Citing Bitcoin.com, Nicholas Wealth filed two unconventional Bitcoin ETFs with the U.S. Securities and Exchange Commission (SEC) on Dec. 9, 2025. The first, the Nicholas Bitcoin and Treasuries AfterDark ETF (NGHT), is designed to capture Bitcoin’s after-hours returns by holding Bitcoin exposure only when U.S. markets are closed. The second, the Nicholas Bitcoin Tail ETF (BHDG), uses options strategies to hedge against sharp Bitcoin sell-offs. Both ETFs avoid direct Bitcoin holdings and instead use futures, ETPs, and options. The SEC will review the filings, with potential launches expected in 2026 if approved.
Nicholas Wealth Files Two Unconventional Bitcoin ETFs with SEC
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