matthew sigel, recovering CFA

Head of digital assets research @VanEck_us.
PM, VanEck Onchain Economy ETF ($NODE).
Disclosures

[matthew sigel, recovering CFA @matthew_sigel]

I've spoken to many investors who want exposure to crypto via equities but are spooked, understandably, by portfolios full of pure-play miners and exchanges that have seen repeated blowups and bankruptcies.

If that sounds like you, we designed the VanEck Onchain Economy ETF (ticker: NODE) with you in mind.

NODE is an actively managed ETF that can hold global crypto ETPs up to a 25 percent weight, alongside companies with credible strategies to make or save money through bitcoin, digital assets, and the onchain economy.

The issue we’re trying to solve is managing downside volatility without losing exposure to the underlying growth drivers. Many pure-play stocks trade at two or even three times the volatility of bitcoin itself, driven by a combination of leverage, small market caps, and highly idiosyncratic business models. Historical data shows that adding bitcoin to these stocks has improved total returns and reduced overall portfolio risk. NODE will typically hold a core position in a regulated bitcoin ETF, providing clean exposure to BTC itself while allowing the rest of the portfolio to focus on compounding, correlation, and cash flow.

To complement this core, NODE holds both high-volatility pure-plays like miners and exchanges and lower-volatility sectors such as e-commerce, fintech, semiconductors, energy, infrastructure, and utilities. Each is selected based on measurable involvement in the onchain economy, whether through revenue, infrastructure, or strategic alignment.

These latter sectors can offer something critical: ballast. Many names here pay dividends, are less volatile, and can serve as risk-managing building blocks. In periods of stress or dislocation, that ballast can be jettisoned to lighten the load and take on more risk when a washout invites it.

Utilities in particular are starting to benefit from the same structural tailwinds that support bitcoin adoption, including pro-growth policy, more abundant energy, and a rethinking of the connection between energy and money. Combining these exposures may offer an appealing balance of offense and defense.

Companies across all 11 GICS sectors are now engaging with the onchain economy, expanding the opportunity set for equity investors and helping lay the groundwork for broader, more diversified crypto exposure.

We've designed NODE for investors who see the opportunity but want to maintain conviction through the cycle. We believe this thoughtful approach to portfolio construction can help investors stay the course, and we’d be honored to earn your trust.

[matthew sigel, recovering CFA @matthew_sigel]

🚨Now Effective: VanEck Onchain Economy ETF ($NODE)

Actively managed, $NODE will aim to hold 30–60 names from a 130+ stock universe tied to the digital asset economy:

>Exchanges, miners, data centers
>Energy infra, semis/hardware, TradFi rails
>Consumer/gaming & asset managers
>Balance sheet HOLDers
>Up to 25% in crypto ETPs

Managed by yours truly for 69bps+

Target launch: May 14th

The global economy is shifting to a digital foundation. NODE offers active equity exposure to the real businesses building that future.

[matthew sigel, recovering CFA @matthew_sigel]

@RepzdaCanes Maybe they've been selling BTC so as to afford to a lease with a miner. One can dream.

[matthew sigel, recovering CFA @matthew_sigel]

Jane Street plans to build and finance its own data center to keep up with demand for compute.

[matthew sigel, recovering CFA @matthew_sigel]

sources:
https://t.co/gjBYBXoc43

https://t.co/bveTt0UcJv

[matthew sigel, recovering CFA @matthew_sigel]

$XYZ new tap-to-pay device ⬇️

Comes a few weeks after CashApp announced parent-managed accounts for children ages 6 to 12.

[matthew sigel, recovering CFA @matthew_sigel]

🚨BIG HIRE: Mark Edelman joins $HUT (mkt cap $15B) as head of IR from NextEra ($NEE, mkt cap $176B), following 17 years as an investment banker at $JPM

[matthew sigel, recovering CFA @matthew_sigel]

Source:
https://t.co/1wSYkSVpE8

[matthew sigel, recovering CFA @matthew_sigel]

Lloyd Blankfein's father worked the overnight shift sorting mail by hand while a new sorting machine sat idle nearby.

The government wouldn't deploy it until the manual sorters retired.

"Imagine performing that mindless job when you knew it didn't even need to be performed.
I still feel so sad when I think about the waste of my dad's brain and effort." - @lloydblankfein

Lesson: A job is not dignified simply because a human is doing it.

The goal of technology is to let humans do something better.

[matthew sigel, recovering CFA @matthew_sigel]

These kids are simply following in the footsteps of Jim Cramer, who gave a quote to the NYT in a 1986 story about Wall Street compensation: "There's isn't anything I see in a store that I can't buy."
The story made him deeply unpopular at Goldman & he was gone shortly after.

[New York Post @nypost]

Baby-faced Goldman Sachs bankers could be fired over 'unauthorized' magazine photo shoots: sources https://t.co/BOalApw5uw

[matthew sigel, recovering CFA @matthew_sigel]

@CK_Cryptoklepto 🎯

[matthew sigel, recovering CFA @matthew_sigel]

Guess which one I'm visiting and why 👀

[matthew sigel, recovering CFA @matthew_sigel]

@Smartnotreally @jhnwtt @Forson @JanvanEck3 @novogratz @DeFiTechGlobal @valour @olivierfrancois @CSchlauf Prediction: Galaxy will end up "owning" this "company"

[matthew sigel, recovering CFA @matthew_sigel]

@ittybittythot No...

[matthew sigel, recovering CFA @matthew_sigel]

@Atzaran3 I think cowboy reputation keeps institutions on sidelines vs crwv and nbis. Also there's a trolly anon on X spreading negativity.

[matthew sigel, recovering CFA @matthew_sigel]

Also worth noting, $MSFT made a A$25B ($18B USD) commitment to Australia for AI infra, security and skills (April 2026) and Anthropic has a MOU for AI safety and research with the Australian government (March 2026).

Given $IREN already have relationship with MSFT and likely been in ongoing talks with Anthropic given the size of their needs and IREN's capacity, could be some ties or interest already here.

[matthew sigel, recovering CFA @matthew_sigel]

Even with just a 5% probability weighting for this project, we think it's worth $8/share to $IREN at current GPU economics.

[matthew sigel, recovering CFA @matthew_sigel]

Sources:

https://t.co/g3S8u1SgQS

https://t.co/352KWU1Ael

[matthew sigel, recovering CFA @matthew_sigel]

@Andy__Buchan Pls report this scammer

[matthew sigel, recovering CFA @matthew_sigel]

Even with just a 5% probability weighting for this project, we think it's worth $8/share to $IREN at current GPU economics.

[matthew sigel, recovering CFA @matthew_sigel]

🚨IREN Announces First Australian Data Center Campus: 800MW in South Australia

[Kyle Dacruz @KyleDacruz]

Proud partner! @bitschmidty @bitcoinbrink

[matthew sigel, recovering CFA @matthew_sigel]

@AJonesMines No tenant/customer + $25B unfunded capex + years away

[matthew sigel, recovering CFA @matthew_sigel]

@brent_rc Wdym?

[matthew sigel, recovering CFA @matthew_sigel]

🚨IREN Announces First Australian Data Center Campus: 800MW in South Australia