE
| Name | Ticker | April Return (%) |
| VanEck Bitcoin ETF | HODL | +12.7 |
| Futu Holdings | FUTU | +13.0 |
| RDDT | +9.3 |
Source: Bloomberg as of 4/30/2026. Past performance is not a guarantee of future results. Not intended as a recommendation to buy or sell any securities named herein. Other assets held by the fund may have performed differently during the period.
Portfolio Changes
We made targeted changes to the portfolio in April, primarily to increase our exposure to AI compute infrastructure. Enphase Energy (ENPH) was fully exited during the month; the position was a holdover from an earlier energy infrastructure thesis that we determined was better expressed through our pure-play power infrastructure names. We also meaningfully reduced our BMNR and HIVE positions, reflecting lower conviction in Ethereum’s ecosystem direction and HIVE’s execution on the Bitcoin miner-to-AI data center transformation.
On the buy side, we increased our weights in TeraWulf (WULF, +94 bps to 6.26%), Hut 8 (HUT +101 bps to 4.28%), and Cipher Mining (CIFR, +50 bps to 4.97%). We also added to our Applied Digital (APLD) holdings, reflecting our view that AI compute data center capacity remains structurally undersupplied. We held Figure Technology (FIGR) roughly steady at ~4.4%. We ended April with 59 holdings. The top 5 positions were HODL (10.50%), WULF (6.26%), CIFR (4.97%), FIGR (4.44%), and IREN (4.43%), together representing approximately 30.6% of the portfolio.
11-Month Track Record
NODE launched in May 2025. Through April 30, 2026, the fund has completed approximately 11 months of live history. April’s +24.8% return was the strongest single month since inception. BTC returned +12.1% in April (confirmed from workbook data). A full track record including annualized returns, annualized volatility, maximum drawdown, and benchmark comparisons is shown below.
NODE Stats vs Indices
| Name | Return (%) | Ann. Return (%) | Ann. Vol (%) | Max DD (%) | Best Mo. (%) | Worst Mo. (%) |
| NODE | 52.2 | 54.2 | 44.8 | -36.0 | 24.8 | -13.2 |
| Bitcoin | -26.9 | -27.7 | 43.4 | -49.6 | 12.1 | -16.5 |
| Ethereum | -15.9 | -16.4 | 69.0 | -61.9 | 54.6 | -17.9 |
| S&P 500 | 22.5 | 23.4 | 12.1 | -9.1 | 9.6 | -5.1 |
| Nasdaq Composite | 29.5 | 30.8 | 15.8 | -12.2 | 14.3 | -5.0 |
| Crypto Equities (MVDAPP) | 46.5 | 48.6 | 60.1 | -47.2 | 26.4 | -20.9 |
Source: Bloomberg as of 4/30/2026. Past performance is not a guarantee of future results. Not intended as a recommendation to buy or sell any securities named herein. Index performance is not illustrative of fund performance. It is not possible to invest directly in an index.
We enter May with our book containing fewer names that we hold with stronger conviction. Our April repositioning, adding to WULF, HUT, CIFR, and APLD while exiting ENPH and trimming legacy miners, has further sharpened our focus on AI compute infrastructure and energy transition. Portfolio beta to bitcoin is at its lowest since fund inception at 0.647, reflecting a deliberate allocation to AI infrastructure and energy names whose return drivers are mostly independent of crypto price action. We believe our April position shift toward AI compute is well-positioned to continue contributing differentiated returns relative to BTC, and that this investment profile offers a compelling risk-adjusted opportunity set as institutions continue to build out AI compute capacity and the infrastructure arms race accelerates.
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Important Disclosures
Definitions:
Bitcoin (BTC) is the world’s largest cryptocurrency by market capitalization.
Ethereum (ETH) is a decentralized, open-source blockchain platform and the second-largest cryptocurrency by market capitalization.
S&P 500 Index is a stock market index of 500 of the largest companies listed on stock exchanges in the United States.
The Nasdaq Composite Index is a stock market index that consists of the stocks listed on the Nasdaq stock exchange.
The MVIS Global Digital Assets Equity Index (MVDAPP) tracks the performance of companies involved in digital assets, including exchanges, mining, and related financial services, and is used herein as a reference for crypto equity performance.
Ann. Return: Annualized return; the compounded rate of return per year over the period.
Ann. Vol: Annualized volatility; the standard deviation of returns scaled to an annual figure, measuring price fluctuation.
