A new proposal from Tidal Trust II aims to capture Bitcoin’s overnight returns as spot ETFs register record outflows and concerns grow over recurrent price drops during the U.S. market open.
The SEC filing outlines an ETF designed to operate exclusively during after-hours trading, where multiple studies identify a substantial share of Bitcoin’s historical gains.
The proposal covers two products, including the Nicholas Bitcoin and Treasuries AfterDark ETF, which will gain exposure through futures, options, and other Bitcoin ETFs or ETPs. The fund will not hold BTC directly: it will purchase instruments at market close and unwind them near the opening bell, while holding Treasury bills and cash during daytime hours.
This strategy combines a synthetic long position overnight with a structure that is closed or offset during the regular session, and it may use a Cayman Islands subsidiary to manage the portfolio.
Bitcoin ETFs saw $3.48B in outflows in November, a move that heavily affected price action and overall market confidence. Although flows remained negative in the first week of December, the group posted a $151.74M rebound on December 9, suggesting the market may have reached a stabilization point.
Fuente: https://www.sec.gov/Archives/edgar/data/1924868/000199937125019858/nicholas_485apos-120925.htm
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