Two prominent ETF issuers, Bitwise and ProShares, have submitted applications to the U.S. Securities and Exchange Commission (SEC) to launch exchange-traded funds (ETFs) that track Circle's recently public stock (CRCL). Both filings were made in late June 2025, marking a significant development in integrating crypto-linked equities into mainstream financial products.
ProShares plans to introduce the ProShares Ultra CRCL ETF, a leveraged fund designed to provide twice the daily return of Circle's stock, catering to short-term traders who seek amplified exposure but are aware of the elevated risks from compounding effects across multiple days. Bitwise, on the other hand, proposes the Bitwise CRCL Option Income Strategy ETF, which uses a covered call strategy to generate income by holding CRCL shares and selling call options. This fund is tailored toward investors seeking steady income with smoother returns rather than aggressive price gains.
Circle's stock has seen significant momentum since its IPO, with shares trading nearly four times higher than the initial offering price of $31 and a closing price recently at $126.24 following a 17% increase fueled by the ETF filing announcements. The institutional interest is underscored by Ark Investment Management's $373 million acquisition of Circle shares shortly after the filings, signaling rising confidence in the stock's future potential.
The planned ETFs have a proposed effective launch date of August 20, 2025, pending SEC approval timelines. These products could deepen the connection between crypto equity markets and traditional investment vehicles, offering diversified access and increased institutional participation in Circle.