TL;DR

ProShares has launched the Ultra CRCL ETF (CRCA), which tracks twice the daily performance of Circle stock and trades on NYSE Arca.
Circle is currently trading near $154, up 400% from its IPO price, though it has dropped 25% in the past month and remains well below its $299 all-time high.
In addition to issuing USDC, Circle offers payment APIs, a cross-chain transfer protocol, and is developing a unified liquidity service for businesses.

ProShares has introduced a new exchange-traded fund offering leveraged exposure to Circle stock, the company behind the USDC stablecoin.

The ETF, called Ultra CRCL and trading under the ticker CRCA, began trading on August 6 on NYSE Arca. It launched with an initial share price of $25 and carries a 1.08% expense ratio. The fund is designed to deliver twice the daily price movement of Circle stock, but it’s not intended for long-term holding. Due to its structure, performance can degrade over time if held beyond a single day, as a result of volatility decay.

Circle stock is currently trading around $154, representing a gain of nearly 400% since its IPO at $31. However, the share price has fallen 25% in the last month and remains well below its $299 peak. The ETF’s approval came just weeks after the company went public and is part of a growing range of leveraged products aimed at capturing investor interest.

ProShares Seeks to Capitalize on Circle’s IPO Momentum

Circle currently has approximately $64.5 billion worth of USDC in circulation and has expanded its suite of digital infrastructure offerings. These include payment and custody APIs for developers, as well as the Cross-Chain Transfer Protocol, which enables native USDC transfers across more than a dozen blockchains. The company is also preparing to launch Circle Gateway, a new service that will offer businesses unified access to liquidity across supported networks.

According to ProShares CEO Michael Sapir, the ETF is meant to provide an option for investors who expect Circle stock to rise, without needing to use traditional margin leverage. This type of product has become increasingly common in the U.S. market, though it requires a clear understanding of its risks and its short-term nature.

The CRCA ETF aims to tap into the continued market enthusiasm around Circle. ProShares is targeting demand for financial products tied to the crypto ecosystem

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Filed under: News - @ August 7, 2025 6:31 pm