ProShares Debuts 'Ultra CRCL' ETF, Letting Traders Double Down on Circle Stock

Exchange-traded fund (ETF) provider ProShares has launched a new product that aims to double the daily performance of Circle’s (CRCL) stock, giving traders a way to make leveraged bets on one of the most prominent companies in crypto finance.

The ProShares Ultra CRCL ETF (CRCA) began trading Thursday, just weeks after Circle went public on the New York Stock Exchange (NYSE). Since then, Circle shares have jumped 134%, driven in part by growing adoption of its USDC stablecoin and recent legislative support for digital payments.

Circle is best known as the issuer of the stablecoin USDC and also supports tokenized assets, blockchain developer tools and a payment network that spans more than 185 countries, TK said.

The ETF arrives at a time when U.S. regulators are starting to formalize rules around stablecoins. In mid-July, lawmakers passed the GENIUS Act, which created a legal framework for payment stablecoins and helped clarify how firms like Circle can operate in the U.S. financial system, though federal banking regulators still need to draft the formal rules guiding the sector.

For traders who expect Circle to benefit from this regulatory clarity and the broader adoption of digital dollars, CRCA offers a way to amplify their exposure — without borrowing money directly.

Leveraged ETFs like CRCA are designed for short-term trading rather than long-term investing. They rebalance daily, which means performance can diverge from expectations if held over longer periods.

The new fund joins ProShares’ catalog of over 150 ETFs, including the widely traded UltraPro QQQ and the bitcoin-linked BITO. The firm has leaned into digital assets in recent years, offering funds tied to major cryptocurrencies like ether, solana and XRP.

While Circle’s IPO drew limited mainstream attention at first, its stock performance since then suggests investors see it as a major player in the regulated future of crypto payments.