Key Takeaways
- • NODE returned -8.1% in June 2026, with shares easing from $47.07 to $43.32, according to VanEck's monthly commentary. The fund beat Bitcoin (-20.3%), Ethereum (-21.9%) and the MVDAPP crypto-equity index (-14.9%) but lagged the S&P 500 (-1.1%) and Nasdaq 100 (-0.2%).
- • Miners and crypto-linked names drove the drawdown. The spot bitcoin ETP (-17.8%, about 147 bps), IREN (-27.7%), Figure (-23.4%), Applied Digital (-20.1%) and Circle (-32.8%) together cost roughly 533 bps.
- • Risk stayed elevated: NODE ran at 50.1% annualized volatility with a 13.2% peak-to-trough drawdown, and only 8 of 21 trading days were positive. The fund cut holdings from 64 to 58 and AUM fell from $81.4M to $74.0M.
Summary
VanEck's June 2026 monthly commentary for the VanEck Onchain Economy ETF (NODE) reports a -8.1% return as the digital-asset complex sold off. Spot crypto led the decline, with Bitcoin down 20.3% and Ethereum down 21.9%, while mining and infrastructure names that drove May's rally gave back ground. NODE outpaced the crypto benchmarks by a wide margin, beating Bitcoin by roughly 12 percentage points, Ethereum by 14 and the MVDAPP index by 7. It trailed broad equities, however, as the S&P 500 and Nasdaq 100 each fell less than 2%, finishing about 7 percentage points ahead of NODE.
The commentary attributes the drawdown mainly to miners and crypto-linked names. The spot bitcoin ETP cost about 147 bps, followed by IREN (-27.7%, about 139 bps), Figure (-23.4%, about 92 bps), Applied Digital (-20.1%, about 85 bps) and Circle (-32.8%, about 71 bps). Gains were narrow, led by Cipher Mining (+5.0%, about 30 bps), GPGI (+27.8%, about 24 bps), WYFI (+21.2%, about 21 bps), Sei (+14.0%, about 20 bps) and the newly added Inio, which priced an upsized $2.43B IPO at $27 on June 3 and opened at $31. The top five contributors added roughly 114 bps combined. VanEck noted that Circle sold off further after the June 30 launch of Open USD by the Open Standard consortium, a reserve-revenue-sharing stablecoin that it says threatens Circle's economic model.
Risk metrics were elevated. NODE's 50.1% annualized volatility compares with 40.8% for Bitcoin, 32.4% for the Nasdaq 100 and 17.3% for the S&P 500. The fund tracked the MVDAPP index at a 0.98 correlation and was more closely correlated with equities (0.79 to the S&P 500, 0.81 to the Nasdaq 100) than with Bitcoin (0.64) this month, according to Bloomberg data cited by VanEck.
Portfolio activity included exits from nine positions, among them Broadridge, BWXT, Alliance Resource Partners, Cerebras, BitMine, Mirion, Doosan Enerbility and HD Hyundai Electric. New positions were SoFi, Inio and DPC. VanEck said it remains constructive on AI infrastructure and tokenization while staying cautious on pure crypto beta, and that the top five positions represent 31% of the book. The fund's YTD return through June 2026 was 24.84% at NAV.
The commentary attributes the drawdown mainly to miners and crypto-linked names. The spot bitcoin ETP cost about 147 bps, followed by IREN (-27.7%, about 139 bps), Figure (-23.4%, about 92 bps), Applied Digital (-20.1%, about 85 bps) and Circle (-32.8%, about 71 bps). Gains were narrow, led by Cipher Mining (+5.0%, about 30 bps), GPGI (+27.8%, about 24 bps), WYFI (+21.2%, about 21 bps), Sei (+14.0%, about 20 bps) and the newly added Inio, which priced an upsized $2.43B IPO at $27 on June 3 and opened at $31. The top five contributors added roughly 114 bps combined. VanEck noted that Circle sold off further after the June 30 launch of Open USD by the Open Standard consortium, a reserve-revenue-sharing stablecoin that it says threatens Circle's economic model.
Risk metrics were elevated. NODE's 50.1% annualized volatility compares with 40.8% for Bitcoin, 32.4% for the Nasdaq 100 and 17.3% for the S&P 500. The fund tracked the MVDAPP index at a 0.98 correlation and was more closely correlated with equities (0.79 to the S&P 500, 0.81 to the Nasdaq 100) than with Bitcoin (0.64) this month, according to Bloomberg data cited by VanEck.
Portfolio activity included exits from nine positions, among them Broadridge, BWXT, Alliance Resource Partners, Cerebras, BitMine, Mirion, Doosan Enerbility and HD Hyundai Electric. New positions were SoFi, Inio and DPC. VanEck said it remains constructive on AI infrastructure and tokenization while staying cautious on pure crypto beta, and that the top five positions represent 31% of the book. The fund's YTD return through June 2026 was 24.84% at NAV.
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