NODE Fund Suffers Record-Low July with -13.5% Decline Amid Cryptocurrency Rally

The NODE fund saw significant losses in July 2026, falling -13.5% compared to the Nasdaq 100's -6.6% and the S&P 500's flat performance of -0.1%. Miners and AI infrastructure stocks led the decline, despite spot cryptocurrencies like Bitcoin and Ethereum rallying. The NODE fund's annualized volatility reached a record high at 68.9%, with an 18.3% peak-to-trough drawdown, its worst month since launch in May 2025.

Despite these losses, the fund managers chose to add to their positions in the hardest-hit miners rather than reducing risk. This approach resulted in a book of 49 positions, down from 58 previously. The fund's exposure to companies like TeraWulf (-28.5%), Applied Digital (-26.6%), and Figure (-18.9%) contributed significantly to the losses.

The July performance marked only the ninth positive trading day out of 22 for the NODE fund in that month.