Alpha Prime Trust Report Main Page

MONTHLY REPORT

April 2026

Alpha Node Capital Management Pty Ltd
Australian Financial Service License 479 974.
CAR Number 1308193.

Alpha Prime Trust

ALPHA PRIME TRUST OVERVIEW

The Fund adopts a multi strategy approach including an actively managed long/short exposure to digital assets, momentum trading, bot driven arbitrage strategies, and other opportunistic digital asset trades as identified.

Investment MANDATE

The Fund is an actively managed, multiple strategy approach seeking to deliver Unitholders absolute returns from identifying alpha across all market conditions. The digital asset market is known for its inefficiencies and volatility, which can present both risks and opportunities for investors. By targeting areas with sufficient liquidity, risks can be mitigated to provide above average investment returns. The Fund adopts a multi strategy approach including an actively managed long/short exposure to digital assets, momentum trading, bot driven arbitrage strategies, and other opportunistic digital asset trades as identified.

KEY FUND INFORMATION

Mandate Style	Active / Multi-Strategy
Management Fee	2% per annum paid monthly
Performance Fee	20% High Watermark
Buy/Sell Spread	0.05% for Stablecoins, 0.40% for AUD or USD
Min Investment	$50,000 USDC, USDT, USD, or AUD equivalent
Additional Contributions	50,000 USDC
Distributions	Annual or Reinvestment
Applications	Monthly
Trustee	Alpha Node Capital Pty Ltd
Auditor	Moore Australia
Administrator	Formidium Inc.
Custodian	Ledger Enterprise
Accountant	Moore Australia

Cumulative Investment Growth

Recent Performance (%)

Portfolio Commentary

Last Updated: 30 April 2026

The Alpha Prime Trust returned -0.12% over the month. While spot crypto prices recovered, the trading conditions most relevant to the Trust’s strategies were less supportive than headline price performance suggested. Bitcoin perpetual funding rates spent most of the month in negative territory despite rising spot prices and higher open interest, indicating a spot-led recovery rather than a leveraged long market. Carry conditions were correspondingly compressed, and futures basis commentary points to subdued rather than widening premia. Late-month macro stress from oil-driven inflation concerns and the Federal Reserve’s cautious hold on 29 April also appears to have weighed on broader liquidity conditions into month-end. On-chain yield conditions were further shaped by competition from tokenised Treasury products and by policy uncertainty around stablecoin yield treatment under the CLARITY Act debate.

Strategy Allocation

MONTHLY PERFORMANCE (%)

Key Market Events

Total crypto market capitalisation has increased 9.71% at US$2.63 trillion.

Bitcoin ended the month near US$76,443, a gain of 14.61%. Despite a mid-month dip to US$66,218 triggered by geopolitical tensions in the Strait of Hormuz, the asset showed remarkable resilience. A significant short liquidation event on 8 April saw US$600 million wiped out, propelling Bitcoin back above US$70,000. Institutional demand remained a cornerstone of the rally, with US$2.12 billion flowing into US spot ETFs over a nine-day streak, bringing total net assets to approximately US$100.4 billion. Corporate accumulation also accelerated, with Strategy acquiring US$3.1 billion worth of Bitcoin during the month.
Ethereum closed April at US$2,265, up 10.31%. Beyond the price action, the network’s fundamentals strengthened, with the staking ratio reaching 32% of the total supply. The first quarter of 2026 was the busiest on record, logging 200.4 million transactions. Institutional interest was also evident in the ETF space, with net inflows for the month reaching US$520 million and total net assets rising to US$13.6 billion. Despite various DeFi exploits during the period, the network demonstrated resilience, with active addresses and contract interactions remaining stable.
Price Movements.April was characterised by significant dispersion in sector returns. Privacy Coins (+42.8%), NFT Applications (+36.6%), and Perp DEXs (+32.3%) were the top performers, benefiting from high-beta narrative interest. Conversely, the Bridge sector was a notable laggard, falling 22.9%, while AI-related assets also saw a slight decline of 2.8%. Most other sectors, including Smart Contract Platforms and DeFi, saw steady gains between 8% and 20%.
Macro. The global macroeconomic environment was heavily influenced by energy prices and geopolitical instability. Brent crude reached a peak of US$144.42 on 7 April, its highest level since 2008, which heightened inflation expectations and weighed on risk sentiment. The Federal Reserve maintained interest rates at 3.50%–3.75% on 29 April, adopting a more hawkish stance by upgrading inflation descriptions to “elevated.” Consequently, the probability of a rate cut in 2026 fell to 44%. Despite these pressures, US equities remained buoyant, with the S&P 500 closing above 7,000 for the first time.
Regulatory The regulatory landscape showed signs of improvement for the digital asset industry. A SEC safe harbour proposal reached the White House, and approximately 95 enforcement actions were reportedly withdrawn. Acting Attorney General Todd Blanche’s comment that “code is not a crime” further bolstered sentiment. However, enforcement remains active in specific areas, as evidenced by Tether freezing US$344 million in USDT linked to Iranian entities at the request of the US Treasury.

