Coinbase Global, Inc. (COIN) experienced a boost in its stock price, driven by favorable macroeconomic data and a partial legal victory. The broader cryptocurrency market also rallied, with Bitcoin surging 4.5% following a lighter-than-expected inflation report. The Bureau of Labor Statistics reported a 0.2% increase in the producer price index for December, below the anticipated 0.4%, which bolstered risk assets like cryptocurrencies. Additionally, Coinbase's partial legal victory against the SEC, where a federal appeals court criticized the SEC's handling of Coinbase's petition for clearer digital asset regulations, contributed to the positive sentiment surrounding the stock.
The GraniteShares 2x Long Coinbase Daily ETF (CONL) rose 2.71% to $36.34 as of 4:40 PM on Tuesday, January 14.