ProShares and Bitwise have filed applications with the US Securities and Exchange Commission (SEC) to launch exchange-traded funds (ETFs) that track the stock performance of Circle (CRCL), which just went public last Thursday.
According to Bloomberg’s senior ETF analyst Eric Balchunas, ProShares plans to launch the Ultra CRCL ETF with 2x leverage, and Bitwise plans to launch the CRCL Income ETF based on the Covered Call strategy.
Two single stock ETFs based on peer to peer payments Circle Internet Group $CRCL which only just IPO'd last Thursday:
ProShares Ultra CRCL ETF (leveraged 2x)
Bitwise CRCL Option Income Strategy ETF (covered call)
ticker/fees: tba
effective date: August 20, 2025
Circle Internet… pic.twitter.com/y57RvMgKjf
— ETF Hearsay by Henry Jim (@ETFhearsay) June 9, 2025
Both ETF filings are currently under SEC review. Trading symbols for these funds have not yet been assigned. If approved, the ETFs are expected to take effect on August 20, 2025.
ProShares ETF gives investors twice as much as Circle’s share price
The ProShares ETF is meant to give investors twice as much daily return as Circle’s share price. It’s important to note that the leverage must be held daily, and keeping it longer could have different effects. Also, this is better for long-term investors who want straight access to CRCL stock.
The Circle IPO has made it more famous after raising almost $1.1 billion in an initial public offering. Ark Investment bought 4,486,560 Circle shares, worth $373.4 million, for its Innovation (ARKK), Next Generation Internet (ARKW), and Fintech Innovation (ARKF) funds. These are the first filings for an ETF. It is a big deal because the prices are closely linked to the crypto-fintech ecosystem.
The USDC stablecoin issuer saw a nearly 200% surge in its share price on its first day of trading as a public company under the ticker CRCL. It exceeded $96 at one point. CRCL closed up 168.5% on Thursday at $83.23. That followed an upsized initial public offering that priced shares at $31 each, reflecting stronger-than-expected demand.
Since the Circle IPO debut, the share price has been volatile. Now that the ETF filing news is out, the Circle share price is again rising. It is currently at $126.24 after a 17% rise due to investors’ excitement. However, the SEC’s approval is still pending. The surge may last temporarily before fueling a steady performance.
Will US CPI and PPI data trigger the crypto market?
In other news, the US will release the Consumer Price Index (CPI) and Producer Price Index (PPI) for May this week. This could be a big week for the crypto and stock markets. Forbes says that Trump’s trade war has finally hurt consumers. In May, prices went up faster as businesses passed the costs on to customers.
The crypto market is also waiting for important choices on the Crypto Market Structure Bill, the spot Litecoin ETF, the SEC roundtable on DeFi, and a lot more.
Bloomberg experts think that US consumers may see faster inflation in May. This is because businesses will have to pass on higher import duties to consumers gradually because of the uncertainty caused by the Trump tariff war.
They also said that the core consumer price index showed that the prices of goods and services, excluding volatile ones like energy and food, rose by 0.3% in May. This was the biggest rise since April when prices rose by 0.2%.
The US CPI report coming out on Wednesday and the PPI report on Thursday will give Federal Reserve officials a clearer picture of how inflation is changing and how higher tariffs are affecting prices before the important policy meeting on June 17-18. If real inflation rates go up to 2.9%, as expected could mean a rally in the crypto markets as investors look for safer havens like BTC. Also, it may become less likely that the Fed will cut rates.
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