Circle’s stellar IPO fuels ProShares and Bitwise ETF filings tied to CRCL shares

ProShares and Bitwise have filed for exchange-traded funds tied to shares of Circle Internet Group, just days after the company’s high-profile IPO.

The ProShares Ultra CRCL aims to deliver twice the daily performance of Circle’s stock using leverage. Meanwhile, the Bitwise CRCL Option Income Strategy ETF will follow a covered call strategy, generating income by selling call options on CRCL stock while seeking to limit downside risk. Both filings have an effective date of Aug. 20 this year.

These filings come just days after Circle’s high-profile IPO, reflecting early institutional confidence in the issuer of the world’s second-largest stablecoin by market cap and the first stablecoin officially recognized as compliant with the European Union’s MiCA regulation.

In addition to these U.S.-based institutional moves, Circle is also attracting significant international attention. Japan’s SBI Holdings recently announced a $50 million joint investment in Circle through its banking subsidiary, SBI Shinsei Bank.

Circle’s IPO took place on June 5, debuting on the New York Stock Exchange. Shares opened at $31 and soared 170% on the first day, with a further 16% gain in pre-market trading the following morning. At its peak, the stock traded over $117, pushing Circle’s market cap past $20 billion. Major investors included BlackRock, which acquired a 10% stake, and Ark Invest, which put in $150 million.