As Circle surges post-IPO, ProShares and Bitwise file for CRCL-based ETFs

Less than one week on the public market, issuers have already filed for ETFs tracking the stock behind the world's second-largest stablecoin. 

The single-stock ETFs are based on peer-to-peer payments company Circle Internet Group (ticker CRCL), which began trading on June 5. Circle powers USDC, the world's second-largest U.S. dollar-backed stablecoin by market capitalization.

The ProShares Ultra CRCL fund is a leveraged ETF tracking the daily performance of Class A common shares of Circle's stock. This means that the ETF should gain approximately twice as much as CRCL gains when CRCL rises on a given day.

The Bitwise CRCL Option Income Strategy ETF is a covered call strategy, which is an options trading strategy where a trader sells a call option on a stock they already own. The strategy aims to generate income while potentially limiting downside risk.

Each filing had an effective date of Aug. 20, 2025.

Circle's IPO was priced at $31 per share and went live on the New York Stock Exchange last Thursday. It surged nearly 200% within minutes and currently trades around $115 per share. This gives Circle Internet Group a market cap of approximately $25 billion, according to Yahoo Finance.

USDC's market cap sits around $61 billion, behind the Tether-issued USDT's $154 billion cap

USDC was created in 2018, developed through a collaboration between Circle and Coinbase. In 2023, Circle announced  that it would take  full control over USDC issuance and governance as part of a deal in which Coinbase acquired an equity stake in Circle.