Circle Stock Soars Again as Bitwise and ProShares File Competing ETF Proposals
Circle (CRCL) shares extended their post-IPO surge Monday, jumping another 9% in volatile trading. Since debuting late last week at $31 per share, the stock has nearly quadrupled, drawing swift interest from ETF issuers eager to capitalize on the momentum.
Two prominent players—Bitwise and ProShares—have submitted proposals to the U.S. Securities and Exchange Commission (SEC) for exchange-traded funds tied to Circle’s performance.
Competing ETF Concepts
ProShares, known for its suite of leveraged products, filed for the ProShares Ultra CRCL ETF, designed to deliver 2x the daily return of Circle’s stock. This leveraged approach targets short-term traders seeking amplified exposure—though it also comes with heightened volatility and risk over extended periods.
Bitwise, meanwhile, is opting for a more income-focused angle. Its proposed Bitwise CRCL Option Income Strategy ETF would use a covered call strategy—holding shares of CRCL while selling call options to collect premiums. This approach appeals to investors seeking consistent income, especially if Circle’s red-hot rally begins to moderate.
What’s Next?
Neither ETF has disclosed a ticker symbol yet, and both are aiming for an August 20 effective date—pending SEC approval, which is never guaranteed or precisely timed.
Circle’s rapid ascent has made it a focal point across both traditional finance and crypto markets. Already a dominant force in stablecoins, its public debut has accelerated interest in crypto-linked equities. If approved, these ETFs would mark another milestone in the growing fusion of digital assets and conventional investment vehicles.
