Isabella García
Just days after Circle Internet Group (CRCL) made its debut on the New York Stock Exchange, fund managers have already filed for Exchange-Traded Funds (ETFs) tied to the fintech giant behind USDC, the world’s second-largest stablecoin.
These ETF applications, submitted within a week of Circle’s IPO, reflect growing investor interest in crypto-adjacent equities, particularly those connected to the rapidly expanding stablecoin market.
New ETFs Targeting CRCL Stock Surface
Among the newly proposed products is the ProShares Ultra CRCL ETF, a leveraged fund designed to deliver twice the daily performance of Circle’s Class A common stock. This means if CRCL stock gains 5% in a day, the ETF aims to return approximately 10%, amplifying both gains and potential losses.
Also filed is the Bitwise CRCL Option Income Strategy ETF, which leverages a covered call options strategy. This approach involves writing call options on shares already held, generating income from option premiums while potentially reducing downside exposure.
Both ETF filings list an effective date of August 20, 2025, positioning them for launch later this year if approved.
Circle’s IPO Sends Shares Soaring
Circle’s IPO, launched on June 5, was initially priced at $31 per share. Within minutes of trading, the stock surged nearly 200%, and is now hovering around $115 per share. Based on current trading levels, Circle Internet Group commands a market valuation of approximately $25 billion, according to data from Yahoo Finance.
Circle: The Powerhouse Behind USDC
Founded in 2018, USDC has grown to become the second-largest U.S. dollar-pegged stablecoin, with a market cap of around $61 billion. Only Tether’s USDT, at roughly $154 billion, holds a larger share of the stablecoin market.
Originally launched as a joint venture between Circle and Coinbase, the stablecoin underwent a structural change in 2023, when Circle took over full control of USDC’s issuance and governance. That shift came as part of a strategic deal that saw Coinbase acquire an equity stake in Circle.
Growing Demand for Crypto-Linked Equities
Circle’s public offering and the rapid emergence of ETFs tied to its stock signal increasing institutional appetite for crypto-related investment vehicles. By bridging the gap between traditional finance and the digital asset economy, these products could attract both crypto-native investors and mainstream portfolio managers seeking exposure to blockchain infrastructure firms.
