Bitcoin ETF Aims for Overnight Gains, Skips Daytime Swings

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New Bitcoin ETF Targets After-Hours Gains, Avoids Daytime Volatility

Written by Aaron S.,

Editor-In-Chief

Last Updated: December 10, 2025

Key Takeaways

Tidal Trust filed a plan with the SEC for an ETF that trades Bitcoin only outside regular US market hours;
The AfterDark ETF would buy Bitcoin after market close, sell at open, and hold Treasuries or cash during the day;
Analyst Eric Balchunas noted that most Bitcoin gains occur overnight, which supports the ETF’s strategy.

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New Bitcoin ETF Targets After-Hours Gains, Avoids Daytime Volatility

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Tidal Trust has submitted a plan to the US Securities and Exchange Commission (SEC) to introduce a new exchange-traded fund (ETF) focused on Bitcoin’s BTC $92,001.15 price movements outside normal trading hours.

The company filed a Form N-1A through Tidal Trust II, which aims to include two Nicholas Wealth Management funds linked to Bitcoin.

One of these is called the Nicholas Bitcoin and Treasuries AfterDark ETF. The proposed product would purchase Bitcoin after the US markets close and sell it when they reopen, which keeps exposure only during the overnight period.

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According to the filing, the fund would operate differently depending on whether it uses Bitcoin futures or underlying funds.

The filing explained that when the fund uses Bitcoin futures, it trades them overnight in the US and closes those trades after the market opens. If it invests through Bitcoin-related funds, it buys them at market close and sells them around the next market opening.

During the day, the ETF’s holdings would shift away from Bitcoin. Its assets would instead be invested in US Treasuries, money market funds, or other low-risk options.

ETF analyst Eric Balchunas commented on the filing:

We looked at this last year and found most of the gains are in fact after hours.

He added that while ETFs and related instruments affect market behavior, a product built around overnight activity might perform better than traditional approaches.

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