New York, Sunday, November 10, 2024-Coinbase’s stock surged more than 30% on November 6, following Donald Trump’s election victory, closing at year-to-date highs.
The massive rally was mirrored by the GraniteShares 2x Long COIN Daily ETF, which rocketed 62%—potentially a record one-day return for an ETF, according to Bloomberg analyst Eric Balchunas.
Leveraged ETFs, designed for short-term, high-risk traders, use financial derivatives to amplify the daily returns of underlying stocks, with CONL offering a 2:1 ratio on Coinbase’s performance.
As the Trump win fueled market optimism, cryptocurrency assets like Bitcoin hit new records, with $6 billion trading in Bitcoin ETFs.
Coinbase’s board had authorized a $1 billion share repurchase plan last month, reflecting investor confidence, while CEO Brian Armstrong lauded Trump’s victory as a message against anti-crypto policies. The day also marked a record flow of funds into ETFs, signaling increasing investor appetite for risk-on assets.
