matthew sigel, recovering CFA
@matthew_sigel
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Head of digital assets research @VanEck_us. PM, VanEck Onchain Economy ETF ($NODE). Disclosures https://t.co/oN8RR1GzoJ https://t.co/kuyqdO3qgW
NYC
Joined July 2017
I've spoken to many investors who want exposure to crypto via equities but are spooked, understandably, by portfolios full of pure-play miners and exchanges that have seen repeated blowups and bankruptcies. If that sounds like you, we designed the VanEck Onchain Economy ETF
🚨Now Effective: VanEck Onchain Economy ETF ($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
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>Trane Technologies (TT) - Using AI agents to manage building systems (HVAC, lighting). >Nu Skin Enterprises (NUS) - Built an in-house LLM for beauty advice + personalized product recommendations. > Allstate Corp. (ALL) -“Agentic AI” to speed claims and deliver personalized
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AI-generated country hit tops Billboard chart using tech built in Massachusetts
Bloomberg headlines this morning: "Spotify needs to stop AI music from reaching my ears" "ChatGPT is just too dangerous for teenagers" "Will AI be an economic net positive? Probably not" "One way to hedge against the AI bubble bursting"
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Rookie fund manager adds all these high beta names in the quarter ending 9/30. Prediction: nobody will care/know about this fund once the current quarter ends.
Situational Awareness LP 13F filing for Q3 dropped friday: - Massive >$500m new CRWV position - Big adds to CORZ and IREN - Added new miners RIOT, HUT, BITF - INTC calls unch - trimmed AVGO & EQT, exited APLD / CEG / CIFR - added new AI infra LITE, COHR, MOD, WDC, STX
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$IREN 🚨 Really interesting to see this and it was one of the things that I said was going to follow closely going further, and honestly, it’s exactly what we were worried about in the post right after the earnings call. The execution is strong. The Microsoft deal is real. The
Just submitted our proxy votes for $NODE’s 37,000 $IREN shares (record date Sept 27): Bullish on the business, impressed by execution. But governance still matters. We voted AGAINST: 3️⃣ a proposal restricting where shareholders can bring legal claims to Australia 6️⃣ the new
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$AMZN to raise $15B from first US bond sale since 2022 "Pricing discussions for the longest portion of the deal, a 40-year bond, tightened to 85bps above Treasuries, from 115bps initially, the people added." "Deal topped initial estimates by $3B"
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disclosures/risks/learn more https://t.co/Mq9xvrpDax background on governance --> https://t.co/oJ10tK4x5Q
https://t.co/VkNip1ohYo
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Just submitted our proxy votes for $NODE’s 37,000 $IREN shares (record date Sept 27): Bullish on the business, impressed by execution. But governance still matters. We voted AGAINST: 3️⃣ a proposal restricting where shareholders can bring legal claims to Australia 6️⃣ the new
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If you can issue straight senior debt, do it! This chart shows why: ORCL + WULF (plain bonds) moved ~40 bps. Miner converts blew out 350–500 bps. Equity-linked “cheap” financing saves pennies in coupon and costs dollars in volatility + refinancing risk.
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QCOM is shopping for 200 MW of inference capacity for 2026 deployment.
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Sol Strategies ($STKE) to provide staking services for VanEck's Solana ETF ($VSOL)
@matthew_sigel Who's doing the staking?
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🚨 VanEck Debuts Solana ETF $VSOL, Launches with Zero Fees
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If this is the consensus vibe, feels like we’re closer to AI Capitulation Journalism than a bubble top.
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Bloomberg headlines this morning: "Spotify needs to stop AI music from reaching my ears" "ChatGPT is just too dangerous for teenagers" "Will AI be an economic net positive? Probably not" "One way to hedge against the AI bubble bursting"
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"We also observe that, given the prevalence of long term contracts, even if GPUs depreciate faster than companies are modeling, the cost may be born by end-users in the former of artificially high prices. For instance, if OpenAI signs a 5-year contract for Coreweave H100
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AI Value Chain: Can you really run a GPU for 6 years? Bernstein TLDR: Yes
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$HUT Sells 310 MW Ontario Canada Power Portfolio for $95 M ($306 per KW) to TransAlta ($TAC). TAC says the assets will add $30M to EBIDTA annually, close in Q1 2026. HUT CFO says the assets, co-owned with Macquarie, were "not core to current strategy or capital plan."
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