ETF Issuers Move Quickly as Circle Shares Nearly Quadruple Post-IPO
Circle (CRCL) shares continued their meteoric rise Monday, jumping another 9% in volatile trading. Since going public late last week at $31 per share, the stock has nearly quadrupled, drawing intense interest from both investors and financial product issuers.
Late Friday, ETF heavyweights Bitwise and ProShares filed proposals with the U.S. Securities and Exchange Commission (SEC) to launch exchange-traded funds tied to Circle’s stock performance—making them the first to capitalize on the company’s dramatic public debut.
Two Distinct ETF Approaches
ProShares, known for its leveraged offerings, is planning the ProShares Ultra CRCL ETF, which would seek to deliver 2x the daily return of CRCL stock. These types of leveraged ETFs are typically aimed at short-term traders due to the compounding effects that can lead to divergent returns over time.
Bitwise, meanwhile, is positioning its fund for more conservative, income-focused investors. The proposed Bitwise CRCL Option Income Strategy ETF would implement a covered call strategy—holding Circle shares while selling call options to generate regular premium income. This setup is designed to generate yield and reduce volatility, especially appealing if Circle’s stock cools after its initial surge.
Pending SEC Approval
Neither fund has revealed a ticker yet, but both are targeting an effective date of August 20, contingent on SEC approval—a process that can take weeks or months depending on regulatory feedback.
Why It Matters
Circle, a leading force in the stablecoin ecosystem through its issuance of USDC, has quickly become one of the most closely watched crypto-native companies in public markets. The emergence of ETFs based on its stock underscores the growing demand for crypto-equity exposure through traditional financial vehicles.
If greenlit, these ETFs could be early examples of how Wall Street is reshaping access to the digital asset economy—offering retail and institutional investors alike new tools to gain exposure to crypto-linked firms without directly buying crypto.
