(Bloomberg) -- Cboe Global Markets Inc. is seeking approval to list and trade shares of what could be the first Bitcoin exchange-traded fund in the U.S.

Cboe in a Monday filing with the U.S. Securities and Exchange Commission sought the green light for the VanEck Bitcoin Trust. VanEck Associates Corp. in December applied to start an ETF tracking the largest cryptocurrency.

Last month Canadian securities regulators cleared the launch of the Purpose Bitcoin ETF, making it the first to gain regulatory approval in North America. Cboe said in the filing the cryptocurrency ecosystem has “progressed significantly,” citing among other things products investing in Bitcoin futures as well as the emergence of regulated custodial services for digital assets.

U.S. regulators have so far refrained from approving a Bitcoin ETF, citing worries about everything from market volatility and industry manipulation to thin liquidity. The cryptocurrency briefly returned to the $50,000 level in Asia Tuesday, a partial recovery from its worst drop in almost a year last week.

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