Fidelity Investments is making its second attempt at launching a spot Bitcoin exchange traded fund (ETF), joining other leading asset managers like BlackRock, Invesco and WisdomTree in the race to offer the first ETF that will invest directly in Bitcoin.

According to a document filed with the U.S. Securities and Exchange Commission (SEC) on June 29, Fidelity proposed listing the Wise Origin Bitcoin Trust on the CBOE BZX exchange – a U.S. equities index operated by the Chicago Board Options Exchange. 

The 193-page filing makes a case for why a spot Bitcoin ETF should be approved in the U.S., with one of the arguments being that Bitcoin futures ETFs currently on offer represent a “sub-optimal” and risky structure for long-term investors.

Fidelity argued that investing in these products would cost investors significant sums of money each year compared to spot Bitcoin ETFs. Moreover, while countries across Europe have access to ETFs holding physical Bitcoin that trade on regulated exchanges, U.S. investors are left with fewer and more risky means to gain exposure to digital assets. 

“For instance, many U.S. investors that held their digital assets in accounts at FTX, Celsius Network LLC, BlockFi Inc. and Voyager Digital Holdings, Inc. have become unsecured creditors in the insolvencies of those entities,” stated Fidelity in the filing.

Market participants appear to be more optimistic that a spot Bitcoin ETF will be approved this time around, with some opining that the SEC’s regulation by enforcement approach has led to significant amount of political pressure on the agency.