NODE Sinks -13.5% as Miners and AI-Infrastructure Equities Decline Amid Crypto Rally

NODE, a fund that invests in digital assets and companies, reported a significant decline in July 2026. The fund's value fell by -13.5%, outperforming the Nasdaq 100's -6.6% drop but underperforming the S&P 500's slight loss of -0.1%. The divergence between tokens and equities was notable, as spot crypto prices rallied with Bitcoin up 7.3% and Ethereum up 18.2%

The fund's managers chose to add to their positions in the hardest-hit miners rather than de-risking, which proved costly as TeraWulf plummeted by -28.5%. The book was reduced from 58 to 49 positions during this period.

The volatility of NODE reached a record high of 68.9% annualized, with an 18.3% peak-to-trough drawdown in July, its worst month since launch in May 2025. Only nine out of twenty-two trading days were positive for the fund.