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ProShares announced the launch of a leveraged ETF on Thursday, offering targeted exposure to the daily performance of Circle Internet Group (NYSE: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.
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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.
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 (NASDAQ:TQQQ), the firm's $25 billion leveraged Nasdaq ETF, and ProShares Bitcoin ETF (NYSE:BITO), the first Bitcoin (CRYPTO: BTC)-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 (CRYPTO: ETH), Solana (CRYPTO: SOL), and XRP (CRYPTO: XRP).
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