ProShares, Bitwise seek SEC approval for ETFs tracking Circle stock

Key Takeaways

ProShares and Bitwise have filed for ETFs tracking Circle stock shortly after Circle went public.
Circle stock surged nearly 200% shortly after its IPO and has a market cap of approximately $25 billion.

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ProShares and Bitwise are seeking the SEC nod to launch exchange-traded funds tied to shares of Circle Internet Group, which began trading on the New York Stock Exchange (NYSE) last week.

ProShares’ proposed fund, ProShares Ultra CRCL ETF, is designed to deliver daily returns that are twice the performance of Circle’s stock (CRCL).

Bitwise, meanwhile, is planning the Bitwise CRCL Option Income Strategy ETF, an income-focused product that aims to track CRCL through options strategies while generating yield from call option premiums.

Both firms submitted their respective ETF filings on June 6, less than 24 hours after Circle went public on the NYSE. Those proposed ETFs are scheduled to go into effect on August 20, 2025, pending regulatory clearance.

Circle, the issuer of the USDC stablecoin, made a rousing Wall Street debut, with its market valuation quadrupling its IPO price of $31 per share by the end of the second trading day. The company’s decision to go public is widely seen as a strategic success, positioning it alongside other crypto-native firms in the public markets.

The stock reached as high as $137 on Monday morning, briefly pushing Circle’s market valuation to $27 billion, according to Yahoo Finance data.