Bitcoin ‘After Dark’ ETF Would Bet on BTC While Wall Street Sleeps

A company called Tidal Trust II filed Tuesday with the Securities and Exchange Commission for an exchange-traded fund that only Bitcoin exposure when US markets are closed.

The fund, called the Nicholas Bitcoin and Treasuries AfterDark ETF, would also hold short-term U.S. Treasury bonds during the day, according to the submission. As a result, the ETF would mirror Bitcoin’s overnight return profile, for investors based in the US

Unlike spot Bitcoin ETFs, which were approved last year, the ETF would not hold Bitcoin as an underlying asset. Instead, the fund aims to track the performance of Bitcoin by investing in futures contracts, options on indices and by spotting Bitcoin ETFs itself.

“We looked into this last year and found most of it [Bitcoin’s] the gains are essentially after-hours,” said Bloomberg Intelligence Senior ETF Analyst Eric Balchunas said on X.”[The] The bigger takeaway here is that the ETF industry is going to try everything.”

In recent weeks, Bitcoin’s sell-off appeared to deepen around 9:30 a.m. ET, leading some onlookers to question the momentum and US market participants on X.

“Afterwards dump Bitcoin again [the] New York open,” entrepreneur and content creator Lark Davis noted in November. “Has someone turned off the buy button for Americans?”

Tidal Financial Group describes itself as a provider of “white label ETF solutions,” and its filing prominently features an image for “XFunds by Nicholas Wealth.”

Declutter has contacted XFunds for comment.

XFund’s products are billed on its website as “not your grandpa’s bond fund,” next to images of mustached men depicted in shades of gray on Wall Street. As financial markets adjust, “so should your investments,” the website continues.

The company already offers an actively managed fund trading on the NYSE under the ticker symbol “BLOX,” which provides exposure to blockchain-related companies. That includes exposure to trading platforms, payment processors and crypto miners.

Bitcoin changed hands for about $92,700 on Tuesday, up 1.6% from the past day Coin gecko. The price had now fallen by almost 4% in the past year.