Crypto ETF Arms Race Heats Up: ProShares and Bitwise Barrel Toward August Launch as CRCL Hype Sends Stocks Soaring

Wall Street's latest gold rush? Wrapped crypto ETFs—and two heavyweights are sprinting to be first out the gate.

ProShares and Bitwise locked in a high-stakes duel to launch CRCL-based funds, aiming for August debuts. The timing's no accident—underlying asset prices are mooning, and everyone wants a piece before the SEC gets cold feet (again).

Behind the frenzy: institutional FOMO meets regulatory arbitrage. These aren't your cousin's Bitcoin futures ETFs—CRCL products promise actual crypto exposure without the wallet headaches. Or that's the sales pitch, anyway.

Cynical footnote: Nothing unshackles Wall Street's innovation like the scent of fresh fees in a bull market.

Filings amid explosive growth

Circle’s equity changed hands at $117.49 as of press time, giving the company an implied fully diluted value of over $30 billion. The value is about half of the $61 billion market capitalization of USDC, the dollar-denominated stablecoin that Circle issues. 

Furthermore, CRCL printed a fresh all-time high of $138.57 on June 9 before correcting.

Circle priced its initial public offering at $31 on June 5. Trading opened at $69,, and closed the day at $83.23. 

The next session saw the share price recover to a record $123.52 and finish above $100, a level it has maintained since. 

The stock’s performance has drawn quick interest from companies seeking differentiated exposure tied to crypto-native revenue streams and even(IPOs).

The twin filings highlight immediate demand for packaged exposure to Circle’s equity as traditional asset managers bridge public-market wrappers with businesses rooted in stablecoin economics.