Circle's Stock Jumps 270%, Sparks Fresh ETF Filings

- Circle stock surged to ~$115 post-IPO, securing $25B market cap. - ProShares, Bitwise file for Circle-based ETFs, effective August 20, 2025. On June 9, 2025, The Block reported that Circle Internet Group's stock surged after its IPO, an event which subsequently led ProShares and Bitwise to file for ETFs based on CRCL. Circle Internet Group (ticker CRCL) started trading on the New York Stock Exchange on June 5, 2025, with an IPO price of $31 per share. Shortly after its IPO, Circle’s share price surged to around $115. This surge resulted in a market capitalization of approximately $25 billion for the company. Consequently, less than a week later, on June 9, The Block reported that ProShares and Bitwise filed for ETFs based on Circle's stock. Circle is the company behind USDC, the world's second-largest U.S. dollar-backed stablecoin. ProShares filed for the ProShares Ultra CRCL fund, a leveraged ETF aiming to mirror twice the daily performance of Circle's Class A common shares. Concurrently, Bitwise filed for the Bitwise CRCL Option Income Strategy ETF, which will utilize a covered call strategy to generate income. Both ETF filings state August 20, 2025, as their effective date. The U.S. Securities and Exchange Commission (SEC) and other news outlets confirmed these filings. Circle’s IPO raised approximately $1.05 billion to $1.1 billion, illustrating strong investor interest. According to market data on June 9, at 18:09 UTC, USDC (USDC) was trading at $1, representing a -0.004% change.