ProShares Introduces Leveraged ETF Targeting Circle's 2x Daily Stock Returns

by Murtuza J Merchant Benzinga Staff Writer

Zinger Key Points

CRCA expands ProShares’ offerings in the crypto ETF space, already hosting funds tied to Bitcoin, Ether, Solana and XRP.
Circle’s expanding role in tokenized finance and global payments reinforces its relevance beyond the core stablecoin business.
See what Wall Street is buying with instant access to ratings on 1,000 top stocks, including Goldman Sachs, Morgan Stanley, and more. Unlock all ratings now.

ProShares announced the launch of a leveraged ETF on Thursday, offering targeted exposure to the daily performance of Circle Internet Group CRCL. This marks a new step in the evolution of crypto-linked exchange-traded products.

The fund, trading on the NYSE under the ticker CRCA, is designed to deliver 2x the daily returns of Circle stock, offering investors a new way to express a bullish view on the stablecoin issuer.

Circle, known for operating one of the world's largest stablecoin platforms, went public in June and has seen its market capitalization climb nearly fivefold since its debut.

That surge in valuation comes amid renewed interest in digital assets and growing institutional demand for regulated stablecoin infrastructure.

Also Read: Trump Wants To Put Bitcoin In Your 401(k), Will It Work?

The launch of CRCA follows the U.S. Congress’s passage of the GENIUS Act, which created a regulatory framework for payment stablecoins, potentially providing further clarity and growth prospects for companies like Circle.

Trade Bitcoin, Ethereum, and More Instantly — No Wallets, No Hassle

Speculate on price movements, claim up to $200 in bonuses, and start with risk-free paper trading with crypto futures on Plus500.

Disclosure: 82% of retail CFD accounts lose money

In addition to its core stablecoin product, Circle provides tools for tokenized funds, developer services for blockchain infrastructure, and operates a global payments network spanning over 185 countries.

Michael L. Sapir, CEO of ProShares, highlighted the significance of this new instrument: "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."

The ETF joins a portfolio of over 150 ProShares products, including notable entries like ProShares UltraPro TQQQ, the firm's $25 billion leveraged Nasdaq ETF, and ProShares Bitcoin ETF BITO, the first Bitcoin BTC/USD-linked ETF in the U.S.

ProShares is also the largest issuer of crypto ETFs in the U.S. by number of listings, with offerings that include exposure to Bitcoin, Ether ETH/USD, Solana SOL/USD, and XRP XRP/USD.