It seems like the discussion of whether or not there’s finally going to wind up being an official Bitcoin ETF has been ongoing for years.

Gone are the days of waiting to see if the Winklevoss ETF would be approved and here are the days of what feels like dozens of other issuers who have applied for an array of crypto ETFs.

Of those applicants, Valkyrie Investments feels as though they may be leading the charge to be first in line for approval. Its Bitcoin ETF may have jumped to the front of the line thanks to “a quirk that allows smaller issuers to file confidentially for new offerings,” according to a new BNN article.

The firm applied for its Valkyrie XBTO Bitcoin Futures Fund two months ago, but its plans were only revealed this week due to confidentiality that is afforded to smaller companies.

Steven McClurg, chief investment officer at Valkyrie Investments, said: “We still thought a physical Bitcoin ETF was a little further away and with futures, the way that they’re regulated and the way they trade with CME, they’re already a regulated product. So it’s like the one-step, two-step way to get to a physical ETF but we thought there was a lot of opportunity with futures.”

SEC Chair Gary Gensler recently signaled that the regulator may be more open-minded about a Bitcoin ETF based on futures, instead of the crypto itself, as futures are already regulated. Major firms rushed to create futures-based product offerings after Gensler’s comments, but Valkyrie was already at the front of the line.

At least 19 issuers are currently looking at launching a Bitcoin ETF, the report says. They have collectively submitted over two dozen filings.

McClurg concluded: “The SEC is trying to be cautious here — which they should. Even though I do believe the market is ready for a physically-backed ETF, I know that they’re just trying to be extra cautious before putting something in the market that can hurt retail investors and this is their way of doing that.”