Max DD (Maximum Drawdown): The largest peak-to-trough decline in value over the period.
Best Mo. (Best Month):The highest single-month return recorded during the period.
Worst Mo. (Worst Month): The lowest single-month return recorded during the period.
NAV (Net Asset Value): The per-share value of a fund's assets minus liabilities, calculated at end of day.
Beta: A measure of a portfolio's price sensitivity relative to a benchmark; 1.0 equals the benchmark's movement.
Fees - VanEck Onchain Economy ETF (NODE): Total Expense Ratio – 0.67%. Van Eck Absolute Return Advisers Corporation (the “Adviser” or “VEARA”) will pay all expenses of the Fund (inclusive of any Subsidiary (as defined below) expenses), except for the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses. Notwithstanding the foregoing, the Adviser has agreed to pay the offering costs until at least May 1, 2027.
Fees - VanEck Bitcoin ETF (HODL): During the period commencing on November 25, 2025 and ending on July 31, 2026, the Sponsor will waive the entire Sponsor Fee for the first $2.5 billion of the Trust’s assets. If the Trust’s assets exceed $2.5 billion prior to July 31, 2026, the Sponsor Fee charged on assets over $2.5 billion will be 0.20%. All investors will incur the same Sponsor Fee which is the weighted average of those fee rates. After July 31, 2026, the Sponsor Fee will be 0.20%. Brokerage fees and commissions may apply. Please check with your broker.
VanEck Bitcoin ETF (HODL ) Disclosures
This material must be preceded or accompanied by a prospectus. An investment in the Trust may not be suitable for all investors. Before investing you should carefully consider the VanEck Bitcoin ETF's (the "Trust") investment objectives, risks, charges and expenses.
Investing involves significant risk, and you could lose money on an investment in the Trust. The value of Bitcoin is highly volatile, and the value of the Trust’s shares could decline rapidly, including to zero. You could lose your entire principal investment. For a more complete discussion of the risk factors relative to the Trust, carefully read the prospectus.
The Trust's investment objective is to reflect the performance of the price of Bitcoin less the expenses of the Trust's operations. The Trust is a passive investment vehicle that does not seek to generate returns beyond tracking the price of Bitcoin.
The Trust is not an investment company registered under the Investment Company Act of 1940 (“1940 Act”) or a commodity pool for the purposes of the Commodity Exchange Act (“CEA”). Shares of the Trust are not subject to the same regulatory requirements as mutual funds. As a result, shareholders of HODL do not have the protections associated with ownership of shares in an investment company registered under the 1940 Act or the protections afforded by the CEA.
An investment in the Trust is subject to risks which include, but are not limited to, the historically and potentially future extreme volatility of bitcoin, various potential factors that may adversely affect the liquidity of Trust shares, the limited history of the Index from which the value of bitcoin and hence the value of Trust shares will be determined, potential threats to the Trust’s bitcoin custodian, and the unregulated nature and lack of transparency surrounding the operations of bitcoin trading platforms, all of which may ultimately adversely affect the value of shares of the Trust. Please note that this is not an exhaustive list of risks pertaining to the Trust. Please read carefully the prospectus for a complete list of potential risks.
Because shares of the Trust are intended to reflect the price of the Bitcoin held in the Trust, the market price of the shares is subject to fluctuations similar to those affecting Bitcoin prices. Additionally, shares of the Trust are bought and sold at market price, not at net asset value (“NAV”). Brokerage commissions will reduce returns.
Trust shares trade like stocks, are subject to investment risk and will fluctuate in market value. The value of Trust shares relates directly to the value of the Bitcoin held by the Trust (less its expenses), and fluctuations in the price of Bitcoin could materially and adversely affect an investment in the shares. The price received upon the sale of the shares, which trade at market price, may be more or less than the value of the Bitcoin represented by them. The Trust does not generate any income, and as the Trust regularly issues shares to pay for the Sponsor’s ongoing expenses, the amount of Bitcoin represented by each Share will decline over time.
This content is published in the United States for residents of specified countries. Investors are subject to securities and tax regulations within their applicable jurisdictions that are not addressed on this content. Nothing in this content should be considered a solicitation to buy or an offer to sell shares of any investment in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction, nor is it intended as investment, tax, financial, or legal advice. Investors should seek such professional advice for their particular situation and jurisdiction.
