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By Helene Braun, AI Boost|Edited by Nikhilesh De
Aug 7, 2025, 1:50 p.m.
- ProShares has launched the first ETF offering 2x daily exposure to Circle’s stock, which has surged since its June IPO.
- Circle’s market cap has nearly quintupled amid rising demand for its USDC stablecoin and growing regulatory clarity in the U.S.
- The ETF gives traders a leveraged way to bet on Circle without using margin, but is intended for short-term use.
Exchange-traded fund (ETF) provider ProShares has launched a new product that aims to double the daily performance of Circle’s (CRCL) stock, giving traders a way to make leveraged bets on one of the most prominent companies in crypto finance.
STORY CONTINUES BELOW
The ProShares Ultra CRCL ETF (CRCA) began trading Thursday, just weeks after Circle went public on the New York Stock Exchange (NYSE). Since then, Circle shares have jumped 134%, driven in part by growing adoption of its USDC stablecoin and recent legislative support for digital payments.
Circle is best known as the issuer of the stablecoin USDC and also supports tokenized assets, blockchain developer tools and a payment network that spans more than 185 countries, TK said.
The ETF arrives at a time when U.S. regulators are starting to formalize rules around stablecoins. In mid-July, lawmakers passed the GENIUS Act, which created a legal framework for payment stablecoins and helped clarify how firms like Circle can operate in the U.S. financial system, though federal banking regulators still need to draft the formal rules guiding the sector.
For traders who expect Circle to benefit from this regulatory clarity and the broader adoption of digital dollars, CRCA offers a way to amplify their exposure — without borrowing money directly.
Leveraged ETFs like CRCA are designed for short-term trading rather than long-term investing. They rebalance daily, which means performance can diverge from expectations if held over longer periods.
The new fund joins ProShares’ catalog of over 150 ETFs, including the widely traded UltraPro QQQ and the bitcoin-linked BITO. The firm has leaned into digital assets in recent years, offering funds tied to major cryptocurrencies like ether, solana and XRP.
While Circle’s IPO drew limited mainstream attention at first, its stock performance since then suggests investors see it as a major player in the regulated future of crypto payments.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
Helene is a New York-based markets reporter at CoinDesk, covering the latest news from Wall Street, the rise of the spot bitcoin exchange-traded funds and updates on crypto markets. She is a graduate of New York University’s business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.
“AI Boost” indicates a generative text tool, typically an AI chatbot, contributed to the article. In each and every case, the article was edited, fact-checked and published by a human. Read more about CoinDesk’s AI Policy.
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