Circle soars after IPO…ProShares Bitwise, CRCL-based ETFs apply one after another

P2P payment company Circle Internet Group (CRCL) was listed last week and has been showing a sharp rise in its stock price, leading to a surge in ETF issuers.
The company is currently applying for an exchange-traded fund (ETF) based on Circle stocks. On the 9th (local time), The Block said, "One week after the stablecoin USDC issued by Circle was listed,
Although it has only been a short time, ETF issuers have taken notice of the fact that it is the world's second-largest dollar-linked stablecoin and are accelerating the development of related products."
ProShares is reportedly offering a range of securities that track roughly twice the daily return of Circle's Class A common stock.
The company filed for ProShares Ultra CRCL, a leveraged ETF. The ETF will generate cash if Circle's stock price rises intraday.
Bitwise is launching the Bitwise CRCL Option Income Strategy ETF (Bitwise CRCL Option Income Strategy ETF).
The company filed for the "Covered Call Option Income Strategy ETF." The product utilizes a covered call strategy to sell call options while holding Circle shares.
The ETFs are options-based strategies that aim to generate continuous income and protect against declines at the same time. Both ETFs were announced to be effective on August 20, 2025.
Circle was listed on the New York Stock Exchange (NYSE) on the 5th of last month at a public offering price of $31 per share. Immediately after the listing, the stock price soared by nearly 200% in just a few minutes, and is currently trading at $1.
The stock is currently trading at around $115, giving Circle a market capitalization of around $25 billion, according to Yahoo Finance.
Meanwhile, Circle's representative stablecoin USDC has a market capitalization of about $61 billion, compared to Tether (USDT).
This is the second largest in the world after the United States with $154 billion.