Proposed ‘AfterDark’ Bitcoin ETF Would Skip U.S. Trading Hours

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Proposed ‘AfterDark’ Bitcoin ETF Would Skip U.S. Trading Hours The fund would hold bitcoin only overnight, betting on data showing bitcon gains mostly occur outside regular market hours. By Helene Braun | Edited by Stephen Alpher Dec 9, 2025, 8:57 p.m. Bitcoin after hours ETF proposed (Getty Images/Unsplash+) What to know : Nicholas Financial has filed with the SEC to launch a bitcoin ETF that holds BTC only during overnight hours. The “AfterDark” ETF buys bitcoin after U.S. stocks close for the day and then sells bitcoin and shifts into Treasuries during the American session. Data shows bitcoin tending to perform better when traditional U.S. markets are closed. Weary U.S.-based bitcoin BTC $ 93,110.27 bulls might think it's their imagination that they seem to wake up every morning to BTC doing pretty well only for prices to head lower during the U.S. trading session. They are, in fact, not imagining things. STORY CONTINUES BELOW Don't miss another story. Subscribe to the Crypto Daybook Americas Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy . Data from crypto analytics platform Velo.xyz shows that over the past year, bitcoin is more likely to be in the green when traditional U.S. markets are closed and in the red when they're open. Bitcoin performance by the hour over past year (Velo.xyz) Bloomberg's Eric Balchunas said the data on better performance after U.S. hours was similar for 2024 as well and suggests the spot ETFs or derivatives positioning could be having an impact. Seeking to take advantage, Nicholas Financial Corporation, a boutique wealth management firm, has filed with the U.S. Securities and Exchange Commission (SEC) to launch a bitcoin BTC $ 93,110.27 ETF that holds the asset only during overnight hours, opting out of the U.S. trading day entirely. The fund, called the Nicholas Bitcoin and Treasuries AfterDark ETF (NGTH), would buy bitcoin at 4 p.m. ET—when U.S. markets close—and sell by 9:30 a.m. ET the following day, before the markets reopen. During daytime hours, the fund would rotate into short-term U.S. Treasuries to preserve capital and generate yield. The firm also submitted paperwork for a second product, the Nicholas Bitcoin Tail ETF (BHGD). If approved, the ETF would add a novel twist to the growing ecosystem of bitcoin investment products by treating time of day as a key factor in its strategy. Bitcoin ETF More For You Protocol Research: GoPlus Security By CoinDesk Research Nov 14, 2025 Commissioned by GoPlus What to know : As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M. GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month. Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B. View Full Report More For You XRP Underperforms Market as Sudden Bitcoin Surge Forces $387M of Liquidations By Shaurya Malwa , CD Analytics 1 hour ago XRP's technical outlook remains uncertain, with support at $2.05 and resistance at $2.17, as traders watch for volume expansion What to know : XRP posts gains but underperforms compared to the broader digital asset surge, with below-average trading volume raising questions about the move's strength. Bitcoin's rise above $94,000 triggered a broad market rebound, leading to significant liquidations and reshuffling of positions. XRP's technical outlook remains uncertain, with support at $2.05 and resistance at $2.17, as traders watch for volume expansion to confirm momentum alignment. 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