Overview
- Tidal Trust II filed a Form N-1A for the Nicholas Bitcoin and Treasuries AfterDark ETF, which would buy bitcoin at 4:00 p.m. ET and sell by the 9:30 a.m. ET open each trading day.
- During U.S. market hours the fund would hold short-term U.S. Treasuries, money-market instruments, and cash equivalents instead of maintaining continuous crypto exposure.
- Overnight bitcoin exposure could be obtained through futures, options on bitcoin indices, or trades in U.S.-listed bitcoin ETFs, according to the registration.
- Nicholas Financial also submitted paperwork for a companion product, the Nicholas Bitcoin Tail ETF, with both funds awaiting regulatory review.
- The strategy responds to analyses showing stronger BTC returns outside U.S. hours, as highlighted by Velo.xyz and Bloomberg’s Eric Balchunas, with recent context including about $3.48 billion in November outflows from U.S. spot bitcoin ETFs.