ProShares Launches 2x Leveraged ETF for Circle Stock

ProShares has launched the Ultra CRCL ETF (ticker CRCA), a 2x leveraged ETF that provides exposure to Circle Internet Group stock, the issuers of the second-largest stablecoin, USDC. Trading on NYSE Arca since August 6, it opened at a net asset value of $25 per share with a gross expense ratio of 1.08%. This leveraged ETF is designed for short-term trading—holding it longer can lead to losses due to volatility decay. The ETF was filed back in June after Circle's successful IPO. Currently, Circle's stock trades at approximately $154.30 per share, a 400% increase from its IPO price of $31, but it has fallen from its all-time high of $299 and has seen a decline of over 25% in the past month, according to Yahoo Finance. ProShares CEO Michael Sapir remarked, "CRCA offers investors a new way to magnify a bullish view on one of the most innovative companies in digital finance—without borrowing on margin." In addition to issuing USDC, which has around $64.5 billion in circulation, Circle provides a range of payment and custody APIs for developers and operates the Cross-Chain Transfer Protocol, allowing USDC to move across various blockchains. They are also introducing "Circle Gateway," a new service designed to give businesses easy access to liquidity across supported chains. Disclaimer: The Block is a media outlet delivering news and data independently. Foresight Ventures holds a majority stake in The Block and invests in other crypto ventures. The Block remains committed to providing unbiased news concerning the cryptocurrency industry.