ProShares and Bitwise Compete to Launch CRCL ETFs Targeting August Debut

ProShares Trust and Bitwise have each filed preliminary prospectuses with the SEC for exchange-traded funds designed to track Circle’s CRCL shares. The ProShares Ultra CRCL ETF is a 2x Leveraged product aiming to deliver twice the daily move in CRCL, while Bitwise’s proposal involves a covered call strategy to generate distributable cash.

Neither filing disclosed a ticker or fee schedule, but both target an effective date of August 20. Final steps include securing exchange listing approval and regulatory relief for derivative use. If approved, trading could begin by late Q3.

Circle’s equity recently traded at $117.49, implying a fully diluted value exceeding $30 billion—roughly half the market cap of its USDC stablecoin. CRCL hit an all-time high of $138.57 on June 9 before correcting, following its IPO priced at $31 on June 5.