Circle Stock Surges Post-IPO: ProShares, Bitwise File ETFs Targeting CRCL

Less than a week after Circle (CRCL) hit the New York Stock Exchange with a jaw-dropping IPO surge, the ETF world is already circling. Pun very much intended.

Circle Internet Group, the company behind the USDC stablecoin, saw its stock explode from $31 to over $115 in just days — a nearly 200% gain that’s put the firm squarely on institutional investors’ radar.

Now, ProShares and Bitwise, two heavyweights in the crypto-finance ETF arena, are looking to ride that momentum with brand-new ETF filings based on CRCL stock.

Let’s break down what’s happening and why it matters.

ProShares Ultra CRCL ETF: Leveraged Bets on Circle

ProShares has filed for what it’s calling the Ultra CRCL ETF, a 2x leveraged ETF designed to double the daily return of Circle’s Class A shares.

What does that mean?

If CRCL rises 3% in a day, this ETF aims to rise 6%.
If CRCL drops 3%, the ETF could drop 6%.

This is a high-risk, high-reward vehicle for traders who believe Circle has room to run — and fast.

Why now?

Circle’s combination of:

Strong revenue from USDC issuance
A post-IPO valuation near $25 billion
And regulatory-friendly positioning in the stablecoin space

…makes it one of the few crypto-native firms with “institutionally safe” vibes — and potential meme-stock appeal to retail investors.

Bitwise CRCL Option Income Strategy ETF: Income + Upside?

Bitwise is taking a more conservative but still strategic route with the CRCL Option Income Strategy ETF, using a covered call strategy.

What’s that?

You own the stock (CRCL).
You sell call options on it — collecting a premium.
If the stock surges past a certain price, you might miss some gains.
But in flat or mildly bullish markets, you pocket regular income.

It’s like turning Circle’s volatility into yield, aimed at more risk-conscious investors.

Translation:

This ETF is built to monetize Circle’s popularity without going full YOLO on stock price swings.

Circle: The Stablecoin Juggernaut Behind USDC

Let’s not forget why CRCL is hot in the first place.

Circle is the issuer of USDC, the second-largest stablecoin globally with a market cap of ~$61 billion.
It trails only Tether’s USDT ($154B), but USDC is often seen as the “regulator’s favorite” thanks to its transparency, U.S. backing, and fiat reserves.

Circle went public on June 5 with shares priced at $31. After a near-instant surge, CRCL now trades around $115, giving the company a market cap of $25 billion+ — a huge statement for a firm whose core product isn’t even listed on stock tickers.

Circle’s business model is also far more stable than typical crypto exchanges:

It earns from interest on reserves.
It doesn’t rely on trading fees or DeFi mania.
It operates in line with upcoming stablecoin legislation in the U.S.

All of this gives Wall Street a rare asset: a crypto-native company with cash flows, clarity, and compliance.

Effective Date & What’s Next

Both ETF filings are set to go live by August 20, 2025, pending approval from regulators like the SEC.

Until then, expect more buzz — and potentially more filings — as Circle cements itself as the “Apple of stablecoins” and becomes Wall Street’s latest crypto darling.

Why This ETF Pair Matters

This is more than just two funds trying to piggyback on a hot IPO. It’s a signal:

Wall Street is getting serious about crypto equities, not just BTC ETFs.
Stablecoins are gaining institutional trust, especially with Circle playing nice with regulators.
The ETF arms race is expanding beyond Bitcoin — and that’s huge for the next phase of crypto integration into finance.

What Investors Should Watch

Here’s what to keep an eye on in the weeks ahead:

CRCL Price Volatility: Expect wild swings as early investors take profits and new players rush in.
SEC Feedback: Approval or delay of these ETFs could set a precedent for crypto-equity ETFs.
USDC Market Share: If Circle continues expanding USDC adoption (especially with growing real-world use cases), it adds more fundamental weight to CRCL stock.
Competitors: Could Tether or even Coinbase (with its stake in Circle) see related ETF filings?

Final Take: Is CRCL the Next Coinbase?

Circle’s explosive IPO feels like déjà vu — remember when Coinbase (COIN) launched and briefly became the darling of both retail and institutional markets?

But CRCL could be more than just a one-time hype play:

It’s powered by USDC, which banks love.
It’s IPO’d at a time when crypto is regaining regulatory favor.
And now, it’s becoming an ETF-ready asset, just like Apple, Tesla, or Nvidia.

With ProShares and Bitwise leading the charge, CRCL-based ETFs might be the first wave of a new category of “crypto-fintech hybrid” investment products.

And for the first time in years, Wall Street seems ready to embrace more than just Bitcoin.