Morgan Stanley has launched spot Bitcoin ETF MSBT on NYSE Arca with a 0.14% expense ratio, the lowest among US spot Bitcoin ETFs, as Bitcoin trades more than 40% below its October peak.
XFUNDS launched the NGHT ETF, buying Bitcoin in after-hours and shifting to cash/Treasuries during US trading hours. Meanwhile, Morgan Stanley debuted its spot Bitcoin ETF MSBT with a 0.14% fee; analyst sees $5B AUM in first year. Bitcoin ETF inflows hit $471M in a day.
Morgan Stanley's Bitcoin ETF (MSBT) and the Bitcoin After Dark ETF (NGHT) launched on the same day. Bloomberg analyst Eric Balchunas notes MSBT's distribution advantage, while NGHT's future remains uncertain despite a volume surge on its second day.
XFUNDS has launched NGHT, an actively managed bitcoin ETF designed to capture overnight return patterns by rotating into bitcoin-linked derivatives after hours and short-term Treasuries during the day, amid rising pressure from low-fee, full-exposure rivals.
XFUNDS has launched NGHT, an actively managed ETF that targets bitcoin-linked exposure overnight and shifts into short-term Treasuries during the day. The fund enters a crowded market where low-fee, full-cycle bitcoin ETFs may be easier for investors to justify.
XFUNDS has launched NGHT, an actively managed ETF that seeks to capture bitcoin’s overnight return profile and rotate into short-term Treasuries during the day. The product enters a crowded market where low-fee, full-exposure bitcoin ETFs already offer continuous access to the same asset class.
Nicholas Wealth and Tidal Investments filed two unconventional Bitcoin ETFs with the SEC on Dec. 9, 2025: one that only holds Bitcoin exposure during U.S. after-hours (NGHT), and another using options to hedge tail risks (BHDG). Both are expected to launch in 2026 if approved, signaling a new era of time-sliced and risk-tiered crypto ETFs.
Nicholas Wealth and Tidal Investments filed two unusual Bitcoin ETFs with the SEC on Dec 9, 2025: NGHT holds Bitcoin only after U.S. market close and switches to Treasuries by day; BHDG uses options to hedge tail risks. Both are expected to launch in 2026.
