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Strategy resumes buying bitcoin, stash nears 480,000

The company formerly known as MicroStrategy resumed its bitcoin buying spree — the first time since its rebranding last week — adding 7,633 bitcoin to its stash. The company now hodls 478,740 bitcoin. The move tracks Strategy’s aggressive bitcoin plans, which Michael Saylor laid out last week during an earnings call. 

Over the weekend, GameStop CEO Ryan Cohen posted a picture of himself with Saylor, which has some traders hoping GameStop will adopt Saylor’s hodling strategy for the meme stock company soon.

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New bitcoin AfterDark ETF will be bitcoin at night, Treasurys by day

Tidal Trust II submitted form N-1A with the SEC to register a bitcoin ETF designed to systemically capture the cryptocurrency’s overnight return profile, a time window that delivered a significant portion of bitcoin’s upside last year.

The Nicholas Bitcoin and Treasuries AfterDark ETF provides long bitcoin exposure during US overnight hours, from the closing bell until the following morning’s market open, when the fund intends to unwind its positions, according to a document filed with the SEC on Tuesday. 

To gain that exposure, the ETF may use a number of methods, including bitcoin futures contracts, US-listed ETFs, or exchange-traded options on such bitcoin underlying funds. When the market is open and daytime trading is active, the fund’s portfolio will consist of US Treasury securities and other cash equivalents. 

In 2024, most of bitcoin’s gains occurred after-hours, senior Bloomberg ETF analyst Eric Balchunas reported:

The AfterDark ETF filing comes as bitcoin crossed $94,000 on Tuesday, rising 4.5% in the last 24 hours. Even though spot bitcoin ETFs saw nearly $60.5 million in outflows on Monday, the investment vehicles have a cumulative net inflow of $57.6 billion, per SoSoValue.

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