A rather unusual ETF application just landed on regulators' desks. The proposed fund would split its personality based on time zones—parking capital in U.S. Treasuries while markets operate, then pivoting entirely to Bitcoin once trading halls go dark.

This dual-exposure structure represents a fresh attempt to bridge traditional safe-haven assets with crypto volatility. Daytime hours would see investor funds tucked into government bonds, while overnight sessions shift the entire allocation toward BTC. The mechanics raise questions about execution timing, rebalancing costs, and whether such a product truly serves portfolio diversification or just adds operational complexity.

Whether authorities greenlight this time-based asset rotation remains uncertain, but the filing itself signals growing appetite for hybrid products that don't force investors to choose between old and new financial rails.