Tidal Trust has submitted a plan to the US Securities and Exchange Commission (SEC) to introduce a new exchange-traded fund (ETF) focused on Bitcoin’s
The company filed a Form N-1A through Tidal Trust II, which aims to include two Nicholas Wealth Management funds linked to Bitcoin.
One of these is called the Nicholas Bitcoin and Treasuries AfterDark ETF. The proposed product would purchase Bitcoin after the US markets close and sell it when they reopen, which keeps exposure only during the overnight period.
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According to the filing, the fund would operate differently depending on whether it uses Bitcoin futures or underlying funds.
The filing explained that when the fund uses Bitcoin futures, it trades them overnight in the US and closes those trades after the market opens. If it invests through Bitcoin-related funds, it buys them at market close and sells them around the next market opening.
During the day, the ETF’s holdings would shift away from Bitcoin. Its assets would instead be invested in US Treasuries, money market funds, or other low-risk options.
ETF analyst Eric Balchunas commented on the filing:
We looked at this last year and found most of the gains are in fact after hours.
He added that while ETFs and related instruments affect market behavior, a product built around overnight activity might perform better than traditional approaches.
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