ProShares and Bitwise have filed for exchange-traded funds tied to shares of Circle Internet Group, just days after the companyâs high-profile IPO.
The ProShares Ultra CRCL aims to deliver twice the daily performance of Circleâs stock using leverage. Meanwhile, the Bitwise CRCL Option Income Strategy ETF will follow a covered call strategy, generating income by selling call options on CRCL stock while seeking to limit downside risk. Both filings have an effective date of Aug. 20 this year.
These filings come just days after Circleâs high-profile IPO, reflecting early institutional confidence in the issuer of the worldâs second-largest stablecoin by market cap and the first stablecoin officially recognized as compliant with the European Unionâs MiCA regulation.
In addition to these U.S.-based institutional moves, Circle is also attracting significant international attention. Japanâs SBI Holdings recently announced a $50 million joint investment in Circle through its banking subsidiary, SBI Shinsei Bank.
Circleâs IPO took place on June 5, debuting on the New York Stock Exchange. Shares opened at $31 and soared 170% on the first day, with a further 16% gain in pre-market trading the following morning. At its peak, the stock traded over $117, pushing Circleâs market cap past $20 billion. Major investors included BlackRock, which acquired a 10% stake, and Ark Invest, which put in $150 million.