ProShares Debuts 2x Leveraged ETF as Circle Stock Sinks 25%

- ProShares debuts 2x leveraged ETF tracking Circle stock (CRCA). - Launch targets short-term traders as Circle stock falls over 25%. ProShares has launched the Ultra CRCL ETF (ticker CRCA), a 2x leveraged single-stock ETF designed to provide amplified exposure to Circle Internet Group's stock. Targeting short-term trading strategies, the ETF began operating on the NYSE Arca exchange on August 6, 2025, with a net asset value of $25 per share, as reported by The Block on August 7. The launch coincides with a turbulent period for Circle Internet Group’s stock. After significant growth following its initial public offering, the company's valuation has plunged by over 25% in the past month. Investors often use leveraged ETFs like CRCA to capitalize on short-term price movements. In a statement on August 7, ProShares CEO Michael Sapir explained the product’s appeal, stating, "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." Circle Internet Group is best known as the issuer of USDC, a leading stablecoin with approximately $64.5 billion in circulation. The company also provides developers with payment and custody APIs and is further diversifying its portfolio with initiatives such as "Circle Gateway," a project that aims to deliver cross-chain liquidity solutions to businesses. According to market data, as of August 7 at 18:15 UTC, USDC was trading at $1, with a -0.003% 24-hour change in volume.