- Circle’s stock soared 170% on its NYSE debut, drawing strong investor interest across the financial sector.
- Bitwise and ProShares filed for ETFs tied to Circle’s stock, including leveraged and covered call strategies.
- The GENIUS Act’s progress in Congress may accelerate public listings of other stablecoin and crypto-based firms.
Circle Internet Group’s public listing on June 5 led to a swift 170 percent surge in share price on its first trading day. Priced at $31, the stock began trading under the ticker CRCL on the New York Stock Exchange. The stablecoin company’s successful debut has since attracted the attention of fund managers.
Following the IPO, Bitwise and ProShares have moved to launch exchange-traded funds linked to Circle’s performance. Bloomberg ETF analyst Eric Balchunas noted that the proposed products include a 2x leveraged ETF by ProShares and a covered call ETF by Bitwise. The leveraged ETF aims to deliver double the daily return of Circle’s stock, while Bitwise’s strategy will allow investors to gain income through options trading.
ETFs Expected to Launch in August
According to filings, both ETFs are scheduled for release on August 20, pending regulatory approval. This development represents the first instance of single-stock ETFs being tied to a crypto-related company like Circle. The filings indicate that institutional demand for crypto-aligned investment products is expanding.
The timing of the IPO and ETF filings aligns with ongoing legislative developments. The GENIUS Act, which proposes a regulatory framework for stablecoins, is approaching final approval in Congress. The passage of this bill could pave the way for more crypto companies to enter public markets under a clear regulatory environment.
Investor Interest Reflects Confidence in Crypto Stocks
Circle initially filed for its IPO with the Securities and Exchange Commission on May 27, targeting a raise of up to $624 million. The stock has shown continued growth beyond its opening-day spike. The announcement of ETF offerings has further strengthened market confidence, as shares have remained in high demand.
The momentum behind Circle’s listing and the fast-tracked ETF proposals may signal a turning point for crypto companies seeking public capital. The developments suggest that traditional financial institutions are beginning to integrate digital asset firms into mainstream investment vehicles.
