ProShares, Bitwise race to launch CRCL ETFs, targeting August debut amid stock price surge

CRCL traded at over $117 as of press time, with Circle's diluted valuation representing half of USDC's market cap.

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

ProShares Trust and Bitwise each filed preliminary prospectuses with the Securities and Exchange Commission (SEC) on June 6 for exchange-traded funds (ETF) designed to track Circle’s CRCL shares.

The ProShares Ultra CRCL ETF is a 2x leveraged product that seeks to deliver twice the daily move in CRCL by utilizing swaps and other derivatives, as stated in the Form N-1A registration.

Bitwise’s CRCL Option Income Strategy ETF proposal would hold the stock and sell call options against the position to generate distributable cash, serving as a “covered call.”

Neither filing listed a ticker or fee schedule, and both target an effective date of August 20 under Rule 485(a)(2).

Each issuer must file a final prospectus, obtain exchange listing approval, and secure exemptive relief for the use of derivatives before its shares can be listed. 

If the SEC declares the statements effective on the default August timetable, the products could begin trading late in the third quarter.

Filings amid explosive growth

Circle’s equity changed hands at $117.49 as of press time, giving the company an implied fully diluted value of over $30 billion. The value is about half of the $61 billion market capitalization of USDC, the dollar-denominated stablecoin that Circle issues. 

Furthermore, CRCL printed a fresh all-time high of $138.57 on June 9 before correcting.

Circle priced its initial public offering at $31 on June 5. Trading opened at $69, spiked to $103.75 within 30 minutes, and closed the day at $83.23. 

The next session saw the share price recover to a record $123.52 and finish above $100, a level it has maintained since. 

The stock’s performance has drawn quick interest from companies seeking differentiated exposure tied to crypto-native revenue streams and even considering their own initial public offerings (IPOs).

The twin filings highlight immediate demand for packaged exposure to Circle’s equity as traditional asset managers bridge public-market wrappers with businesses rooted in stablecoin economics.

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