ProShares launches 2x leveraged ETF tracking Circle stock, after 25% monthly decline
Quick Take ProShares has launched the Ultra CRCL ETF, which gives investors exposure to twice the daily price moves of Circle stock. Circle issues the world’s second-largest stablecoin, USDC, and its stock is up nearly 400% from its IPO price, though it dipped 25% over the past month.
Fund issuer ProShares has launched the Ultra CRCL ETF (ticker CRCA), a 2x leveraged ETF that provides exposure to the stock of Circle Internet Group, the publicly traded issuer of the world's second-largest stablecoin, USDC.
The single-stock leveraged fund began trading on NYSE Arca on Aug. 6 with a net asset value of $25 per share and a gross expense ratio of 1.08%. Like other leveraged single-stock ETFs, the fund is designed to be held for one day; longer-term holders may lose out on potential gains due to volatility decay .
ProShares filed for the ETF in June, The Block previously reported , following Circle's blockbuster IPO. Circle's stock currently trades at about $154.30 per share, a nearly 400% increase over its IPO price of $31, though the stock is down considerably from its $299 all-time high and has dipped over 25% over the past month, according to Yahoo Finance data .
"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,” said ProShares CEO Michael Sapir in a statement .
Besides issuing USDC, which has about $64.5 billion in circulation, Circle runs a growing suite of payment-and-custody APIs for developers, operates the Cross-Chain Transfer Protocol that lets USDC move natively across more than a dozen blockchains, and is rolling out " Circle Gateway ," an upcoming service aimed at giving businesses a single pool of liquidity that can be tapped on any supported chain.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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