NODE Monthly Commentary: July 2026
August 06, 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
- Miners and AI infrastructure drove the drawdown: NODE returned -13.5% in July, versus the Nasdaq 100 at -6.6% and the S&P 500 roughly flat at -0.1%. Tokens and equities diverged as spot crypto rallied, with bitcoin up 7.3% and ethereum up 18.2%.
- We leaned in rather than de-risked: TeraWulf (WULF) was the single worst position at -28.5% and -185 bps, followed by Applied Digital (-26.6%, -99 bps), IREN (-19.5%, -82 bps), Riot Platforms (-26.3%, -82 bps), and Figure (-18.9%, -76 bps). We added to the hardest-hit miners and cut the book from 58 to 49 positions.
- Risk ran at a record high for the fund: NODE ran at 68.9% annualized volatility with an 18.3% peak-to-trough drawdown, its worst month since the May 2025 launch, and only 9 of 22 trading days were positive.
Click here for NODE Standardized Performance
Past performance is no guarantee of future results. Investment return and principal value will fluctuate; shares may be worth more or less than original cost when redeemed. Current performance may be lower or higher. Call 800.826.2333 or visit vaneck.com for month-end performance.
This commentary reflects the views of the portfolio management team as of July 31, 2026, and should not be construed as investment advice or a recommendation to buy or sell any security. Past performance does not guarantee future results; the Fund’s YTD return was [YTD NAV total return through 7/31/2026 to be confirmed by Fund Accounting], and investors should consider this alongside any monthly figures presented herein.
Monthly Review
NODE returned -13.5% in July, versus the Nasdaq 100 down 6.6% while the S&P 500 was roughly flat at -0.1%. The main culprit was a sharp selloff in bitcoin miners and AI-infrastructure equities, pressured by rising long-end rates, renewed geopolitical conflict, AI-financing strains, and the unwind of levered AI investors. Tokens and equities diverged as spot crypto rallied, with bitcoin up 7.3% and ethereum up 18.2%. We gave back a little over 20 percentage points against bitcoin on the month, though we retain a substantial cumulative lead over bitcoin that exceeds 80 percentage points since NODE inception. NODE does not hold bitcoin or ether directly. It invests in equities and digital-asset ETPs, and carries a materially different risk profile; a single crypto asset is not directly comparable to the Fund. By month-end, several of our largest positions were deeply oversold on any technical measure, with many miners and bitcoin down more than 50% from recent highs, even as the underlying fundamentals continued to improve. Given this reality, rather than de-risk into the decline we did what we said we would: we added to our highest-conviction names and concentrated the book behind them. We believe that is the right decision for investors here, though it does leave us more sensitive to further weakness in the AI infrastructure theme than at any point since the fund launched.
| July 2026 returns | Return (%) | Volatility (ann.) (%) | Max drawdown (%) |
| NODE | -13.5 | 68.9 | -18.3 |
| S&P 500 | -0.1 | 11.9 | -3.4 |
| Nasdaq 100 | -6.6 | 23.5 | -8.8 |
| Bitcoin | +7.3 | 31.8 | -4.4 |
| Ethereum | +18.2 | 46.2 | -4.2 |
| MVDAPP (crypto eq.) | -8.9 | 74.3 | -15.4 |
Source: Bloomberg. As of 7/31/2026. 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.
Biggest Winners and Losers
Our drawdown was overwhelmingly driven by bitcoin miners converting to data centers. TeraWulf (WULF) was the single worst position, down 28.5% and costing 185 bps. The next softest holdings were Applied Digital (APLD, -26.6%, -99 bps), IREN (-19.5%, -82 bps), Riot Platforms (RIOT, -26.3%, -82 bps), and Figure Technology Solutions (FIGR, -18.9%, -76 bps). Together, those 5 detractors drained about 522 bps. By the end of the month, many of our compute names entered oversold territory, with 30-day relative strength index (RSI) readings dropping to 30. Gains were limited and modest, materializing among our crypto ETPs and exchanges.The month produced sharp sign reversals, as bitcoin swung from June’s largest detractor to July’s largest contributor.
| Top 5 contributors | Return (%) | Contribution (bps) | Outperformance Notes |
| Bitcoin ETP | +7.3 | 50.7 | Bitcoin rallied as tokens decoupled from mining and AI-infrastructure equities, swinging from June’s largest detractor to July’s largest contributor. |
| AKER NO Equity | +15.9 | 23.9 | Norwegian industrial holding company with exposure to energy and infrastructure assets. |
| Ethereum ETP | +18.2 | 13.9 | Ethereum outperformed bitcoin on the month as spot crypto rallied. |
| XYZ US Equity | +6.9 | 12.0 | Block gained alongside crypto-linked financials. |
| SE US Equity | +11.4 | 9.7 | Sea Ltd contributed in the days before we exited the position. |
Source: Bloomberg. As of 7/31/2026. 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.
