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06/10 11:08

Circle’s Stellar IPO Fuels ProShares and Bitwise C

Circle’s Stellar IPO Fuels ProShares and Bitwise CRCL ETF Filings

ProShares and Bitwise have filed for exchange-traded funds tied to Circle Internet Group shares, just days after the company’s high-profile IPO.

ProShares Ultra CRCL aims to achieve twice the daily returns of Circle shares using leverage. Meanwhile, the Bitwise CRCL Option Income Strategy ETF will follow a covered call strategy, generating income by selling call options on CRCL shares while seeking to limit downside risk. Both filings are set to go into effect on August 20th of this year.

The filings come just days after Circle’s high-profile IPO, reflecting early institutional confidence in the issuer of the world’s second-largest stablecoin by market cap and the first stablecoin formally deemed compliant with the European Union’s MiCA regulation.  Japan’s SBI Holdings recently announced a $50 million co-investment in Circle through its banking subsidiary SBI Shinsei Bank.

Circle’s 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 their peak, shares traded at over $117, pushing Circle’s market cap above $20 billion. Major investors included BlackRock, which took a 10% stake, and Ark Invest, which invested $150 million.

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