ProShares and Bitwise are competing to submit CRC ETF applications to the SEC.

Gate News bot news, ProShares Trust and Bitwise recently submitted preliminary prospectuses for exchange-traded funds (ETF) aimed at tracking Circle CRCL stocks to the SEC (SEC).

ProShares Ultra CRCL ETF is a leveraged product that aims to achieve twice the daily return of CRCL's volatility by utilizing swaps and other derivatives.

Bitwise's CRCL options income strategy ETF proposal will hold stocks and sell call options against that position to generate distributable cash, acting as a "covered call".

Both documents do not list the trading codes or fee schedules, and are both scheduled to take effect on August 20 according to the 485(a)(2) rules.

Each issuer must submit the final prospectus, obtain approval for listing from the exchange, and obtain a waiver for the use of derivatives before being listed.

If the SEC in the United States announces that the statement takes effect according to the default August timetable, these products may start trading at the end of the third quarter.

Source: CryptoSlate