EddieJayonCrypto
10 Jun 25
ProShares Trust and Bitwise filed preliminary prospectuses with the SEC for ETFs tracking Circle’s CRCL shares, targeting an August 20 debut. ProShares plans a 2x leveraged ETF using derivatives, while Bitwise proposes a covered call strategy ETF. Circle’s CRCL stock surged after its IPO, reaching a...
ProShares Trust and Bitwise have submitted preliminary prospectuses to the SEC, aiming to launch ETFs tracking Circle's CRCL shares with a planned debut on August 20. ProShares proposes a 2x leveraged ETF utilizing swaps and derivatives to deliver twice the daily movement of CRCL stock, while Bitwise intends to offer an ETF applying a covered call strategy by holding the stock and selling call options to generate distributable income.
Circle's CRCL stock experienced a remarkable surge following its IPO, hitting an all-time high of $138.57 in early June after starting at $31. The stock's rapid growth has attracted strong interest from asset managers seeking crypto-native revenue exposure through traditional financial products. As of the latest trading, CRCL shares were valued over $117, implying a fully diluted company valuation exceeding $30 billion.
Both ETF filings await final SEC approval, exchange listing, and exemptive relief for derivatives use before trading can commence, which could realistically occur late in the third quarter if the regulatory process adheres to the expected timeline. These developments underscore the growing appetite among traditional investors for innovative investment vehicles that bridge public market mechanisms with the expanding stablecoin economy represented by Circle and its USDC stablecoin.