Digital Fund Report Main Page - Alpha Node Global

MONTHLY REPORT

April 2026

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

DIGITAL FUND

Digital fund Overview

The Digital Fund seeks long term capital growth through active direct investments into digital currencies and digital tokens. It aims to identify long term technological advantages and capture long term growth in the nascent blockchain industry.

The use cases for blockchain are likely to be broad and varied, however the investment places particular focus on technologies enabling decentralised applications and disrupting monetary value transfer. Projects are assessed for their future applications, technological advantages and network effects. This analysis helps us identify which assets are likely to outperform and which assets may represent more risk.

In broad terms the Fund shall keep its capital weighted towards 1) narrow use protocol layer digital currencies targeting ‘Store of Value’ and ‘Payment System’ use cases (Crypto Currencies); 2) turing complete digital currencies targeting ‘Smart Contract’ and ‘Decentralised Application Platform’ use cases (Crypto Commodities); and a small allocation towards 3) alpha opportunities which include industry specific digital tokens.

key fund information

Management Fee	1.5% per annum paid monthly
Performance Fee	15% High Watermark
Buy/Sell Spread	1.50%
Min Investment	$50,000
Applications	Monthly
Distributions	Annual or Reinvestment
Redemptions	Monthly
Investment Manager	Alpha Node Capital Management Pty Ltd
Trustee	Alpha Node Capital Management Pty Ltd
Administrator	Bardak Ventures Pty Ltd
Accountant	Barrett Baxter Bye

Investment Chart

Returns Summary

Performance Measures

PORTFOLIO COMPOSITION

Store of value	48%
Smart contracts	43%
Industry Specific Tokens	9%

Portfolio Commentary

Last Updated: 30 April 2026

The Digital Fund returned 5.85% over the month, with Bitcoin rising 14.62% to close at US$76,450 and Ethereum gaining 10.31% to close at US$2,265.34. Bitcoin was the clearest benchmark leader, supported by strong spot ETF inflows and a spot-led recovery even while perpetual funding rates remained negative for much of the month. Ethereum also contributed positively, though flow data and market commentary suggest it lagged Bitcoin in institutional demand and relative strength for at least part of the month.

DOGE and Monero were the two positive contributors outside the benchmark holdings, returning 19.00% and 16.60% respectively. Both moves were consistent with the broader recovery across large liquid altcoins over the month. On the other side of the ledger, Uniswap and Fetch AI were the two detractors, falling 9.38% and 14.35% respectively. Uniswap’s decline appears to have been associated with broader DeFi weakness that persisted through the month, while Fetch AI’s loss is due to the loss of buyers interest with AI theme tokens.

digital fund MONTHLY PERFORMANCE

Market commentary

The total cryptocurrency market capitalisation concluded April 2026 at approximately US$2.63 trillion, marking a 9.71% increase for the month. 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 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.

BITCOIN (BTC)

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 (ETH)

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.

MARKET MOVERS

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%.

Alpha node global

ABOUT

Alpha Node Global is a regulated Australian investment manager and licensed trustee, providing institutional-grade access to digital asset markets. Operating under the Australian Financial Services Licence (AFSL), we specialise in building secure, compliant, and actively managed investment solutions across the evolving digital asset landscape.

Our mission is to bridge traditional finance with the digital economy offering smart, transparent, and future-ready financial products that enable institutions and high-net-worth investors to invest, stake, and store digital assets with confidence.

At Alpha Node, we uphold the highest standards of governance, compliance, and capital management. Our commitment to transparency, security, and fiduciary responsibility sets us apart in a fast-moving industry, positioning us as a trusted partner for those looking to navigate the future of finance.

MANAGEMENT DIVERSIFICATION

The Digital Fund seeks to mitigate risk by utilising complementary levels of diversification and a focus on the largest and most significant technologies in the sector. Diversification provides reduction of risk by reducing exposure to idiosyncratic investments.

INVESTMENT COMMITTEE

Decision by Committee through integrating our macro sector views with our detailed project research ensures the portfolio reflects market changes quickly in this fast-moving asset class.

SECURITY

Assets are primarily held in cold storage with multisignature configuration. AN implement best practice risk mitigation strategies to ensure security and actively work to improve their security procedures.

LOW CORRELATION & RISK MITIGATION

The digital asset sector has a low correlation with other major asset classes and high volatility, thus offering diversification to a balanced portfolio. In addition the majority of it’s gains occur in just 10 days each year. Accordingly AN have adopted the risk mitigation policies such as no leverage, no lending activities, no arbitrage strategies, and no short selling strategies to combat this highly volatile sector.

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 Digital Fund (DF). 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.