New Leveraged and Covered Call ETFs Filed for Circle Days After IPO

• Circle went public at $31 on June 5 and saw its stock surge nearly 170% on debut
• Analyst Eric Balchunas reports that Bitwise and ProShares have filed for two Circle-based ETFs
• The IPO coincides with momentum for the GENIUS Act, potentially opening doors for more crypto firms to go public

After peer-to-peer payments company Circle Internet Group completed its initial public offering (IPO) last Thursday with outstanding success, its luck continues. Indeed, its stock is witnessing continuously rising prices and two individual exchange-traded funds (ETFs) based on it.

These include a 2x leveraged Circle ETF and a covered call strategy, according to a recent post by Bloomberg’s senior ETF analyst Eric Balchunas.

Specifically, the journalist was referring to a post by his colleague, Henry Jim, another ETF analyst, who listed the first-ever single stock ETFs tied to Circle’s stock – ProShares Ultra CRCL ETF (leveraged 2x) and the Bitwise CRCL Option Income Strategy ETF (covered call).

This means that, once approved, the ProShares ETF would deliver 2x of its stock returns, whereas Bitwise’s CRCL income ETF is targeting a covered call, an options trading strategy that allows an investor to profit from anticipated price rises.

As he reported, the ETFs will be launched on August 20, 2025.

Filings Follow Explosive 170% IPO Debut

As a reminder, Circle priced its IPO at $31 per share on June 4, 2025, right before it started trading on the New York Stock Exchange (NYSE) under the ticker CRCL. Immediately upon debut, the stock soared by almost 170% on the first day of trading and has continued to grow ever since due to high demand.

Originally, the USDC stablecoin issuer sought to raise up to $624 million in the much-anticipated NYSE IPO as crypto companies stepped up their pursuit of public market presence. To this end, it filed with the US Securities and Exchange Commission (SEC) on May 27.

Favorable Regulation and Institutional Interest Fuel Momentum

The IPO arrives as the stablecoin bill, known as the GENIUS Act, is about to get its final approval in Congress. If passed, this regulation would establish the first set of federal regulations for stablecoins and drive more institutional investment into them.

Meanwhile, the milestone ETF filings mark another major step toward traditional investment vehicles built around crypto stocks, signaling growing institutional interest. Considering how strongly CRCL has been trading since its debut, other blockchain companies might follow with their IPO plans.

Already the news of the ETF filings have provided an additional boost to the CRCL share price after the initial, massive rally, demonstrating a high momentum amid ongoing developments.