| Bottom 5 contributors | Return (%) | Contribution (bps) | Underperformance Notes |
| WULF US Equity | (28.5) | (184.6) | Single worst position. Shares fell despite signing a 20-year, $19B lease with Anthropic on July 6 and securing additional power assets, as rate step-ups, hyperscaler return-on-invested-capital (ROIC) skepticism, and supply overhang from a forced seller weighed on the stock. |
| APLD US Equity | (26.6) | (98.5) | Sold off with the broader AI-infrastructure complex on financing and rate concerns. |
| IREN US Equity | (19.5) | (81.7) | Continued to de-rate alongside peers as the market demanded execution over ambition. |
| RIOT US Equity | (26.3) | (81.5) | Fell with the miner complex despite improving fundamentals. |
| FIGR US Equity | (18.9) | (76.2) | Pressured alongside crypto-linked financials. |
Source: Bloomberg. As of 7/31/2026. 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.
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Portfolio Changes
Rather than de-risk into the decline, we leaned into our AI conviction, adding to the hardest-hit miners and to the spot bitcoin ETP. We concentrated the book by removing 9 names, taking the total from 58 to 49 positions. Removals were Sea Ltd (SE), DT Midstream (DTM), Nu Holdings (NU), Interactive Brokers (IBKR), Opera (OPRA), The Williams Companies (WMB), a quantum computing ETP, American Electric Power (AEP), and SoFi Technologies (SOFI).
July Risk and Return Summary
NODE ran at 68.9% annualized volatility in July, well above ethereum (46.2%), bitcoin (31.8%), the Nasdaq 100 (23.5%), and the S&P 500 (11.9%). That volatility hit NODE’s July return in the form of a 13.5% decline, the worst since our May 2025 launch. The fund saw an 18.3% peak-to-trough drawdown, and only 9 of 22 trading days were positive, with a best day of +11.4% against a worst day of -7.6% (Sharpe -0.58, Sortino -0.85, annualized).
NODE moved almost in lockstep with the MVDAPP index at 0.98 correlation but was only loosely linked to bitcoin (0.45) and ethereum (0.33).
| July 2026 performance | Return (%) | Vol (ann.) (%) | Max DD (%) |
| NODE | -13.5 | 68.9 | -18.3 |
| S&P 500 | -0.1 | 11.9 | -3.4 |
| Nasdaq 100 | -6.6 | 23.5 | -8.8 |
| Bitcoin | +7.3 | 31.8 | -4.4 |
| Ethereum | +18.2 | 46.2 | -4.2 |
| MVDAPP (crypto eq.) | -8.9 | 74.3 | -15.4 |
Source: Bloomberg. As of 7/31/2026. 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.
| Correlation matrix | NODE | S&P 500 | Nasdaq | Bitcoin | Ethereum | MVDAPP |
| NODE | 1.00 | 0.71 | 0.85 | 0.45 | 0.33 | 0.98 |
| S&P 500 | 0.71 | 1.00 | 0.84 | 0.54 | 0.51 | 0.74 |
| Nasdaq | 0.85 | 0.84 | 1.00 | 0.44 | 0.33 | 0.85 |
| Bitcoin | 0.45 | 0.54 | 0.44 | 1.00 | 0.89 | 0.52 |
| Ethereum | 0.33 | 0.51 | 0.33 | 0.89 | 1.00 | 0.44 |
| MVDAPP | 0.98 | 0.74 | 0.85 | 0.52 | 0.44 | 1.00 |
Source: Bloomberg. Daily returns, July 1–31, 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.
Our Valuation Model for Bitcoin Miners
In June we published a framework for valuing bitcoin miners pivoting toward AI infrastructure. At the time WULF traded at roughly $28, about 12x enterprise value (EV) per energized megawatt (MW), a premium we saw as justified given the quality of its existing contracts and the scarcity of investment-grade-backed power. The stock now trades near $18, down about 36%, despite continuing to secure additional power assets and new contracts at the high end of the market’s range. On July 6, WULF signed a 20-year, $19B lease with Anthropic at its Kentucky campus, a deal we flagged as imminent. Forces driving the stock lower include rate step-ups, persistent hyperscaler return-on-invested-capital (ROIC) skepticism following Microsoft and Google’s Q2 capital expenditure commentary, and supply overhang from a forced seller. We believe the market has given no credit for WULF’s execution or its plans to deliver roughly 250 to 500 MW of new contracts annually.