The Sponsor of the Trust is VanEck Digital Assets, LLC. The Marketing Agent for the Trust is Van Eck Securities Corporation. VanEck Digital Assets, LLC., and Van Eck Securities Corporation are wholly-owned subsidiaries of Van Eck Associates Corporation.
VanEck Onchain Economy ETF (NODE) Disclosures
This is not an offer to buy or sell, or a recommendation to buy or sell any of the securities, financial instruments or digital assets mentioned herein. The information presented does not involve the rendering of personalized investment, financial, legal, tax advice, or any call to action. Certain statements contained herein may constitute projections, forecasts and other forward-looking statements, which do not reflect actual results, are for illustrative purposes only, are valid as of the date of this communication, and are subject to change without notice. Actual future performance of any assets or industries mentioned are unknown. Information provided by third party sources are believed to be reliable and have not been independently verified for accuracy or completeness and cannot be guaranteed. VanEck does not guarantee the accuracy of third party data. The information herein represents the opinion of the author(s), but not necessarily those of VanEck or its other employees.
The Fund may invest nearly all of its net assets in either Digital Transformation Companies and/or Digital Asset Instruments. The Fund does not invest in digital assets or commodities directly.
An investment in the Fund involves a substantial degree of risk and is not suitable for all investors. Investors in the Fund should be willing to accept a high degree of volatility in the price of the Fund’s Shares and the possibility of significant losses. An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Therefore, you should consider carefully various risks before investing in the Fund, each of which could significantly and adversely affect the value of an investment in the Fund.
An investment in the Fund may be subject to risks which include, among others, risks related to investing in digital transformation companies, digital asset instruments, commodities and commodity-linked instruments, subsidiary investment, commodity regulatory (with respect to investments in the subsidiary), tax (with respect to investments in the subsidiary), gap, liquidity, derivatives, regulatory, non-diversified, small- and medium-capitalization companies, depositary receipts, foreign securities, emerging market issuers, high portfolio turnover, market, operational, active management, authorized participant concentration, no guarantee of active trading market, trading issues, fund shares trading, premium/discount risk and liquidity of fund shares, industry concentration, cash transactions, underlying investment vehicle, and affiliated investment vehicle risks, all of which may adversely affect the fund. Emerging market issuers and foreign securities may be subject to securities markets, political and economic, investment and repatriation restrictions, different rules and regulations, less publicly available financial information, foreign currency and exchange rates, operational and settlement, and corporate and securities laws risks. Small- and medium-capitalization companies may be subject to elevated risks.
Digital asset instruments may be subject to risks associated with investing in digital asset exchange-traded products (“ETPs”), which include the historical extreme volatility of the digital asset and cryptocurrency market, as well as less regulation and thus fewer investor protections, as these ETPs are not investment companies registered under the Investment Company Act of 1940 (“1940 Act”) or commodity pools for the purposes of the Commodity Exchange Act (“CEA”).
The technology relating to digital assets, including blockchain, is new and developing and the risks associated with digital assets may not fully emerge until the technology is widely used. Digital asset technologies are used by companies to optimize their business practices, whether by using the technology within their business or operating business lines involved in the operation of the technology. The cryptographic keys necessary to transact a digital asset may be subject to theft, loss, or destruction, which could adversely affect a company’s business or operations if it were dependent on the digital asset. There may be risks posed by the lack of regulation for digital assets and any future regulatory developments could affect the viability and expansion of the use of digital assets.
Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of a Fund carefully before investing. To obtain a prospectus and summary prospectus, which contain this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing.
© Van Eck Securities Corporation, Distributor, a wholly owned subsidiary of Van Eck Associates Corporation.
Additional Disclosures
An investor cannot invest directly in an index. Returns reflect past performance and do not guarantee future results. Results reflect the reinvestment of dividends and capital gains, if any. Index returns do not represent Fund returns. The Index does not charge management fees or brokerage expenses, nor does the Index lend securities, and no revenues from securities lending were added to the performance shown. Past performance is no guarantee of future results.
The S&P 500 Index is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Van Eck Associates Corporation. Copyright © 2026 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.
Related Funds
Important Disclosures
Definitions:
Bitcoin (BTC) is the world’s largest cryptocurrency by market capitalization.
Ethereum (ETH) is a decentralized, open-source blockchain platform and the second-largest cryptocurrency by market capitalization.
S&P 500 Index is a stock market index of 500 of the largest companies listed on stock exchanges in the United States.
