Overview
- Tidal Trust II submitted a Form N‑1A to the SEC for the Nicholas Bitcoin and Treasuries AfterDark ETF, a fund designed to capture bitcoin’s off‑hours return profile.
- Under the proposal, the fund would buy bitcoin exposure at 4:00 p.m. ET and exit by 9:30 a.m. ET, rotating into short‑term U.S. Treasuries during U.S. market hours.
- The strategy would avoid direct spot holdings by using at least 80% of assets in bitcoin futures, U.S.-listed bitcoin ETFs or ETPs, and options on those funds.
- Velo.xyz data and analysis cited by Eric Balchunas point to stronger BTC performance when U.S. markets are closed, providing the rationale for the time‑targeted approach.
- The application is not approved and is under SEC review, with a related Nicholas Bitcoin Tail ETF (BHGD) also filed as issuers test niche products following recent spot‑ETF outflows.