What is priced in at $18? To address investor uncertainty, we stripped out all terminal value and uncontracted pipeline to determine what WULF’s 3 signed leases (Anthropic: 401 MW in Kentucky; Fluidstack: 360 MW at Lake Mariner; Core42: 60 MW at Lake Mariner) are worth if the company builds only what has been committed to date. We assess that value under a range of interest rate assumptions.
Based on this framework, we believe the current share price ascribes very little to the uncontracted pipeline or the terminal value of these leases. WULF’s pipeline includes a Kentucky site scalable to 1 gigawatt (GW), a 1 GW site in Maryland, and additional New York capacity at its existing Lake Mariner site and a new site in Cayuga.
While investor concern about higher rates has intensified in recent weeks, the impact on our analysis is modest because these cash flows are contracted and finite, with shorter duration given our exclusion of terminal value. We see that sensitivity as minimal compared with the opportunity the company has to keep securing new contracts. It also highlights that the recent stock move is discounting much more than the potential for higher rates. In our view, the debate now centers on the residual value of these sites once the contracted leases expire. While we acknowledge the difficulty of underwriting a 20-year-old data center campus in a market where the pace of technological change is rapid, the land, grid interconnection, and power infrastructure have value regardless of whether there is a tenant. As such, we believe zero terminal value is not the right number. Given that WULF in the high teens is well supported by contracted cash flows alone, we see attractive risk/reward at these levels and added to this and other similar names at the end of the month.
We reassert our bullish view on many of the bitcoin miners pivoting to AI infrastructure, and we have further concentrated the portfolio into our top holdings. We think the selloff created opportunity rather than undermining the thesis. Trillions in market capitalization came off on shaken confidence in the infrastructure buildout, and we think the market is now pricing in a material probability that more than $2T in committed hyperscaler contracts goes unspent. We think that doubt is misplaced. The 19th century railroad analogy that dominates bearish commentary strengthens our conviction. Rail bond creditors financed land values, settlement, and freight that did not yet exist, against collateral the issuer had not earned, and were marketed as “Perfect Safety.” In contrast, today’s hyperscalers are raising capital against more than $2.3T in signed customer obligations, with some of the largest projects requiring customers to prepay or supply graphics processing units (GPUs) directly. For a specific class of infrastructure landlord, holding signed, take-or-pay leases with investment-grade tenants, we see the question of the return on capital expenditures as already answerable on a discounted cash flow (DCF) basis at conservative discount rates.
NODE | VanEck Onchain Economy ETF
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Important Disclosures
Fund holdings may vary. Visit vaneck.com/node for complete holdings information.
As of 7/31/2026, the Fund’s weightings in the securities discussed in this commentary were: spot bitcoin ETP 10.50%, TeraWulf (WULF) 6.05%, IREN 4.62%, Figure Technology Solutions (FIGR) 4.11%, Applied Digital (APLD) 3.84%, Riot Platforms (RIOT) 3.02%, Block (XYZ) 2.15%, Aker ASA (AKER) 2.01%, spot ethereum ETP 1.04%, and Sea Ltd (SE) 0.00% following its exit during the month. Holdings are subject to change and should not be considered a recommendation to buy or sell any security.
Quarterly Standardized Performance (6/30/2026)
| Performance | YTD | 1 YR | 3 YR | 5 YR | 10 YR | LIFE (5/13/25) |
| NODE (NAV) | 24.84 | 44.70 | -- | -- | -- | 55.72 |
| NODE (Market Price) | 24.60 | 44.29 | -- | -- | -- | 55.90 |
| MVIS Global Digital Assets Equity Index | 17.56 | 18.04 | -- | -- | -- | 44.32 |
* 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.
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.
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.
Frequently Asked Questions
Why did NODE fall in July 2026?
NODE returned -13.5% in July as bitcoin miners and AI-infrastructure equities sold off on rising long-end rates and AI-financing strains. Spot crypto moved the other way, with bitcoin up 7.3% and ethereum up 18.2%, so tokens and equities diverged sharply during the month.
Did NODE outperform bitcoin in July 2026?
No. Bitcoin gained 7.3% in July while NODE fell 13.5%, so the fund gave back a little over 20 percentage points against bitcoin on the month. The fund retains a cumulative lead over bitcoin exceeding 80 percentage points since its May 2025 inception. NODE does not hold bitcoin or ether directly. It invests in equities and digital-asset ETPs, and carries a materially different risk profile; a single crypto asset is not directly comparable to the Fund.
Why are crypto mining stocks so volatile?
Mining and AI-infrastructure equities carry high beta to both crypto prices and rate expectations. In July, NODE ran at 68.9% annualized volatility with an 18.3% peak-to-trough drawdown, and only 9 of 22 trading days were positive.
