ProShares Launches Leveraged ETF Targeting Circle Stock Surge
ProShares has introduced the Ultra CRCL ETF (CRCA), a leveraged exchange-traded fund designed to deliver 2x the daily performance of Circle’s publicly traded stock (CRCL). The ETF debuted Thursday, giving traders a new vehicle to capitalize on the digital finance firm’s rapid rise.
Since going public on the New York Stock Exchange in June, Circle’s stock has surged 134%, fueled by accelerating USDC adoption and favorable legislative developments around digital payments.
Best known as the issuer of the USDC stablecoin, Circle also provides tokenization infrastructure, developer tools, and a global payments network active in more than 185 countries.
The ETF arrives just weeks after U.S. lawmakers passed the GENIUS Act, establishing a regulatory framework for payment stablecoins. The law is seen as a major step toward integrating stablecoins into the traditional financial system, although federal banking regulators have yet to finalize detailed implementation rules.
With this launch, ProShares adds to its roster of over 150 ETFs, including crypto-linked funds such as BITO (Bitcoin futures), and ETFs tracking assets like Ether, Solana, and XRP.
While CRCA offers an amplified way to bet on Circle’s trajectory, leveraged ETFs are intended for short-term trading, not long-term investment. Their daily rebalancing means performance may diverge from expected returns over time.
Circle’s IPO drew limited early attention, but its stock performance—and now its own leveraged ETF—underscore growing institutional recognition of the company’s role in the evolving regulated crypto ecosystem.
