ProShares Launches First 2x Leveraged ETF on Circle Stock

ProShares has launched the Ultra CRCL ETF (ticker: CRCA), a 2x leveraged exchange-traded fund designed to track the daily performance of Circle Internet Group stock, the issuer of USDC, the world’s second-largest stablecoin. The ETF began trading on NYSE Arca on August 6, 2025, with a net asset value of $25 per share and a gross expense ratio of 1.08% [1]. This product is the first 2x leveraged ETF focused on a single stock in the cryptocurrency and digital asset space, marking a significant departure from traditional leveraged ETFs, which typically track broader indices or sectors [2].

The fund is structured to offer twice the daily return of Circle’s stock, providing a tool for investors seeking amplified exposure to the company’s performance. However, it also comes with heightened risk, particularly due to the compounding effects over time and the volatility inherent in leveraged instruments. As such, the ETF is targeted toward experienced investors who understand the implications of leveraged investing [3].

Circle’s stock has seen substantial gains since its June 2025 initial public offering, rising by 134%. This rapid appreciation has likely contributed to the increasing demand for leveraged products that allow investors to capitalize on the stock’s momentum [4]. The introduction of CRCA underscores a growing trend in the financial markets where investors are seeking tools that offer multiple exposure to high-growth assets. ProShares has positioned itself at the forefront of this innovation, expanding its lineup of leveraged and single-stock ETFs to meet the needs of sophisticated market participants [5].

The launch of the Ultra CRCL ETF also reflects the ongoing convergence between traditional finance and the digital asset ecosystem. As more crypto-native firms enter public markets, financial institutions are responding by creating products that align with the investment strategies of both traditional and crypto-savvy investors. ProShares’ offering demonstrates how the crypto industry is increasingly being integrated into mainstream capital markets through tailored financial instruments [6].

Source:

[1] CRCA | Ultra CRCL (https://www.proshares.com/our-etfs/leveraged-and-inverse/crca)

[2] ProShares Launches First Single-Stock ETF Targeting 2x ... (https://www.businesswire.com/news/home/20250806832271/en/ProShares-Launches-First-Single-Stock-ETF-Targeting-2x-Daily-Returns-of-Circle-Internet-Group)

[3] ProShares Debuts 'Ultra CRCL' ETF, Letting Traders ... (https://www.coindesk.com/markets/2025/08/07/proshares-debuts-ultra-crcl-etf-letting-traders-double-down-on-circle-stock)

[4] ProShares Introduces Leveraged ETF Targeting Circle's 2x ... (https://www.benzinga.com/crypto/cryptocurrency/25/08/46964483/proshares-introduces-leveraged-etf-targeting-circles-2x-daily-stock-returns)

[5] CRCA Latest Stock News & Market Updates (https://www.stocktitan.net/news/CRCA/)

[6] ETF News (https://finviz.com/news.ashx?v=4)