MONTHLY REPORT
July 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 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.
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: 31 July 2026
Alpha Prime Trust returned +0.12% over the month. Market structure, rather than directional price moves, shaped trading conditions through the period. Bitcoin perpetual funding rates remained negative through early July, reflecting cautious positioning and reduced speculative demand that compressed carry available to market-neutral and relative-value strategies. Short-dated implied volatility was subdued early in the month, with options markets favouring downside hedging via put-call skew late in the month without a broad volatility spike materialising. Ethereum derivatives conditions were similarly cautious early on before improving as ETH broke its downtrend.
Strategy Allocation
MONTHLY PERFORMANCE (%)
Key Market Events
Bitcoin opened July near $58,297, broke $65,000 midmonth and closed at $62,721, still 28.61% lower for the year. The ETF tape explains the move. Seven straight positive sessions from July 14 to 22 brought $999.3M into the funds, but redemptions resumed after July 22 and the month finished at just $172.8M of net new money. AUM rose with price, which hid weak creation data. Coinbase found leverage already unwound and order-book depth improved, but breadth never arrived. Strategy sold 2,225 BTC in July to fund preferred distributions.
Ethereum ETH was July’s outperformer, rising 19.06% from $1,563 to close at $1,861, though it stayed 37.61% lower for the year. Farside recorded $347.4M of net inflows across 17 positive sessions, steadier relative to ETH’s smaller product base than Bitcoin’s. Support was uneven with much of the demand concentrated in one fund and tied to Robinhood Chain’s memecoin-heavy activity. Justin Drake’s Lean Ethereum vision kept base-layer scale and post-quantum security on the agenda. BitMine slowed ETH buys and repurchased $86M of its own shares.
Price Movements.Sector performance stayed wide through July. Perpetual exchanges and revenue-producing protocols retained their interest, while social, gaming and other narrative-driven groups remained deeply damaged after June. Altcoin leverage stayed pinned near historic lows, with open-interest dominance in a depressed 0.6-0.7 range, so the month’s gains stayed concentrated in the biggest names rather than spreading across sectors. DeFi total value locked moved off its late-June low, but the headline is flattered by price appreciation. Coinbase found capital remained available inside the system without flowing into broad speculative positions. The lesson for readers who do not follow daily prices: a green month for the majors does not mean the average token recovered.
- Macro. A weak June payroll number flipped the mood. Traders stopped pricing an immediate hike, and Bitcoin recovered from the $58,000-$60,000 area. Oil then complicated relief as Strait of Hormuz disruptions renewed supply risk, and the two-year yield traded near 4.32% with the ten-year near 4.65%. The Fed held rates on July 29 but on a 9-3 vote, with Hammack, Kashkari and Logan preferring a hike. Q2 GDP grew 1.5% with core PCE at 3.3%. Growth was too resilient to force cuts while inflation stayed above target.
- Regulatory The CLARITY Act and the GENIUS Act set July’s two clocks. CLARITY determines who supervises the spot market and how tokens move between securities and commodities regimes. GENIUS establishes the federal stablecoin framework. After the committee advanced CLARITY 15-9 in May, senators released updated merged text on July 22, but ethics and market-integrity concerns left no floor vote. The GENIUS Act’s July 18 rulemaking deadline passed with 11 proposed rules and no final rules. Companies moved anyway, with Visa’s Stablecoin Platform launching July 16 and DTCC’s group past 100
Alpha Node Capital
Management Team
Why Invest?
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.
