ProShares and Bitwise race to launch the CRC ETF, aiming for a launch in August amid soaring stock prices.

ProShares Trust and Bitwise have submitted a preliminary filing to the Securities and Exchange Commission (SEC) on June 6 for ETF funds aimed at following Circle’s CRCL stock.

ProShares Ultra CRCL ETF is a 2x leveraged product, expected to provide double the daily volatility of CRCL through swap contracts. Bitwise’s proposal will hold stocks and sell call options to generate cash distributions. Both filings do not list a security code and aim for an effective date of August 20. Circle’s stock trades at $117.49, with a market value of $30 billion. After its IPO at $31, the stock rose to $123.52, attracting interest from companies looking to invest in the cryptocurrency and stablecoin market.