U.S. company Nicholas Financial plans to launch a Bitcoin ETF that will hold BTC only during U.S. stock market off-hours

According to CoinDesk, boutique wealth management firm Nicholas Financial Corporation has submitted an application to the U.S. Securities and Exchange Commission (SEC) to launch a Bitcoin ETF that holds Bitcoin assets only during nighttime, completely avoiding U.S. trading hours. The fund, named Nicholas Bitcoin and Treasuries AfterDark ETF (ticker NGTH), will buy Bitcoin at 4 PM Eastern Time (when the U.S. market closes) and sell it the next day at 9:30 AM Eastern Time (before the market reopens).

During the daytime, the fund will instead invest in short-term U.S. Treasury bonds to preserve value and generate income. The company has also submitted application documents for a second product, the Nicholas Bitcoin Tail ETF (ticker BHGD). If approved, this ETF will add novelty to the growing ecosystem of Bitcoin investment products by making the time of day a key factor in its strategy.