A New U.S. ETF Offers Bitcoin Exposure Only After Wall Street Closes

A firm called Tidal Trust II has officially filed a proposal with the U.S. Securities and Exchange Commission (SEC) to launch a unique Bitcoin-linked exchange-traded fund that would give investors exposure to Bitcoin only during U.S. market after-hours.

According to the filing, the proposed fund—named the Nicholas Bitcoin and Treasuries AfterDark ETF—would hold short-term U.S. Treasury bonds during regular market hours. Once the New York session closes, the ETF would shift to tracking Bitcoin’s performance during overnight trading, effectively allowing U.S. investors to capture Bitcoin’s after-hours price movements.

Unlike the spot Bitcoin ETFs approved last year, this product would not hold Bitcoin directly. Instead, it plans to gain exposure through Bitcoin futures, options tied to crypto indexes, and even investments in existing spot Bitcoin ETFs.

Bloomberg ETF analyst Eric Balchunas noted that historical data shows a large portion of Bitcoin’s strongest gains occur outside regular U.S. trading hours, adding that the ETF industry is now “testing every possible angle.”

Recently, sharp Bitcoin sell-offs have frequently happened around 21:30 Vietnam time, right as the U.S. market opens, raising speculation among traders about market structure and liquidity dynamics.

Tidal Financial Group describes itself as a provider of white-label ETF solutions, and the filing also promotes the “XFunds by Nicholas Wealth” brand. The company already manages the actively traded BLOX ETF on NYSE, which offers exposure to blockchain-related companies such as exchanges, payment platforms, and crypto miners.

Meanwhile, JPMorgan analysts stated that despite last month’s sharp drop toward $81,000, Bitcoin and digital assets still have room to grow and show no clear signs of a prolonged crypto winter.

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