The GraniteShares 2x Long Coinbase Daily ETF (CONL) is experiencing a surge in value, driven by a favorable court ruling for Coinbase Global Inc. On January 15, 2025, a federal appeals court instructed the SEC to provide a clearer rationale for rejecting Coinbase's request for crypto-specific rulemaking. This decision is seen as a win for Coinbase, as it pressures the SEC to clarify its stance on digital asset regulations, potentially paving the way for more structured guidelines. The ruling comes at a pivotal time, with the incoming SEC administration under President-elect Donald Trump expected to address these regulatory ambiguities, which could significantly impact the cryptocurrency market.
Additionally, the broader cryptocurrency market is buoyed by Bitcoin's price increase following softer-than-expected December core CPI data. This economic indicator suggests a more favorable inflation outlook, boosting investor confidence in crypto assets. As a result, shares of crypto-related companies, including Coinbase, are trading higher, reflecting renewed interest and optimism in the sector. This positive sentiment is further amplified by the anticipation of regulatory clarity, which could enhance the operational environment for digital asset platforms.
The current price of Coinbase Global Inc. (COIN) is $271.54, marking a 6.33% increase. The GraniteShares 2x Long Coinbase Daily ETF (CONL) has risen to $41.05, up 12.47% from the previous close.