Wall Street has a new nighttime routine, and it’s not about remembering to wear a retainer. A new ETF would hold bitcoin products only during overnight hours after the markets close, shifting into short-term US Treasuries during the day, according to a filing last week with the Securities and Exchange Commission. The goal is to capitalize on bitcoin’s performance during the night and slumps during the day. The strategy, called the Nicholas Bitcoin and Treasuries AfterDark ETF (NGHT), is the latest interse ...

Core Viewpoint - The launch of the Bitwise 10 Crypto Index ETF (BITW) provides retail investors and financial advisors with access to a diversified range of cryptocurrencies, marking a significant development in the cryptocurrency investment landscape [1][2]. Group 1: ETF Details - BITW includes 10 digital assets: Bitcoin, ether, XRP, Solana, Chainlink, Litecoin, Cardano, Avalanche, Sui, and Polkadot, making it the first ETF from a major crypto asset manager to include Cardano, Avalanche, Sui, and Polkadot [2]. - The ETF was converted from an index fund and starts trading with $1.5 billion in assets, offering advantages such as increased trading flexibility, tax efficiency, and lower fees compared to traditional funds [4]. - BITW allocates 90% of its holdings to Bitcoin, ether, Solana, and XRP, capping the combined weight of all other tokens at 10%, and will be rebalanced monthly [8]. Group 2: Market Context - The ETF launch follows the SEC's approval of several spot bitcoin ETFs in January 2024, prompting asset managers to seek approvals for ETFs tracking a broader range of digital assets [5]. - The cryptocurrency market has recently experienced pullbacks, with Bitcoin trading as low as $85,000, over 30% off its record high of approximately $126,000 [6]. - Despite the risks associated with smaller coins, the ETF offers potential diversification similar to broad index funds, appealing to investors seeking comprehensive exposure to digital assets [7]. Group 3: Company Background - Bitwise manages over $15 billion in client assets and offers a suite of more than 40 digital asset investment products [9].