On Friday, investment management firm VanEck released new research indicating that Bitcoin’s price movements are less volatile than between a quarter and a third of the stocks listed on the S&P 500. 

In a blog post, the German issuer of exchange-traded products said that while Bitcoin (BTC) has long been considered a “nascent and volatile asset outside of the traditional stock and capital markets,” the reality shows that the world’s largest cryptocurrency trades with volatility comparable to that of some of the largest companies in the world.

On a year-to-date basis, 29% of S&P 500 stocks experienced more volatile price fluctuations than the digital currency, while 22% did the same on a 90-day basis, said VanEck.

The research is notable, given that VanEck’s flagship offerings are largely couched in an asset class long considered to be a competitor to Bitcoin — gold.

Of VanEck’s nearly $50 billion in assets under management, the majority are related to gold funds. The company founded both the first gold stock fund in 1968 (INIVX) and the first — now wildly popular — gold miners’ exchange-traded fund in 2006 (GDX).

Despite their emphasis on bullion, VanEck has never been shy about exploring Bitcoin, however. The company currently offers a Bitcoin exchange-traded product to institutional investors, and has previously sent applications to the SEC to offer a Bitcoin ETF.

The company also recently issued a report arguing that institutional investors should consider having Bitcoin on their books.

Perhaps, given the regulatory hurdles VanEck encountered during their last Bitcoin ETF venture, this latest research might be aimed more at assuaging SEC fears than those of investors, who to date have demonstrated a remarkable appetite for BTC-backed securities.