Tidal Trust II has filed with the SEC to launch a bitcoin $BTC ( ▲ 1.89% ) ETF designed to capture the crypto’s overnight return profile, a window that accounted for a large share of bitcoin’s upside last year. The product, named the Nicholas Bitcoin and Treasuries AfterDark ETF, will take long bitcoin exposure from the market close until the next morning’s open before unwinding its positions.
The fund can use bitcoin futures, US-listed bitcoin ETFs, or options tied to those ETFs to gain its overnight exposure. During regular trading hours, the ETF will rotate entirely into Treasuries and other cash equivalents.
The filing lands as bitcoin continues climbing and spot bitcoin ETFs remain a strong source of cumulative inflows despite occasional outflow days.