The Nasdaq Composite Index is a stock market index that consists of the stocks listed on the Nasdaq stock exchange.
The MVIS Global Digital Assets Equity Index (MVDAPP) tracks the performance of companies involved in digital assets, including exchanges, mining, and related financial services, and is used herein as a reference for crypto equity performance.
Ann. Return: Annualized return; the compounded rate of return per year over the period.
Ann. Vol: Annualized volatility; the standard deviation of returns scaled to an annual figure, measuring price fluctuation.
Max DD (Maximum Drawdown): The largest peak-to-trough decline in value over the period.
Best Mo. (Best Month):The highest single-month return recorded during the period.
Worst Mo. (Worst Month): The lowest single-month return recorded during the period.
NAV (Net Asset Value): The per-share value of a fund's assets minus liabilities, calculated at end of day.
Beta: A measure of a portfolio's price sensitivity relative to a benchmark; 1.0 equals the benchmark's movement.
Fees - VanEck Onchain Economy ETF (NODE): Total Expense Ratio – 0.67%. Van Eck Absolute Return Advisers Corporation (the “Adviser” or “VEARA”) will pay all expenses of the Fund (inclusive of any Subsidiary (as defined below) expenses), except for the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses. Notwithstanding the foregoing, the Adviser has agreed to pay the offering costs until at least May 1, 2027.
Fees - VanEck Bitcoin ETF (HODL): During the period commencing on November 25, 2025 and ending on July 31, 2026, the Sponsor will waive the entire Sponsor Fee for the first $2.5 billion of the Trust’s assets. If the Trust’s assets exceed $2.5 billion prior to July 31, 2026, the Sponsor Fee charged on assets over $2.5 billion will be 0.20%. All investors will incur the same Sponsor Fee which is the weighted average of those fee rates. After July 31, 2026, the Sponsor Fee will be 0.20%. Brokerage fees and commissions may apply. Please check with your broker.
VanEck Bitcoin ETF (HODL ) Disclosures
This material must be preceded or accompanied by a prospectus. An investment in the Trust may not be suitable for all investors. Before investing you should carefully consider the VanEck Bitcoin ETF's (the "Trust") investment objectives, risks, charges and expenses.
Investing involves significant risk, and you could lose money on an investment in the Trust. The value of Bitcoin is highly volatile, and the value of the Trust’s shares could decline rapidly, including to zero. You could lose your entire principal investment. For a more complete discussion of the risk factors relative to the Trust, carefully read the prospectus.
The Trust's investment objective is to reflect the performance of the price of Bitcoin less the expenses of the Trust's operations. The Trust is a passive investment vehicle that does not seek to generate returns beyond tracking the price of Bitcoin.
The Trust is not an investment company registered under the Investment Company Act of 1940 (“1940 Act”) or a commodity pool for the purposes of the Commodity Exchange Act (“CEA”). Shares of the Trust are not subject to the same regulatory requirements as mutual funds. As a result, shareholders of HODL do not have the protections associated with ownership of shares in an investment company registered under the 1940 Act or the protections afforded by the CEA.
An investment in the Trust is subject to risks which include, but are not limited to, the historically and potentially future extreme volatility of bitcoin, various potential factors that may adversely affect the liquidity of Trust shares, the limited history of the Index from which the value of bitcoin and hence the value of Trust shares will be determined, potential threats to the Trust’s bitcoin custodian, and the unregulated nature and lack of transparency surrounding the operations of bitcoin trading platforms, all of which may ultimately adversely affect the value of shares of the Trust. Please note that this is not an exhaustive list of risks pertaining to the Trust. Please read carefully the prospectus for a complete list of potential risks.
Because shares of the Trust are intended to reflect the price of the Bitcoin held in the Trust, the market price of the shares is subject to fluctuations similar to those affecting Bitcoin prices. Additionally, shares of the Trust are bought and sold at market price, not at net asset value (“NAV”). Brokerage commissions will reduce returns.
Trust shares trade like stocks, are subject to investment risk and will fluctuate in market value. The value of Trust shares relates directly to the value of the Bitcoin held by the Trust (less its expenses), and fluctuations in the price of Bitcoin could materially and adversely affect an investment in the shares. The price received upon the sale of the shares, which trade at market price, may be more or less than the value of the Bitcoin represented by them. The Trust does not generate any income, and as the Trust regularly issues shares to pay for the Sponsor’s ongoing expenses, the amount of Bitcoin represented by each Share will decline over time.
