Stop me if you’ve heard this one before: a company files with the Securities and Exchange Commission for a bitcoin-focused exchange-traded fund, the agency says “no,” and crypto fans once again are disappointed.

Bitwise Asset Management hopes to change that story line with Thursday’s filing of an initial registration statement with the SEC for a physically held bitcoin ETF that would track the Bitwise Bitcoin Total Return Index created by Bitwise Index Services LLC, a cryptocurrency index and research shop that’s a subsidiary of San Francisco-based Bitwise Asset Management.

Bitwise says its proposed ETF differs from previously filed bitcoin ETFs by relying on regulated third-party custodians to hold its physical bitcoin, and that the index draws prices from various cryptocurrency exchanges representing the majority of currently verifiable bitcoin trading.

Specifically, the S-1 filing for the Bitwise Bitcoin ETF Trust states that the fund’s index provider tracks a universe of more than 200 online cryptocurrency exchanges and narrows that down to roughly 10 verified exchanges that control the bulk of bitcoin trading.

In its filing, Bitwise said the reliance on multiple verified exchanges, coupled with including listed futures that are physically settled, minimize potential negative impacts from any single exchange going offline due to technical difficulties or hacking, and can help protect against outside attempts to manipulate reported volume and/or prices.

In addition, according to the filing, the index has provisions for handling isolated, or one-off events in the cryptocurrency market such as “hard forks” that occur if an alternative version of bitcoin is developed and holders of the original version of bitcoin also end up owning a pro-rata share of the new version.

In a press statement, Bitwise said the proposed listing exchange, NYSE Arca Inc., will file an application to list shares of the Bitwise Bitcoin ETF under a ticker symbol to be determined at a later date. Bitwise expects the NYSE to file a Rule 19b-4 request with the SEC in the coming days requesting necessary NYSE rule changes in order to allow its application to be approved and the ETF to list once the registration statement is declared effective by the SEC.

The regulatory landscape is littered with proposed bitcoin ETFs that have failed to earn the SEC’s approval. And bitcoin in general has fallen on hard times since the halcyon days of late 2017 when bitcoinmania was at fever pitch and the digital currency's price hit its all-time high of nearly $20,000. Bitcoin and other cryptocurrencies have since plummeted, and bitcoin traded down more than 9 percent on Thursday to finish at just under $3,674.