Overview
- Tidal Trust II submitted a Form N-1A to register the Nicholas Bitcoin and Treasuries AfterDark ETF, featuring XFunds by Nicholas Wealth branding.
- The strategy would buy bitcoin at the U.S. close around 4 p.m. ET and exit by the 9:30 a.m. open, then hold short-term Treasuries and cash during U.S. trading hours.
- Exposure would come via bitcoin futures, options on indices, or investments in spot bitcoin ETFs rather than continuous spot holdings.
- The filing leans on analyses showing stronger bitcoin returns outside U.S. market hours, including data from Velo.xyz and commentary from Bloomberg’s Eric Balchunas.
- The product is not approved and remains under SEC review, with the proposal surfacing as bitcoin trades in the low-to-mid $90,000s and ETF flow data show recent outflows alongside large cumulative inflows.