This content is published in the United States for residents of specified countries. Investors are subject to securities and tax regulations within their applicable jurisdictions that are not addressed on this content. Nothing in this content should be considered a solicitation to buy or an offer to sell shares of any investment in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction, nor is it intended as investment, tax, financial, or legal advice. Investors should seek such professional advice for their particular situation and jurisdiction.
The Sponsor of the Trust is VanEck Digital Assets, LLC. The Marketing Agent for the Trust is Van Eck Securities Corporation. VanEck Digital Assets, LLC., and Van Eck Securities Corporation are wholly-owned subsidiaries of Van Eck Associates Corporation.
VanEck Onchain Economy ETF (NODE) Disclosures
This is not an offer to buy or sell, or a recommendation to buy or sell any of the securities, financial instruments or digital assets mentioned herein. The information presented does not involve the rendering of personalized investment, financial, legal, tax advice, or any call to action. Certain statements contained herein may constitute projections, forecasts and other forward-looking statements, which do not reflect actual results, are for illustrative purposes only, are valid as of the date of this communication, and are subject to change without notice. Actual future performance of any assets or industries mentioned are unknown. Information provided by third party sources are believed to be reliable and have not been independently verified for accuracy or completeness and cannot be guaranteed. VanEck does not guarantee the accuracy of third party data. The information herein represents the opinion of the author(s), but not necessarily those of VanEck or its other employees.
The Fund may invest nearly all of its net assets in either Digital Transformation Companies and/or Digital Asset Instruments. The Fund does not invest in digital assets or commodities directly.
An investment in the Fund involves a substantial degree of risk and is not suitable for all investors. Investors in the Fund should be willing to accept a high degree of volatility in the price of the Fund’s Shares and the possibility of significant losses. An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Therefore, you should consider carefully various risks before investing in the Fund, each of which could significantly and adversely affect the value of an investment in the Fund.
An investment in the Fund may be subject to risks which include, among others, risks related to investing in digital transformation companies, digital asset instruments, commodities and commodity-linked instruments, subsidiary investment, commodity regulatory (with respect to investments in the subsidiary), tax (with respect to investments in the subsidiary), gap, liquidity, derivatives, regulatory, non-diversified, small- and medium-capitalization companies, depositary receipts, foreign securities, emerging market issuers, high portfolio turnover, market, operational, active management, authorized participant concentration, no guarantee of active trading market, trading issues, fund shares trading, premium/discount risk and liquidity of fund shares, industry concentration, cash transactions, underlying investment vehicle, and affiliated investment vehicle risks, all of which may adversely affect the fund. Emerging market issuers and foreign securities may be subject to securities markets, political and economic, investment and repatriation restrictions, different rules and regulations, less publicly available financial information, foreign currency and exchange rates, operational and settlement, and corporate and securities laws risks. Small- and medium-capitalization companies may be subject to elevated risks.
Digital asset instruments may be subject to risks associated with investing in digital asset exchange-traded products (“ETPs”), which include the historical extreme volatility of the digital asset and cryptocurrency market, as well as less regulation and thus fewer investor protections, as these ETPs are not investment companies registered under the Investment Company Act of 1940 (“1940 Act”) or commodity pools for the purposes of the Commodity Exchange Act (“CEA”).
The technology relating to digital assets, including blockchain, is new and developing and the risks associated with digital assets may not fully emerge until the technology is widely used. Digital asset technologies are used by companies to optimize their business practices, whether by using the technology within their business or operating business lines involved in the operation of the technology. The cryptographic keys necessary to transact a digital asset may be subject to theft, loss, or destruction, which could adversely affect a company’s business or operations if it were dependent on the digital asset. There may be risks posed by the lack of regulation for digital assets and any future regulatory developments could affect the viability and expansion of the use of digital assets.
Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of a Fund carefully before investing. To obtain a prospectus and summary prospectus, which contain this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing.
© Van Eck Securities Corporation, Distributor, a wholly owned subsidiary of Van Eck Associates Corporation.
Additional Disclosures
An investor cannot invest directly in an index. Returns reflect past performance and do not guarantee future results. Results reflect the reinvestment of dividends and capital gains, if any. Index returns do not represent Fund returns. The Index does not charge management fees or brokerage expenses, nor does the Index lend securities, and no revenues from securities lending were added to the performance shown. Past performance is no guarantee of future results.
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