Bitwise and ProShares File Competing ETFs as Circle Stock Soars

Two major ETF issuers, Bitwise and ProShares, have submitted applications to the U.S. Securities and Exchange Commission (SEC) to launch ETFs based on Circle (CRCL), following the stablecoin giant’s explosive IPO. Circle, which recently went public at $31 per share, has seen its stock nearly quadruple, surging another 9% in volatile trading today.

ProShares, well-known for its leveraged ETF products, is aiming to launch the ProShares Ultra CRCL ETF, designed to deliver 2x the daily return of Circle stock. Leveraged ETFs are geared toward short-term traders seeking amplified exposure but come with higher risk due to compounding effects over multiple trading days.

Bitwise is taking a more conservative, income-generating approach with its proposed Bitwise CRCL Option Income Strategy ETF. This fund would use a covered call strategy—holding CRCL shares and writing call options against them—to generate option premiums. This method aims to offer yield-focused investors more stable returns, especially if the stock’s momentum slows.

Both ETF proposals have an expected effective date of August 20, though SEC approval may vary. Neither issuer has disclosed a ticker symbol yet.

Circle remains a key player in the crypto and fintech sectors, especially in the stablecoin market with its USDC token. The IPO has drawn intense interest from both traditional finance and crypto investors. If approved, these ETFs would represent a significant step in merging digital asset companies with mainstream investment vehicles, giving retail and institutional investors new ways to gain exposure to the blockchain sector through public equity.

This development underscores the growing demand for crypto-linked ETFs and highlights the evolving intersection of traditional finance and digital assets.