Less than one week on the public market, issuers have already filed for ETFs tracking the stock behind the world’s second-largest stablecoin.
The single-stock ETFs are based on peer-to-peer payments company Circle Internet Group (ticker CRCL), which began trading on June 5. Circle powers USDC, the world’s second-largest U.S. dollar-backed stablecoin by market capitalization.
The ProShares Ultra CRCL fund is a leveraged ETF tracking the daily performance of Class A common shares of Circle’s stock. This means that the ETF should gain approximately twice as much as CRCL gains when CRCL rises on a given day.
The Bitwise CRCL Option Income Strategy ETF is a covered call strategy, which is an options trading strategy where a trader sells a call option on a stock they already own. The strategy aims to generate income while potentially limiting downside risk.
Each filing had an effective date of Aug. 20, 2025.
Circle’s IPO was priced at $31 per share and went live on the New York Stock Exchange last Thursday. It surged nearly 200% within minutes and currently trades around $115 per share. This gives Circle Internet Group a market cap of approximately $25 billion, according to Yahoo Finance.
USDC’s market cap sits around $61 billion, behind the Tether-issued USDT’s $154 billion cap
USDC was created in 2018, developed through a collaboration between Circle and Coinbase. In 2023, Circle announced that it would take full control over USDC issuance and governance as part of a deal in which Coinbase acquired an equity stake in Circle.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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