Circle IPO Sparks ETF Rush Betting on the Hot Stablecoin Stock

Wall Street’s ETF machine kicked into high gear just hours after Circle Internet Group Inc. went public, riding the frenzied initial public offering of the stablecoin giant as crypto technologies enter mainstream finance.

At least three issuers rushed to file related exchange-traded funds following Circle’s white-hot Thursday debut. The firm — issuer of USDC, the second-largest stablecoin — saw its shares triple shortly after trading began, reviving animal spirits across an IPO-starved market.

Filings for the Bitwise CRCL Option Income Strategy ETF, ProShares Ultra CRCL ETF and T-Rex 2x Long CRCL Daily Target ETF landed with the US ...