The VanEck Onchain Economy ETF, trading under the ticker NODE, has hit an all-time high net asset value, according to Matthew Sigel, the firm’s head of digital assets research.

NEW HIGH: $NODE net asset value hits all-time high pic.twitter.com/lJI2woHOIU

— matthew sigel, recovering CFA (@matthew_sigel) June 22, 2026

The fund’s year-to-date return is approximately 35%, with total net assets exceeding $81 million. Launched in May 2025, the ETF has continued to grow in assets during its first year of trading.

From launch to record highs in just over a year

NODE debuted on Cboe in May 2025 with a simple thesis: own the companies building the on-chain economy’s infrastructure rather than buying crypto tokens directly. The fund allocates at least 80% of its assets to what VanEck calls “Digital Transformation Companies,” including firms tied to blockchain infrastructure and digital asset services.

The portfolio reads like a who’s-who of crypto mining and infrastructure names. TeraWulf, Cipher Mining, and Hut 8 are among the fund’s holdings.

Performance data is where it gets interesting. By the end of April 2026, NODE’s NAV had risen from $32.37 to $40.4, delivering an approximately 25% monthly return. The fund then pushed higher into the mid-$40s, reaching roughly $47 at the time of reporting.

Why the ETF can outpace crypto

Rather than providing direct exposure to crypto, the fund seeks to capture the economics of the digital asset ecosystem through investments in miners, exchanges, infrastructure providers and other related companies. The performance of these businesses can be more sensitive to movements in crypto prices, potentially resulting in greater upside and downside than the underlying assets.

The actively managed ETF carries an expense ratio of 0.67%, allowing portfolio managers to adjust their holdings as market conditions evolve rather than tracking a fixed index. That flexibility distinguishes it from passive products that follow predetermined benchmarks.