After withdrawing its most recent Bitcoin ETF application in September 2019, one of the early players seeking a Bitcoin-based exchange-traded fund (ETF) is back to try again. VanEck has once again applied with the U.S. Securities and Exchange Commission (SEC) to gain approval for its Bitcoin ETF – VanEck Bitcoin Trust.

It can be recalled that the U.S. watchdog maintained a rather stringent stance against ETFs. In August 2018, the Commission rejected nine of such ETF proposals on the same day. Ironically, former SEC Chairman Jay Clayton still said in October this year that the SEC was still open to considering ETF proposals.

“Pro-crypto” commissioner, Elad Roisman, is now the new chairman of the agency. This may have rekindled VanEck’s interest in submitting a new application. Moreover, Dalia Blass, director of the agency’s investment management division, will also end her tenure in January. Blass was instrumental in writing a letter in 2018 that faulted the liquidity and market cap of Bitcoin. With Clayton and Blass out of the way, VanEck may have a shot.

According to its recent proposal, the VanEck Bitcoin Trust will represent Bitcoin holdings at a 1:1 ratio. This means that investors will be holding an asset that is tied to Bitcoin’s performance. The company will be partnering with a custodian to issue shares of its Bitcoin custody. Holders will be able to sell their shares in the market at a premium. As usual, VanEck intends to list its fund on the Cboe BZX exchange.

Writing on Twitter, Gabor Gubacs, VanEck’s digital asset director said:

Bringing to market a physical Bitcoin ETF in the U.S. is a top priority […] We are committed to support bitcoin-focused innovation & continue to work with regulators & market participants.