Fund issuer ProShares has launched the Ultra CRCL ETF (ticker CRCA), a 2x leveraged ETF that provides exposure to the stock of Circle Internet Group, the publicly traded issuer of the world’s second-largest stablecoin, USDC.
The single-stock leveraged fund began trading on NYSE Arca on Aug. 6 with a net asset value of $25 per share and a gross expense ratio of 1.08%. Like other leveraged single-stock ETFs, the fund is designed to be held for one day; longer-term holders may lose out on potential gains due to volatility decay.
ProShares filed for the ETF in June, The Block previously reported, following Circle’s blockbuster IPO. Circle’s stock currently trades at about $154.30 per share, a nearly 400% increase over its IPO price of $31, though the stock is down considerably from its $299 all-time high and has dipped over 25% over the past month, according to Yahoo Finance data.
“CRCA offers investors a new way to magnify a bullish view on one of the most innovative companies in digital finance—without borrowing on margin,” said ProShares CEO Michael Sapir in a statement.
Besides issuing USDC, which has about $64.5 billion in circulation, Circle runs a growing suite of payment-and-custody APIs for developers, operates the Cross-Chain Transfer Protocol that lets USDC move natively across more than a dozen blockchains, and is rolling out “Circle Gateway,” an upcoming service aimed at giving businesses a single pool of liquidity that can be tapped on any supported chain.
© 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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