The GraniteShares 1x Short COIN Daily ETF, which inversely tracks the performance of Coinbase Global, Inc., is experiencing price movement influenced by recent developments at Coinbase. On November 22, Jennifer N. Jones, Coinbase's Chief Accounting Officer, sold a significant portion of her shares, reducing her stake by 61.29%. This insider activity has sparked speculation about the company's future, especially as Coinbase's stock has been volatile, trading down to $293.29. The market is also reacting to broader cryptocurrency trends, with Bitcoin's recent dip to $93,000 due to macroeconomic factors and technical signals, adding to the uncertainty surrounding crypto-related stocks.
The GraniteShares 1x Short COIN Daily ETF (CONI) is down 2.55% in pre-market hours on Wednesday, November 27, falling to $10.32 as of 8:24 AM ET.