Investment firm VanEck has partnered with financial services company SolidX in their latest attempt to launch the first bitcoin exchange-traded fund.

The companies announced Wednesday that they would list a “physically-backed bitcoin ETF that will be insured against loss or theft of bitcoin.”

Under the arrangement, VanEck will market the ETF, while SolidX will act as sponsor, according to a press release. The companies noted that both have previously filed individually to list bitcoin ETFs on various stock exchanges.

VanEck chief executive Jan van Eck said bitcoin is “a legitimate investment option, as a type of ‘digital gold’ that may make sense for investors’ portfolios.”

The CEO noted that the ETF has not yet been created, saying “We’re pleased to join with [SolidX] in supporting the effort to bring a physically-backed bitcoin ETF to market.” When asked by CoinDesk, he declined to provide details on what assets would be used to back the fund.

Neither SolidX nor VanEck has succeeded in launching a bitcoin ETF to date. As previously reported by CoinDesk, both companies withdrew previous attempts at launching the products at the request of the U.S. Securities and Exchange Commission.

Van Eck expressed optimism about the fund’s potential, despite the regulatory obstacles they have faced, saying:

“We believe that collectively we will build something that may be better than other constructs currently making their way through the regulatory process. A properly constructed physically-backed bitcoin ETF will be designed to provide exposure to the price of bitcoin, and an insurance component will help protect shareholders against the operational risks of sourcing and holding bitcoin.”

If approved by regulators, the new ETF would be listed on the CBOE BZX Equities Exchange, according to the release.

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