TechFlow news, December 10 — According to CoinDesk, wealth management firm Nicholas Financial Corporation has filed an application with the U.S. Securities and Exchange Commission (SEC) to launch a Bitcoin exchange-traded fund (ETF) named "Nicholas Bitcoin and Treasuries AfterDark ETF" (NGTH).
The fund will employ a unique strategy of holding Bitcoin only during U.S. stock market off-hours. Specifically, it will purchase Bitcoin after the U.S. equity markets close at 4:00 p.m. Eastern Time and sell before the market reopens at 9:30 a.m. the next day. During regular trading hours, the fund's assets will be allocated to short-term U.S. Treasury securities to preserve value and generate returns.
Nicholas Financial has also submitted registration documents for another product, the "Nicholas Bitcoin Tail ETF" (BHGD).
