Key Takeaways
- • NGHT trades at $25.37 as of May 22, 2026, with net assets of $17.15 million and a zero expense ratio, representing a specialized crypto-treasury hybrid strategy listed on Nasdaq.
- • The fund employs a day-night split allocation strategy: holds Bitcoin-linked instruments during U.S. overnight hours (market close to open) and shifts to short-term U.S. Treasuries and cash equivalents during daytime trading sessions to reduce volatility exposure.
- • Nicholas Wealth Management positions NGHT to isolate Bitcoin's overnight alpha, capitalizing on the thesis that cryptocurrency price movements exhibit distinct intraday patterns with lower global market volatility during off-hours trading.
- • The fund maintains an 80% minimum allocation to its core strategy (Bitcoin overnight + Treasuries daytime) under normal market conditions, with discretion to adjust based on market environments.
- • YTD performance metrics and trailing returns are not yet reported, suggesting the fund is recently launched or in early operational stages with limited performance history available to investors.
Summary
The Nicholas Bitcoin and Treasuries AfterDark ETF (ticker: NGHT) represents a novel actively managed exchange-traded fund designed to capture returns from a time-segmented cryptocurrency and fixed-income strategy. Launched under the management of Nicholas Wealth Management and traded on Nasdaq, the fund seeks long-term capital appreciation through a distinctive allocation approach that pivots between asset classes based on U.S. market hours.
The fund's core mechanism involves holding Bitcoin-linked financial instruments during overnight hours—specifically from U.S. market close through the following market open—while transitioning to short-term U.S. Treasuries and cash equivalents during daytime trading sessions. This structure reflects an investment thesis that Bitcoin exhibits distinct overnight return patterns with reduced correlation to broader global equity market volatility during off-hours periods. By isolating exposure to what Nicholas describes as Bitcoin's overnight alpha, the strategy aims to reduce daytime market risk while maintaining cryptocurrency upside during periods of lower systemic volatility.
As of May 22, 2026, NGHT traded at $25.37 with minimal intraday volatility (down $0.30 or 1.17% at close), holding $17.15 million in net assets. The fund's 52-week price range of $25.26 to $31.42 indicates modest trading activity, with average daily volume of 48,172 shares and notably low recent volume of 5,648 shares. The fund carries a zero net expense ratio and a five-year beta of 0.00, suggesting either recent inception or immature performance tracking relative to benchmark indices.
Under normal market conditions, NGHT maintains at least an 80% allocation to its core Bitcoin overnight and Treasury daytime strategy, with flexibility to adjust positioning based on market environment assessments. The fund's investment objective explicitly targets long-term capital appreciation rather than income generation, positioning it as a growth-oriented vehicle for investors seeking non-traditional cryptocurrency exposure mechanics.
Limited trailing return data and performance history are currently available, reflecting either the fund's recent launch timeline or preliminary operational status. Institutional investors evaluating alternative strategies that blend cryptocurrency and fixed-income exposures should monitor the fund's performance development and asset accumulation trajectory.
The fund's core mechanism involves holding Bitcoin-linked financial instruments during overnight hours—specifically from U.S. market close through the following market open—while transitioning to short-term U.S. Treasuries and cash equivalents during daytime trading sessions. This structure reflects an investment thesis that Bitcoin exhibits distinct overnight return patterns with reduced correlation to broader global equity market volatility during off-hours periods. By isolating exposure to what Nicholas describes as Bitcoin's overnight alpha, the strategy aims to reduce daytime market risk while maintaining cryptocurrency upside during periods of lower systemic volatility.
As of May 22, 2026, NGHT traded at $25.37 with minimal intraday volatility (down $0.30 or 1.17% at close), holding $17.15 million in net assets. The fund's 52-week price range of $25.26 to $31.42 indicates modest trading activity, with average daily volume of 48,172 shares and notably low recent volume of 5,648 shares. The fund carries a zero net expense ratio and a five-year beta of 0.00, suggesting either recent inception or immature performance tracking relative to benchmark indices.
Under normal market conditions, NGHT maintains at least an 80% allocation to its core Bitcoin overnight and Treasury daytime strategy, with flexibility to adjust positioning based on market environment assessments. The fund's investment objective explicitly targets long-term capital appreciation rather than income generation, positioning it as a growth-oriented vehicle for investors seeking non-traditional cryptocurrency exposure mechanics.
Limited trailing return data and performance history are currently available, reflecting either the fund's recent launch timeline or preliminary operational status. Institutional investors evaluating alternative strategies that blend cryptocurrency and fixed-income exposures should monitor the fund's performance development and asset accumulation trajectory.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.