Alpha Node Capital

Management Team

DR ANDY TING – CHIEF INVESTMENT OFFICER
B.Eng, M. Eng and PhD Nanyang Technological University
ANC has appointed Dr. Andy Ting as Chief Investment Officer of the Fund to execute the proprietary mandate in a regulated Australian Fund. Dr. Ting has been specialising in applying Artificial Intelligence, financial trading, and technology applications to generate excess returns since 2011. He has delivered solutions across a number of industries including insurance, fintech, and exchanges. In 2019 he commenced the application of these algorithms against Digital Currency markets, assisting high net wealth individuals throughout Asia.

In the Alpha Prime Trust, Dr Ting, together with his lead Advisor Peter Wong, implement their tested market strategies to generate alpha for the Funds investors.

PETER WONG – LEAD ADVISOR
B.Com (Accounting and Finance) at the University of Western Australia
Peter Wong began his financial services career in Australia in early 2000s as a Private Client Adviser at a national stockbroking firm providing high level trade executions and portfolio management for his clients. During his tenure at the firm, he was also responsible for the proprietary trading desk as the Head of Trading in Perth. In 2016, leveraging his experience trading on the ASX; he founded a proprietary equity trading firm and boasts a team of dedicated professionals who shares his passion for trading with in-depth knowledge of the local market. He continues to draw upon his knowledge to mentor traders and to provide access to multi- asset trading facility at SNAP Innovations.

Why Invest?

ALPHA TRADING STRATEGY FOCUS

The Fund Manager has alpha generating trading teams who have specialist knowledge in equities, futures, digital currency, commodities and foreign exchange across global markets.

DIGITAL ASSET EXPOSURE

Digital Currencies present themselves as an exciting new store of value asset class, providing a hedge against aggressive global expansionary monetary policy. The Fund presents Unitholders with the opportunity to profit from the nascent imperfections of the sector, in a regulated MIS with a risk management framework.

Alpha Node Capital (ANC) is a fund management firm with an Australian Financial Services License (AFSL) to operate managed investment schemes. Offering active trading strategies for Unitholders to achieve absolute returns, ANC pioneers digital currency investing and extends its expertise to traditional financial markets, covering investment analysis, risk management, yield strategies, trend analysis, custody solutions, and regulatory compliance for both digital and traditional assets. The firm, committed to continuous research and development, employs a disciplined approach in managing investments, staying ahead of trends in the dynamic digital asset sector.

GOVERNANCE

Committed to excellence, ANC’s team of experienced specialists focuses on delivering value and performance to Unitholders. With an active investment approach, ANC diligently assesses the risk and performance of its trading strategies.

Alpha Node Capital Pty Ltd (ANC) is the Trustee of the Fund and issues Units under an Australian Financial Services Licence (AFSL 479974).
ANC is furnishing this presentation to sophisticated prospective investors for informational purposes only in relation to a potential opportunity to subscribe for Units in the Alpha Prime Trust (APT or Fund). This is neither an offer to sell nor a solicitation for an offer to buy Interests in the Fund. An offer to invest is contained within the Fund’s Information Memorandum. The information in this document is not intended to be relied upon as advice to investors or potential investors and has been prepared without taking into account the Recipient’s investment objectives, financial circumstances or particular needs.
Any investment decision should be made based solely upon appropriate independent due diligence. Recipients of this document are advised to consult their own professional advisers as to the legal, tax, financial or other matters relevant to the suitability of an investment in Units of the Fund. An investment in any Unit trust, including this Fund, is subject to risks of potential loss of income and the potential loss of capital as a result of specific events.
The summary set forth in this Presentation does not purport to be complete, and is qualified in its entirety by reference to the definitive offering documents relating to the Fund. Do not place undue reliance on this Presentation. Information May Change and Be Inaccurate, Incomplete, or Outdated: The information in this Presentation is for discussion purposes only and no representations or warranties are given or implied. Any use of this Presentation is on an “as is” and “as available” basis and is at the user’s sole risk.