ProShares and Bitwise have filed applications with the U.S. Securities and Exchange Commission (SEC) to launch exchange-traded funds (ETFs) that track the stock performance of Circle (CRCL), the issuer of the USDC stablecoin.
According to Bloomberg's senior ETF analyst Eric Balchunas, the two asset managers have proposed the following ETFs:
ProShares Ultra CRCL ETF
Bitwise CRCL Option Income Strategy ETF
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 become effective on August 20, 2025.
The filings follow Circle’s recent successful listing on the New York Stock Exchange (NYSE), where its shares (CRCL) surged over 167% on debut, signaling heightened investor interest in stablecoin-related equities.
Key Details:
ETF Issuers: ProShares, Bitwise
Underlying Asset: Circle (CRCL) stock
ETF Types: Leveraged and option income strategy
Expected Effectiveness Date: August 20, 2025
SEC Status: Awaiting approval
These filings mark another step in expanding traditional financial exposure to the crypto economy through equity-based investment vehicles.
