ProfessionalShares, Bitwise seek SEC approval for ETFs tracking Circle stock

Key Takeaways

ProfessionalShares and Bitwise have filed for ETFs tracking Circle stock shortly after Circle went public.
Circle stock surged almost 200% shortly after its IPO and has a market cap of roughly $25 billion.

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ProfessionalShares and Bitwise are in search of the SEC nod to launch exchange-traded funds tied to shares of Circle Internet Group, which started buying and selling on the New York Stock Exchange (NYSE) final week.

ProfessionalShares’ proposed fund, ProfessionalShares Ultra CRCL ETF, is designed to ship day by day returns which might be twice the efficiency of Circle’s stock (CRCL).

Bitwise, in the meantime, is planning the Bitwise CRCL Option Income Strategy ETF, an income-focused product that goals to trace CRCL via choices methods whereas producing yield from name possibility premiums.

Both companies submitted their respective ETF filings on June 6, lower than 24 hours after Circle went public on the NYSE. Those proposed ETFs are scheduled to enter impact on August 20, 2025, pending regulatory clearance.

Circle, the issuer of the USDC stablecoin, made a rousing Wall Street debut, with its market valuation quadrupling its IPO worth of $31 per share by the tip of the second buying and selling day. The firm’s resolution to go public is broadly seen as a strategic success, positioning it alongside different crypto-native companies within the public markets.

The stock reached as excessive as $137 on Monday morning, briefly pushing Circle’s market valuation to $27 billion, in accordance with Yahoo Finance information.

At the time of writing, CRCL was buying and selling round $114, up round 6% on the day.

USDC maintains a market cap of round $61 billion, second to Tether’s USDT at $154 billion, per CoinGecko.

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