Circle's impressive IPO debut fuels ETF mania on Wall Street originally appeared on TheStreet .
Three issuers have rushed to file for exchange-traded funds (ETFs) tied to the Circle Internet Group (NYSE: CRCL) barely within a week of the crypto firm making its spectacular debut on the New York Stock Exchange (NYSE).
The ProShares Ultra CRCL ETF offers investors twice leveraged exposure to the daily performance of the CRCL stock. It means the ETF should gain approximately two times as much as CRCL gains when the stock rises on a given day.
The Bitwise CRCL Option Income Strategy ETF leverages a covered call strategy. It means an investor can keep selling call options against the CRCL shares being held.
The T-REX 2x Long CRCL Daily Target ETF, similar to the ProShares fund, aims to offer twice leveraged exposure to the CRCL stock's performance.
While ProShares and Bitwise submitted their filings on June 6, T-Rex submitted it on June 10.
The ETF filings are counting on the impressive performance of the newly debuted CRCL stock, in addition to the success of crypto ETFs — in particular, Bitcoin ETFs launched back in January 2024.
Circle's CRCL stock debuted on the NYSE on June 5 when it opened at $69, more than 124% higher than the IPO price of $31.
The CRCL stock hit a record high of $138.57 on 9 June as the news of ETF filings flew in.
However, the stock closed at $ 107.10 on 10 June, a 7% drop in a day.
Circle is the company behind USDC, a stablecoin that is a type of cryptocurrency that is created to maintain a stable value, unlike traditionally volatile cryptocurrencies such as Bitcoin .
As per DeFiLlama , the stablecoin market is worth $250 billion, and USDC — the second-largest stablecoin — accounts for nearly 25% market share.
Circle's impressive IPO debut fuels ETF mania on Wall Street first appeared on TheStreet on Jun 10, 2025
This story was originally reported by TheStreet on Jun 10, 2025, where it first appeared.