Four months after applying for a Bitcoin exchange-traded fund (ETF) backed by the actual underlying asset, Galaxy Digital is making another attempt, this time, with an investment vehicle tied to Bitcoin futures.

According to the U.S. Securities and Exchange Commission (SEC) filing on Tuesday, the Galaxy Bitcoin Strategy ETF hopes to register under the Investment Company Act of 1940.

The new fund doesn’t invest directly in Bitcoin, seeking instead to provide capital appreciation primarily through the active management of Bitcoin futures contracts.

Currently, the Chicago Mercantile Exchange (CME) is the only regulated trading platform offering such contracts.

If approved, the Galaxy Bitcoin Strategy ETF will be listed on the Nasdaq exchange, reads the document.

Bitcoin ETF sees new hope

Galaxy Digital is the latest asset manager to file for a Bitcoin futures ETF, which currently appears to be the most viable option to launch a regulated crypto investment vehicle in the U.S.

Citing possible market manipulation and the asset’s volatility, the SEC is yet to approve any ETF tied to actual Bitcoin. However, earlier this month the Commission’s chair Gary Gensler hinted that the regulator would rather favor ETFs tied to CME-traded Bitcoin futures.

Gensler’s remarks brought a renewed hope as several firms, including Invesco, VanEck, and, most recently, Valkyrie Investments, quickly moved to file for such a product, even though there’s no guarantee that the regulator will approve it anytime soon.

Galaxy’s filing with the SEC follows the company’s Q2 2021 statement on financial results, with more than $1.6 billion in assets under management reported.

In June, the firm announced that it is also serving as a liquidity provider for Goldman Sachs’ Bitcoin futures trading desk.