Wall Street’s latest ETF concept seeks to exploit bitcoin’s tendency to perform better overnight by holding bitcoin-related products after market close and rotating into short-term U.S. Treasuries during the day. The proposed Nicholas Bitcoin and Treasuries AfterDark ETF reflects a growing effort to blend crypto behavior with traditional portfolio mechanics. 

Supporters point to data suggesting that bitcoin’s strongest returns have historically occurred during overnight hours, making time-based exposure seem appealing. 

Critics, however, warn that predictable daily shifts could invite front-running and undermine the strategy’s effectiveness. The filing underscores how innovation in crypto ETFs is accelerating amid a more permissive regulatory backdrop. 

Finsum: This signals a push toward more engineered, rules-based crypto strategies as investors look for diversification rather than simple buy-and-hold exposure.