ProShares, a major provider of exchange-traded funds (ETFs) with over $90 billion in assets under management, has introduced ProShares Ultra CRCL (NYSE: CRCA), an ETF designed to deliver 2x the daily returns of Circle, a company focused on digital assets and stablecoin technology.
CRCA marks the first ETF specifically designed to offer leveraged exposure to Circle. Circle, founded in 2013, has seen its market capitalization increase nearly fivefold since its IPO on the New York Stock Exchange in June 2025, amidst growing adoption of digital assets. The company operates one of the world’s largest stablecoin networks. Stablecoins, digital assets backed by real-world currencies like the U.S. dollar, aim to combine the efficiency of cryptocurrency with the price stability of fiat currency. The stablecoin industry received a significant boost with the signing of the GENIUS Act on July 18, 2025, which established a clear U.S. regulatory framework for payment stablecoins. Beyond its stablecoin operations, Circle also supports tokenized funds, developer tools for blockchain infrastructure, and a payments network extending across more than 185 countries.
“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,” stated Michael L. Sapir, CEO of ProShares. “With CRCA, investors can now target 2x daily returns of Circle through the convenience and transparency of an ETF.”
CRCA joins ProShares’ portfolio of over 150 ETFs. ProShares has a history of launching innovative products, including ProShares Bitcoin ETF (BITO), the first bitcoin-linked ETF introduced in the U.S. in 2021. The firm also offers the largest lineup of crypto ETFs in the U.S. by number of listings, covering strategies for bitcoin, ether, Solana, and XRP. ProShares pioneered the leveraged and inverse ETF category nearly two decades ago and remains the largest provider in this segment. Its flagship fund, ProShares UltraPro QQQ (TQQQ), is noted as the world’s largest leveraged ETF, with over $25 billion in assets.
It is important to note that leveraged ETFs aim for daily investment results and returns over longer periods may differ significantly from the stated daily target. Following its IPO, Circle’s shares have experienced high volatility. Investments in newly public companies, particularly those in rapidly evolving sectors like digital assets, can carry risks such as limited trading history, market risk, and liquidity concerns, including those related to regulatory uncertainty or systemic shocks in the stablecoin sector.
