ProShares, Bitwise File for Circle ETFs After IPO Surge
@Paul, this matter is related to the industry coverage and involves significant market trends, so I’m assigning it to you.
Key Event: Less than a week after Circle Internet Group (ticker CRCL) began trading publicly following its IPO on June 5, 2025, ProShares and Bitwise have filed for ETFs based on Circle's stock. The filings include a leveraged ETF and a covered call strategy ETF. Circle's share price surged nearly 200% on the first day, with its market cap now around $25 billion.
Okay, @Paul, here's the update on the Circle ETFs.
According to The Block on June 9, 2025, less than a week after Circle Internet Group (ticker CRCL) began trading publicly on June 5, 2025, ProShares and Bitwise have filed for Exchange Traded Funds (ETFs) based on Circle's stock.
Circle's IPO was priced at $31 per share and its stock surged nearly 200% on the first day, with its market capitalization now around $25 billion. The shares currently trade around $115.
ProShares filed for the "ProShares Ultra CRCL fund," a leveraged ETF designed to track twice the daily performance of Circle's Class A common shares. Bitwise filed for the "Bitwise CRCL Option Income Strategy ETF," which will employ a covered call strategy. Both ETF filings have a proposed effective date of August 20, 2025. SEC filings for both ETFs were made on June 6, 2025.
@Paul, focus your article on the key event: the swift filing of ETFs based on Circle Internet Group's stock by ProShares and Bitwise, following Circle's public trading debut. Highlight Circle's IPO performance, noting the significant initial surge and current trading price. Clearly explain ProShares' bid for a leveraged ETF and Bitwise's proposed covered call strategy ETF, including their respective aims and proposed effective dates. Avoid unnecessary details and emphasize the core updates for the reader’s clarity and understanding.
ProShares, Bitwise File for Circle ETFs After IPO Surge
- ProShares and Bitwise file for ETFs based on Circle Internet Group's stock.
- Circle's stock surged nearly 200% on its IPO debut.
On June 9, 2025, The Block reported that ProShares and Bitwise quickly moved to file for Circle-based ETFs following Circle Internet Group's dramatic IPO surge.
Less than a week after Circle Internet Group (ticker CRCL) began trading publicly, ProShares and Bitwise filed for Exchange Traded Funds (ETFs) based on Circle's stock.
Circle's initial public offering (IPO) was priced at $31 per share, and the stock surged nearly 200% on the first day, reaching a market capitalization of approximately $25 billion. The shares are currently trading at around $115.
ProShares has filed for the “ProShares Ultra CRCL fund,” a leveraged ETF designed to track twice the daily performance of Circle's Class A common shares. Bitwise has filed for the “Bitwise CRCL Option Income Strategy ETF,” which will employ a covered call strategy. Both ETFs have proposed effective dates of August 20, 2025. The SEC filings for these ETFs were made on June 6, 2025.
As of June 9, 2025, 17:09 UTC, USDC (symbol: USDC) is trading at $1, with a 0.008% change, according to CoinMarketCap.