Nicholas Wealth says the ETF can isolate Bitcoin’s overnight alpha while reducing exposure to global market volatility during trading hours.
RIA Nicholas Wealth Management is beefing up its ETF portfolio with the launch of a fund that provides long Bitcoin exposure during overnight hours while allocating to short-term U.S. Treasuries and cash equivalents during daytime trading.
The actively-managed Nicholas Bitcoin and Treasuries AfterDark ETF (Ticker: NGHT) is being offered by Nicholas Wealth’s XFUNDS in partnership with Tidal Investments.
Nicholas Wealth is touting the ETF as a way to isolate Bitcoin’s overnight alpha while reducing exposure to global market volatility during trading hours. “Bitcoin trades 24/7, and its behavior is increasingly driven by global activity outside U.S. market hours,” said David Nicholas, CEO of XFUNDS by Nicholas Wealth, in a statement. The fund does not invest directly in Bitcoin or any other digital assets and does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin, according to Nicholas Wealth.
The Bitcoin landscape has been shifting in recent years. Last year, for example, Morgan Stanley gave its wealth management clients expanded access to cryptocurrency assets.
In 2025 crypto ETFs attracted $29.4 billion in inflows through August 11, according to research from the CFRA, boosted by regulatory breakthroughs, SEC approval of in-kind creations/redemptions and the pro-crypto policies of President Donald Trump’s administration.
This week Morgan Stanley became the first American bank to issue a Bitcoin ETF, with the launch of its Morgan Stanley Bitcoin Trust ETP (Ticker: MSBT). Amy Oldenburg, Morgan Stanley’s head of digital asset strategy told Bloomberg that the passive fund saw the best first day of trading since the bank launched its ETF product line.
However, crypto assets, and where they fall under federal securities rules, have posed a challenge for advisors, although the Securities and Exchange Commission recently sought to clarify token taxonomy and jurisdictional boundaries with the Commodity Futures Trading Commission.
Set against this backdrop, crypto RIA Digital Ascension Group recently told InvestmentNews that a growing number of advisors are turning to the company’s digital platforms to ease their cryptocurrency headaches.