Circle went public at $31 on June 5 and saw its stock surge nearly 170% on debut
Analyst Eric Balchunas reports that Bitwise and ProShares have filed for two Circle-based ETFs
The IPO coincides with momentum for the GENIUS Act, potentially opening doors for more crypto firms to go public
After peer-to-peer payments company Circle Internet Group completed its initial public offering (IPO) last Thursday with outstanding success, its luck continues. Indeed, its stock is witnessing continuously rising prices and two individual exchange-traded funds (ETFs) based on it.
These include a 2x leveraged Circle ETF and a covered call strategy, according to a recent post by Bloomberg’s senior ETF analyst Eric Balchunas.
Specifically, the journalist was referring to a post by his colleague, Henry Jim, another ETF analyst, who listed the first-ever single stock ETFs tied to Circle’s stock – ProShares Ultra CRCL ETF (leveraged 2x) and the Bitwise CRCL Option Income Strategy ETF (covered call).
This means that, once approved, the ProShares ETF would deliver 2x of its stock returns, whereas Bitwise’s CRCL income ETF is targeting a covered call, an options trading s…
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