Circle’s Rapid Rise Sparks Plans for a Pair of Dedicated ETFs

ETF Giants Bitwise and ProShares Rush to Capture Circle’s Post-IPO Surge

Shares of Circle (CRCL) extended their meteoric rise on Monday, gaining another 9% in a volatile session. Since going public late last week at $31 per share, the stock has nearly quadrupled, drawing swift interest from ETF issuers aiming to offer investors exposure to the red-hot crypto-linked equity.

Late Friday, both Bitwise and ProShares filed separate proposals with the U.S. Securities and Exchange Commission (SEC) to launch exchange-traded funds (ETFs) tied to Circle’s stock.

Competing ETF Strategies

ProShares, known for its leveraged products, proposed the ProShares Ultra CRCL ETF, which aims to deliver 2x the daily return of Circle’s stock. Leveraged ETFs like this are typically used for short-term trading, as their returns can diverge significantly from the underlying asset over longer timeframes due to compounding effects.

Meanwhile, Bitwise is offering a more conservative alternative with the Bitwise CRCL Option Income Strategy ETF. This fund would use a covered call strategy—holding CRCL shares while selling call options to generate income. Such products are popular among yield-seeking investors and may appeal to those looking to benefit from Circle’s volatility without chasing aggressive upside.

Launch Timeline and Outlook

Neither fund has announced a ticker symbol, but both aim to go effective by August 20, pending SEC approval—a timeline that could shift depending on regulatory review.

Circle’s stock market debut has already made waves across both traditional and crypto finance sectors. As a key issuer of the USDC stablecoin and a bridge between blockchain and traditional financial systems, Circle’s presence in the public markets is being closely watched.

If approved, these ETFs could become an early benchmark for how crypto-native companies are packaged and offered to mainstream investors via conventional equity tools.