Wall Street’s Crypto Play: Bitwise & ProShares SEC Filings Tease Circle Stock ETFs

Regulatory paperwork just got spicy. Fresh SEC filings from Bitwise and ProShares suggest a bullish push for Circle-linked ETFs—because nothing says 'mainstream adoption' like wrapping stablecoins in Wall Street's favorite wrapper.

Here’s the kicker: TradFi’s flirting with crypto again, but this time it’s not just Bitcoin. Circle’s USDC dominance could soon trade like a blue-chip stock—assuming the SEC doesn’t slow-roll approval until the next market cycle.

Bonus cynicism: Because what crypto really needed was another layer of financial intermediaries skimming fees.

TLDR

• Bitwise and ProShares have filed new ETF applications based on the performance of Circle stock.
• ProShares plans to launch a leveraged ETF that aims to deliver twice the daily return of Circle stock.
• Bitwise proposes a CRCL Income ETF that will use a covered call strategy to generate potential income.
• Both ETF filings are expected to go into effect on August 20, 2025, pending SEC approval.
• Circle stock rose by 17 percent after the ETF filing news, reaching a current price of $126.24.

Circle stock gained momentum after the recent IPO and continues to attract market interest. ProShares and Bitwise have filed for new ETFs tied to the Circle stock. These developments mark a notable MOVE in the financial market as single-stock ETFs gain traction.

ProShares Ultra CRCL ETF Targets 2x Leverage on Circle Stock

ProShares has submitted a filing for the Ultra CRCL ETF to track twice the daily performance of Circle stock. The Leveraged ETF aims to magnify short-term gains, but daily compounding may lead to different results over time. It requires daily rebalancing and suits specific trading strategies focused on short-term exposure.

Circle stock closed at $126.24 following a 17% increase, reflecting heightened interest since the ETF news surfaced. If it receives approval from the SEC, the ETF will officially launch on August 20, 2025. The fund structure is based on 2x leverage, which is uncommon in the newly expanding single-stock ETF space.

This initiative comes as the Circle IPO continues to show strong momentum in the equity market. The leveraged structure adds complexity but reflects confidence in the underlying stock’s performance. It creates new possibilities for enhanced exposure through regulated financial products.

Bitwise Introduces Income ETF for Covered Call Strategy

Bitwise plans to launch a CRCL Income ETF focused on a covered call approach tied to Circle stock. The strategy aims to generate income from holding the stock while selling call options. This structure appeals to those seeking consistent returns from price movements and option premiums.

The fund’s approval also awaits the SEC decision expected on August 20, 2025. The approach reduces volatility exposure but trades potential upside for regular income. Bitwise’s product WOULD be the first of its kind tied directly to a crypto-linked equity.

This ETF marks a significant moment in integrating equity-linked crypto firms with structured investment strategies. It builds on Circle’s IPO success and supports broader institutional adoption. As macroeconomic factors unfold, market reactions may shift, but demand remains visible.

Circle IPO Triggers Broader Institutional Participation

Since its launch, Circle stock has experienced volatility amid increasing market activity. Ark Investment Management acquired $373 million worth, signaling rising institutional participation. This large acquisition followed the ETF filings, which added momentum to the trading volume.

The IPO initiated a new phase of public market entry for fintech-crypto companies. ETF interest represents a step toward product diversification in equity-linked investment instruments.

Circle stock remains under focus as the market awaits SEC responses and macroeconomic data outcomes. Developments like CPI and PPI data may impact stock behavior in the short term.