Overview
- Tidal Trust II submitted a Form N‑1A to register the Nicholas Bitcoin and Treasuries AfterDark ETF with the U.S. SEC.
- The fund seeks long bitcoin exposure only from U.S. market close to the next open and shifts to Treasuries and cash during daytime hours.
- The filing allows overnight exposure via bitcoin futures, U.S.-listed bitcoin ETFs, or exchange‑traded options on those funds.
- Bloomberg’s Eric Balchunas cited research showing much of bitcoin’s gains have historically occurred after U.S. trading hours.
- The filing landed as bitcoin traded near $94,000 and spot bitcoin ETFs saw recent outflows on a daily basis but large cumulative net inflows reported by SoSoValue.