CRCL Plummets 5.66% as ProShares Doubles Down With 2x Leveraged ETF CRCA

Wall Street's latest gamble hits the crypto sector—hard. Circle Internet Group (CRCL) shares tanked 5.66% in a single session as ProShares unleashed its 2x leveraged ETF, CRCA. Here's why traders are sweating.

Leverage: A Double-Edged Sword

ProShares didn't just dip a toe—it cannonballed into leveraged crypto exposure. CRCA promises twice the daily return of CRCL... and twice the pain when volatility strikes. Guess which one happened first?

Crypto's ETF Growing Pains

Traditional finance keeps trying to 'tame' crypto with structured products. Meanwhile, OG hodlers laugh through another 5% swing—just another Tuesday in digital asset markets.

Closing Thought: Nothing says 'mature asset class' like a leveraged ETF triggering double-digit percentage moves. The suits are learning—slowly.

TLDR

• CRCL drops 5.66% as ProShares launches 2x leveraged ETF CRCA.
• ProShares Ultra CRCL (CRCA) debuts to amplify Circle stock moves.
• Circle dips as traders react to new 2x ETF launch by ProShares.
• CRCA ETF offers 2x exposure to Circle amid stablecoin momentum.
• New ETF CRCA magnifies Circle’s swings after recent IPO surge.

Circle Internet Group (CRCL) dropped sharply on Wednesday, falling 5.66% to close at $152.55 per share.

Circle Internet Group (CRCL) 

At the same time, ProShares introduced Ultra CRCL (NYSE: CRCA), a 2x Leveraged ETF tracking CRCL’s daily returns. The move comes amid rising attention on digital assets and recent regulatory clarity in the stablecoin market.

ProShares Debuts Ultra CRCL ETF to Amplify Exposure to Circle

The new ETF, named ProShares Ultra CRCL (ticker: CRCA), aims to deliver 2x the daily performance of Circle’s stock. ProShares announced the launch earlier today, targeting those seeking amplified exposure to the fast-growing digital finance company. CRCA becomes the first and only ETF to offer leveraged exposure to Circle shares.

We're excited to introduce CRCA—ProShares Ultra CRCL—the first ETF targeting 2x the daily returns of Circle (CRCL), a leader in USD-backed stablecoins. Learn more: https://t.co/SH8jOh6f3G pic.twitter.com/YH48B2FD8O

— ProShares (@ProShares) August 7, 2025

Circle’s recent listing on the New York Stock Exchange in June triggered widespread market attention. The firm’s valuation surged nearly fivefold since the IPO, fueled by growing adoption of blockchain-based payments. However, today’s sharp decline suggests some profit-taking or short-term volatility around the ETF launch.

CRCA targets 2x daily returns on CRCL stock performance

ProShares positioned CRCA as a leveraged tool to access Circle’s market momentum without using margin accounts. The ETF seeks to double the daily percentage movement of CRCL stock. This design is suited for short-term trading rather than long-term holding due to volatility drag.

CRCA joins over 150 other ProShares ETFs, including popular funds like UltraPro QQQ and BITO. These products have attracted significant trading volumes and reflect strong demand for leveraged and crypto-linked exposure. ProShares remains the leader in the leveraged ETF space with consistent innovation.

Like other single-stock leveraged ETFs, CRCA is reset daily and is not meant for multi-day holding strategies. Price swings in Circle stock can magnify losses or gains significantly over short periods. As a result, CRCA is expected to trade actively and could see wide intraday moves.

Circle expands digital finance footprint beyond USDC

Circle built its brand around USDC, the world’s second-largest stablecoin with $64.5 billion in circulation. The company now runs a global payment network across 185+ countries. Its ecosystem supports developers with blockchain infrastructure tools and APIs.

Following the U.S. approval of the GENIUS Act on July 18, Circle’s regulatory standing improved significantly. The new law provided clear guidelines for payment stablecoins, lifting sentiment around compliant digital finance platforms. Circle directly benefited from the law’s clarity, pushing its expansion initiatives further.

Circle is also advancing its Cross-Chain Transfer Protocol, allowing USDC to MOVE across multiple blockchains natively. Additionally, it is preparing to launch Circle Gateway, a service offering unified liquidity across supported networks. These moves aim to consolidate Circle’s position at the center of blockchain-based payments.

Leveraged crypto ETFs gain traction as digital finance matures

ProShares has pioneered numerous crypto-focused ETFs over the last few years. The launch of BITO in 2021 marked the first bitcoin-linked ETF in the U.S. Since then, ProShares has built the largest crypto ETF lineup by number of listings in the country.

CRCA adds to this expansion and demonstrates confidence in digital asset-backed equities. By targeting Circle, ProShares aligns with one of the key players in regulated blockchain finance. The ETF structure also offers a regulated pathway to amplify exposure to digital finance equity trends.

As Circle’s stock adjusts from its rapid post-IPO rise, the launch of CRCA adds a new LAYER of activity around the name. Traders now have a dedicated tool to play directional moves in CRCL with higher leverage. CRCA’s performance in coming weeks could provide insight into market sentiment toward regulated crypto firms.