Market News

SEC Approves Innovative Bitcoin ETFs: A New Era for Crypto Investment

On December 9, 2025, the U.S. Securities and Exchange Commission (SEC) received filings for two unique bitcoin exchange-traded funds (ETFs) from Nicholas Wealth, LLC, and Tidal Investments LLC.

The first fund, the Nicholas Bitcoin and Treasuries AfterDark ETF (ticker: NGHT), is designed to capitalize on bitcoin’s performance during after-hours trading, buying bitcoin only when traditional markets are closed.

This strategy is supported by research indicating that bitcoin often sees better returns overnight, with average overnight gains at approximately 0.093%.

The second ETF, the Nicholas Bitcoin Tail ETF (ticker: BHDG), operates as a hedge-first strategy, providing investors with a way to gain bitcoin exposure while protecting against significant losses through options trading.

Both ETFs strategically employ derivatives rather than holding spot bitcoin, aligning with regulatory parameters set by the SEC.

As the SEC reviews these filings, the cryptocurrency market anticipates the potential debut of these funds in 2026, marking a significant shift in how bitcoin can be invested in.

With the ETF industry exploring innovative concepts, these filings reflect a growing trend of creative financial products in the crypto space.

Investors will need to assess the performance and risk profiles of these funds as they represent a structured approach to navigating bitcoin volatility.

This evolving landscape indicates that creativity in financial structures may be key to attracting investments in an increasingly competitive crypto market.

As this new chapter unfolds, it is clear that ETFs are redefining how investors engage with bitcoin and its associated risks and rewards.