Investment management firm VanEck has submitted another application to the U.S. Securities and Exchange Commission (SEC) for the approval of a Bitcoin exchange-traded fund (ETF). This latest proposal differs from previous attempts in that it is based on the on-chain activities of the Bitcoin network.

The VanEck Bitcoin Trust, as the proposed ETF is called, aims to provide exposure to Bitcoin without direct ownership of the asset. Instead, it will track the performance of the MVIS® CryptoCompare Bitcoin Benchmark Rate, which relies on data from various Bitcoin exchanges.

According to VanEck, this method of tracking the Bitcoin price is more transparent and less susceptible to market manipulation. The firm believes that this approach addresses some of the concerns raised by the SEC in previous rejections of Bitcoin ETF applications.

In its application, VanEck highlights the growing acceptance and adoption of Bitcoin, citing examples such as El Salvador’s decision to make Bitcoin legal tender. The firm also points out that the Bitcoin network has reached a level of maturity and stability that warrants the approval of a Bitcoin ETF.

VanEck has been a pioneer in the cryptocurrency space, having launched the first U.S.-listed Bitcoin ETF in 2021. The firm is optimistic about the prospects of its latest proposal and remains committed to bringing a Bitcoin ETF to market.

The SEC has yet to approve a Bitcoin ETF, citing concerns about market manipulation, liquidity, and investor protection. However, with each new application, the industry grows closer to seeing the first Bitcoin ETF approved in the United States.