- Bitwise and ProShares filed ETF proposals tied to Circle (CRCL) just days after its IPO; both target an August 20 launch.
- ProShares’ ETF aims for 2x daily CRCL returns, while Bitwise plans to generate yield through a covered call strategy.
- If approved, these ETFs would offer new ways for investors to ride Circle’s momentum and further blend crypto with traditional markets.
Circle’s hot IPO hasn’t just caught retail traders off guard—it’s now pulled in two of the biggest names in the ETF world. On June 6, both Bitwise and ProShares filed proposals with the SEC to launch ETFs tied to Circle (CRCL), the company behind USDC and one of the crypto sector’s most mainstream-facing firms.
Circle’s stock has been on a tear—up nearly 300% since its $31 debut just last week—and ETF issuers are wasting no time trying to bottle that momentum. Friday’s filings lay out two very different ways investors might soon bet on (or hedge against) Circle’s rise.
ProShares Goes Full Throttle, Bitwise Plays It Cool
ProShares is coming in hot with the Ultra CRCL ETF, a leveraged fund that aims to deliver 2x the daily returns of CRCL shares. That kind of setup is built for traders, not long-haul holders, since leveraged ETFs can amplify both gains and losses in volatile conditions.
Meanwhile, Bitwise is rolling out a more mellow strategy. Their proposed CRCL Option Income Strategy ETF would use a classic covered call approach: buy CRCL stock, then sell call options on it regularly. This strategy might not catch wild upside, but it’s designed to generate cash—making it a decent pick for investors chasing yield rather than fireworks.
Both funds are aiming for an August 20 launch date, though of course, that depends on the SEC giving the green light.
Bridging Crypto and Traditional Finance, Again
Circle’s growing role in the stablecoin and digital payments space has already made it a crossover hit in both crypto and traditional finance circles. Now, with ETFs in the pipeline, investors could soon get exposure to the company in totally new ways.
And if these filings go through? It would mark yet another moment where the wall between crypto-native firms and Wall Street continues to thin.
