New ‘Ultra CRCL’ ETF From ProShares Targets Double-Leverage on Circle Shares

ProShares Unveils Leveraged ETF Offering 2x Exposure to Circle Shares Following 134% Rally

ProShares has launched the Ultra CRCL ETF (CRCA), giving investors leveraged exposure to Circle (CRCL) stock as demand for regulated crypto finance gains momentum. The fund seeks to deliver twice the daily returns of Circle’s share price, which has climbed 134% since its public debut in June on the New York Stock Exchange (NYSE).

The surge in Circle’s valuation has been fueled by rising usage of its USDC stablecoin, broader adoption of tokenized financial infrastructure, and recent progress in U.S. regulatory clarity around digital assets. Circle operates a global payments and tokenization platform across more than 185 countries and remains a key player in crypto’s shift toward mainstream finance.

The ETF’s launch comes shortly after the U.S. Congress passed the GENIUS Act, establishing a federal framework for payment stablecoins. The legislation is viewed as a milestone for firms like Circle, though final regulatory details from banking authorities are still pending.

The CRCA fund is geared toward short-term traders seeking amplified gains, rather than long-term investors. Like other leveraged ETFs, CRCA resets exposure daily and may experience performance divergence over extended holding periods.

ProShares, known for pioneering crypto-linked ETFs such as BITO (tied to bitcoin futures), continues to expand its suite of digital asset products. The firm now offers ETFs linked to Ethereum, Solana, XRP, and more.

While Circle’s IPO generated modest initial attention, its stock’s performance—and the arrival of a leveraged ETF tracking it—signal growing institutional confidence in the company’s role at the intersection of blockchain technology and regulated finance.