According to TechFlow on December 10, citing CoinDesk, wealth management company Nicholas Financial Corporation has applied to the U.S. Securities and Exchange Commission (SEC) to launch a Bitcoin exchange-traded fund (ETF) called “Nicholas Bitcoin and Treasuries AfterDark ETF” (NGTH).
This fund adopts a unique strategy, holding Bitcoin only during U.S. stock market after-hours. Specifically, it buys Bitcoin after the U.S. stock market closes at 4:00 p.m. Eastern Time and sells it before the market opens at 9:30 a.m. the following morning. During regular trading hours, the fund shifts into short-term U.S. Treasuries for preservation and yield.
Nicholas Financial has also submitted an application for another product, the “Nicholas Bitcoin Tail ETF” (BHGD).
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