Core Viewpoint - Nicholas Financial Corporation has filed for the Nicholas Bitcoin and Treasuries AfterDark ETF, which aims to provide Bitcoin exposure during overnight hours while holding short-term U.S. Treasuries during the day [1][2]. Group 1: ETF Strategy - The AfterDark ETF is designed to capitalize on Bitcoin's price movements that typically occur outside traditional trading hours, specifically overnight when U.S. equity markets are closed [2][3]. - The fund will buy Bitcoin-linked instruments after U.S. markets close and sell them shortly after markets reopen the next day, utilizing at least 80% of its assets in regulated financial instruments [3][4]. - This ETF differs from traditional spot Bitcoin ETFs by focusing on timing and active trading strategies rather than long-term holding of Bitcoin [4]. Group 2: Investment Instruments - The AfterDark ETF will use Bitcoin-linked instruments that track Bitcoin's price without requiring direct custody, such as Bitcoin futures, exchange-traded products (ETPs), and options [6]. - By employing these financial tools, the ETF aims to gain Bitcoin exposure during nighttime and avoid exposure during U.S. market hours, which historically experience higher volatility and selling pressure [7].

Group 1 - Tidal Trust II has filed for an exchange-traded fund (ETF) that will provide Bitcoin exposure only when U.S. markets are closed, named the Nicholas Bitcoin and Treasuries AfterDark ETF [1] - The ETF will not hold Bitcoin as an underlying asset but will track Bitcoin's performance through futures contracts, options on indices, and spot Bitcoin ETFs [2] - The fund aims to capitalize on the observation that most of Bitcoin's gains occur after hours, as noted by Bloomberg Intelligence Senior ETF Analyst Eric Balchunas [2] Group 2 - Tidal Financial Group, which filed for the ETF, is known for offering "white label ETF solutions" and has a product line branded as "XFunds by Nicholas Wealth" [3] - The firm currently manages an actively-managed fund trading on the NYSE under the ticker "BLOX," which provides exposure to blockchain-related firms [4] - Bitcoin's price was approximately $92,700, reflecting a 1.6% increase over the past day, although it has decreased nearly 4% over the past year [4]