Two well-known ETF issuers are racing to bring funds to market that track the explosive rise of Circle’s newly public stock.

Bitwise and ProShares late Friday each submitted applications with the U.S. Securities and Exchange Commission (SEC) to launch exchange-traded funds (ETFs) tied to Circle (CRCL).

Both funds would give investors different ways to play the Circle’s surge, which has turned heads since the IPO late last week. Up another 9% today in volatile action, shares have nearly quadrupled from their $31 offering price.

ProShares, a major name in leveraged ETFs, filed to create the ProShares Ultra CRCL ETF. The fund is designed to provide twice the daily return of CRCL stock. Leveraged ETFs are popular for short-term trades but carry elevated risk due to their compounding effects over multiple days.

Bitwise, on the other hand, is taking a more income-focused route. Its proposed Bitwise CRCL Option Income Strategy ETF would employ a covered call strategy. That involves holding CRCL shares while regularly selling call options against them—generating cash premiums that could help smooth returns, especially if the stock’s rise cools off. This kind of fund typically appeals to investors looking for yield rather than high-octane growth.

Neither fund has disclosed a ticker yet. The proposed effective date for both products is August 20, though SEC approval timelines can vary.

Circle, already a central player in the stablecoin market, has drawn attention from traditional finance and crypto investors alike. If the SEC signs off on these ETFs, they could mark another step in the blending of crypto-linked equities and mainstream investing strategies.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.

BNB, the native token of the Binance ecosystem, staged a swift comeback after a jolt of market turbulence rattled the broader crypto market.

The coin rose more than 4% from this week’s low and is up around 0.7% in the last 24 hours, reversing from a dip to $631 to around $657 after forming a textbook V-shaped recovery pattern, according to CoinDesk Research’s technical analysis data model.

The rebound came as the uncertainty associated with a flare-up between U.S. president Donald Trump and Tesla CEO Elon Musk that triggered a sell-off for risk assets started fading.

BNB Chain’s fundamentals have been improving. Daily active users jumped 26.4% to 1.2 million, while revenue in Q1 2025 grew 58% from the previous quarter to $70.8 million, according to a Messari report.

Technical charts show BNB hit resistance around $657 after heavy buying at the $650 level. A critical pivot now lies at $654, with traders eyeing U.S. inflation data, due to be released this Wednesday, for cues on the next move.

Meanwhile, Binance is leaning into innovation. Its June 9 hackathon opened new tracks in decentralized science and physical infrastructure.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.

Chainlink LINK, the oracle network that helps bridging blockchain networks with external data, experienced significant price volatility in recent trading, recovering from a sharp 14.4% correction after finding strong support at $13.58.

The recovery gained momentum through consecutive higher lows, potentially pointing to accumulation at lower levels. However, bitcoin’s BTC performance will likely dictate the next major move for altcoins such as LINK.

LINK rose 1.4% over the past 24 hours in line with the price action of the broader digital asset market.

The crypto market benchmark CoinDesk 20 Index was up 1.1%.

Technical Indicators Point to Continued Strength:

• LINK experienced a sharp 14.4% correction from $13.972 to $13.557, followed by a strong recovery with high-volume support at $13.582.
• Notable resistance emerged at $13.960-13.970, where selling pressure intensified twice during the trading session.
• At 10:00 UTC, price action marked a decisive breakout with the highest volume of the period (1,061,645 LINK).
• A new trading range established between $13.800-13.950, indicating potential continuation of the uptrend if volume remains supportive.
• V-shaped recovery pattern formed with strong buying at the $13.785-13.790 support zone.
• The $13.830-13.840 range now establishes itself as a potential new support zone for continued upward movement.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.