Tidal Trust II files Nicholas Bitcoin and Treasuries AfterDark ETF with U.S. SEC for overnight BTC exposure

On December 9 and December 10, 2025, Tidal Trust II filed with the U.S. SEC to launch the Nicholas Bitcoin and Treasuries AfterDark ETF, which is designed to gain Bitcoin exposure only during overnight hours when U.S. markets are closed. The strategy calls for holding short-term U.S. Treasuries during the day and using spot Bitcoin ETFs, futures, and options to obtain indirect BTC exposure, while the filing cautions investors that they could lose part or all of their capital. ETF analyst Eric Balchunas noted that historical data suggest Bitcoin’s performance has often been stronger after hours, and pointed to recent inflows into U.S. spot Bitcoin ETFs as evidence of ongoing institutional demand.