Referenced Holdings and Portfolio Weights (as of 7/31/2026)
| Referenced Holding | Portfolio Weight (%) |
| TeraWulf (WULF) | 6.05 |
| Applied Digital (APLD) | 3.84 |
| IREN | 4.62 |
| Riot Platforms (RIOT) | 3.02 |
| Figure Technology Solutions (FIGR) | 4.11 |
| Spot bitcoin ETP | 10.50 |
| Spot ethereum ETP | 1.04 |
| Aker ASA (AKER) | 2.01 |
| Block (XYZ) | 2.15 |
| Sea Ltd (SE) | 0.00 |
Source: VanEck. Portfolio weights as of 7/31/2026. Holdings are subject to change. Not a recommendation to buy or sell any security.
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 100 Index is a stock market index that tracks the 100 largest non-financial companies 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.
Correlation: A statistical measure of how two assets move in relation to one another, ranging from -1.0 (opposite directions) to 1.0 (the same direction); 0 indicates no linear relationship.
Basis Point (bps): One one-hundredth of one percent (0.01%); 100 basis points equal 1%.
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.
Additional Disclosures
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.
© Van Eck Securities Corporation, Distributor, a wholly owned subsidiary of Van Eck Associates Corporation.
Related Funds
Important Disclosures
Fund holdings may vary. Visit vaneck.com/node for complete holdings information.
As of 7/31/2026, the Fund’s weightings in the securities discussed in this commentary were: spot bitcoin ETP 10.50%, TeraWulf (WULF) 6.05%, IREN 4.62%, Figure Technology Solutions (FIGR) 4.11%, Applied Digital (APLD) 3.84%, Riot Platforms (RIOT) 3.02%, Block (XYZ) 2.15%, Aker ASA (AKER) 2.01%, spot ethereum ETP 1.04%, and Sea Ltd (SE) 0.00% following its exit during the month. Holdings are subject to change and should not be considered a recommendation to buy or sell any security.
Quarterly Standardized Performance (6/30/2026)
| Performance | YTD | 1 YR | 3 YR | 5 YR | 10 YR | LIFE (5/13/25) |
| NODE (NAV) | 24.84 | 44.70 | -- | -- | -- | 55.72 |
| NODE (Market Price) | 24.60 | 44.29 | -- | -- | -- | 55.90 |
| MVIS Global Digital Assets Equity Index | 17.56 | 18.04 | -- | -- | -- | 44.32 |
* 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.
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.
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.
Frequently Asked Questions
Why did NODE fall in July 2026?
NODE returned -13.5% in July as bitcoin miners and AI-infrastructure equities sold off on rising long-end rates and AI-financing strains. Spot crypto moved the other way, with bitcoin up 7.3% and ethereum up 18.2%, so tokens and equities diverged sharply during the month.
Did NODE outperform bitcoin in July 2026?
No. Bitcoin gained 7.3% in July while NODE fell 13.5%, so the fund gave back a little over 20 percentage points against bitcoin on the month. The fund retains a cumulative lead over bitcoin exceeding 80 percentage points since its May 2025 inception. NODE does not hold bitcoin or ether directly. It invests in equities and digital-asset ETPs, and carries a materially different risk profile; a single crypto asset is not directly comparable to the Fund.
Why are crypto mining stocks so volatile?
Mining and AI-infrastructure equities carry high beta to both crypto prices and rate expectations. In July, NODE ran at 68.9% annualized volatility with an 18.3% peak-to-trough drawdown, and only 9 of 22 trading days were positive.
Referenced Holdings and Portfolio Weights (as of 7/31/2026)
| Referenced Holding | Portfolio Weight (%) |
| TeraWulf (WULF) | 6.05 |
| Applied Digital (APLD) | 3.84 |
| IREN | 4.62 |
| Riot Platforms (RIOT) | 3.02 |
| Figure Technology Solutions (FIGR) | 4.11 |
| Spot bitcoin ETP | 10.50 |
| Spot ethereum ETP | 1.04 |
| Aker ASA (AKER) | 2.01 |
| Block (XYZ) | 2.15 |
| Sea Ltd (SE) | 0.00 |
Source: VanEck. Portfolio weights as of 7/31/2026. Holdings are subject to change. Not a recommendation to buy or sell any security.
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 100 Index is a stock market index that tracks the 100 largest non-financial companies 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.
Correlation: A statistical measure of how two assets move in relation to one another, ranging from -1.0 (opposite directions) to 1.0 (the same direction); 0 indicates no linear relationship.
Basis Point (bps): One one-hundredth of one percent (0.01%); 100 basis points equal 1%.
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.
Additional Disclosures
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