New Bitcoin ETF Chases Gains That Come While Wall Street Sleeps

Most of Bitcoin’s gains have come while Wall Street sleeps. Now a new exchange-traded fund is built to ride that pattern — buying Bitcoin at the market close and selling before the open, while investing in Treasuries during the day.

The Nicholas Bitcoin and Treasuries AfterDark ETF, filed with the US Securities and Exchange Commission in December under the ticker NGHT, made its debut on Wednesday.

The product is designed around a striking disconnect in Bitcoin’s return profile. Since BlackRock Inc.’s iShares Bitcoin Trust ETF (ticker IBIT) launched in January 2024, overnight price gaps — measured from ...