The GraniteShares 2x Long COIN Daily ETF seeks daily investment results, before fees and expenses, that correspond to two times (200%) the daily percentage change in the common stock of Coinbase Global, Inc. Class A (COIN). Launched in August 2022, CONL is an actively managed, non-diversified leveraged ETF that obtains its exposure primarily through swap agreements and options on COIN shares, supplemented by direct stock purchases when needed. The fund's net expense ratio is 1.04% annually, and total net assets stood at approximately $670 million as of mid-2026.
Because CONL is tied to a single underlying stock rather than a diversified index, its risk profile is exceptionally concentrated. Coinbase operates the largest U.S.-based cryptocurrency exchange and generates revenue predominantly from transaction fees, making the company — and by extension CONL — highly sensitive to crypto trading volumes, digital asset price movements, and the regulatory environment surrounding digital assets. The ETF's structure means it is designed as a short-term trading tool, not a buy-and-hold investment, since daily rebalancing and compounding can produce returns over periods longer than one day that differ significantly from a simple 2x multiple of COIN's cumulative performance. I also checked this using Tickeron’s AI Screener to see how the stock compares to others in the industry.
The cryptocurrency sector entered 2026 in a challenging position. Bitcoin reached an all-time high near $126,000 in October 2025 but subsequently experienced a drawdown exceeding 50%, trading in the $58,000 to $67,000 range during mid-2026. Ether declined even more sharply from its 2025 peak. Three consecutive quarters of negative returns across digital assets marked the longest losing streak since the 2022 bear market, as institutional capital rotated toward artificial intelligence equities and away from speculative crypto positions.
U.S. spot Bitcoin ETFs — a major source of institutional demand since their 2024 launch — recorded approximately $4 billion in net outflows during June 2026 alone, the largest monthly redemption on record. Citigroup cut its 12-month Bitcoin price target from $112,000 to $82,000, reducing its ETF inflow assumption to zero. Regulatory uncertainty persisted, though momentum built around the CLARITY Act, a comprehensive digital asset framework that advanced through Congress during the summer. Against this backdrop, Coinbase continued expanding its international footprint, securing regulatory approvals in Luxembourg, the UK, and Canada, while developing its "Everything Exchange" platform to diversify beyond spot crypto trading into derivatives, tokenized equities, and prediction markets.
CONL closed at $4.98 on July 23, 2026, representing a modest 1.6% decline from the $5.06 level recorded approximately 30 days earlier. This contained movement contrasts sharply with the fund's quarterly trajectory: from a closing price of $8.72 on April 23, CONL fell roughly 43% over three months. The steep quarterly drawdown reflected the broader crypto market deterioration. COIN shares declined from the low-$170s to the mid-$150s during the April-June window, with the leveraged structure of CONL amplifying the underlying stock's losses.
The recent 30-day period, however, showed signs of stabilization. Bitcoin recovered from sub-$60,000 levels to trade near $66,000 by late July, supported by renewed institutional ETF inflows and progress on crypto legislation. Coinbase benefited from strategic catalysts including Circle's national banking charter approval, continued international expansion, and growing interest in its pre-IPO perpetual futures offerings tied to artificial intelligence companies. Volatility remained elevated — daily swings of 5% to 10% in CONL were common — but the directional pressure that characterized the second quarter eased somewhat.
Several structural factors are likely to influence CONL through the remainder of 2026. The trajectory of Bitcoin and broader cryptocurrency prices remains the dominant variable, given Coinbase's transaction-fee-driven revenue model. ETF flow dynamics will be critical: sustained net inflows into spot Bitcoin products could support digital asset prices and trading volumes, while continued outflows would present headwinds. The CLARITY Act represents a potential catalyst — passage would establish a clear federal regulatory framework for digital assets, potentially unlocking institutional capital that has remained on the sidelines due to jurisdictional uncertainty.
Coinbase's diversification strategy also warrants attention. The company's push into derivatives, tokenized securities, international markets, and stablecoin infrastructure through its USDC partnership with Circle could reduce earnings volatility over time and broaden its addressable market. Macroeconomic conditions — including Federal Reserve interest rate policy, inflation trends, and global liquidity — will continue to influence risk appetite across both equity and crypto markets. For CONL specifically, investors should understand that the fund's daily-reset mechanism means extended holding periods during range-bound or volatile markets can produce returns that deviate substantially from 2x the performance of COIN, a risk that intensifies as volatility rises and holding periods lengthen.
In my own work, I frequently rely on Tickeron’s AI Screener to quickly scan for technical setups and risk metrics across leveraged ETFs and related names. The platform’s ability to combine signals with industry filters helps surface ideas more efficiently than manual reviews, which is especially useful when tracking volatile instruments like CONL amid shifting crypto sentiment.
The information on this webpage is provided for general informational and educational purposes only and is not intended as investment advice, a recommendation to purchase or sell any security, or an offer or solicitation related to investments. It does not consider your personal financial situation, goals, or risk profile, and all investing carries inherent risks, including the possibility of losing your entire investment. For more details, please review our full disclaimer.
My name is Jimmy, and I’m a financial analyst. I’m passionate about identifying the most promising ETFs for trading. Every day, I review hundreds of ETFs in search of trading and investment signals based on a variety of factors. I actively use technical analysis to identify short-term opportunities, including channels, indicators, support and resistance levels, and more. I also spend a great deal of time researching ETFs from a long-term investment perspective. My goal is to build a balanced ETF portfolio that combines investment-oriented and speculative ETFs and performs effectively during both market rallies and corrections.
CONL saw its Momentum Indicator move above the 0 level on August 19, 2026. This is an indication that the stock could be shifting in to a new upward move. Traders may want to consider buying the stock or buying call options. Tickeron's A.I.dvisor looked at 72 similar instances where the indicator turned positive. In of the 72 cases, the stock moved higher in the following days. The odds of a move higher are at .
The Moving Average Convergence Divergence (MACD) for CONL just turned positive on August 19, 2026. Looking at past instances where CONL's MACD turned positive, the stock continued to rise in of 32 cases over the following month. The odds of a continued upward trend are .
CONL moved above its 50-day moving average on August 20, 2026 date and that indicates a change from a downward trend to an upward trend.
Following a +3 3-day Advance, the price is estimated to grow further. Considering data from situations where CONL advanced for three days, in of 212 cases, the price rose further within the following month. The odds of a continued upward trend are .
The Aroon Indicator entered an Uptrend today. In of 143 cases where CONL Aroon's Indicator entered an Uptrend, the price rose further within the following month. The odds of a continued Uptrend are .
The RSI Indicator demonstrated that the stock has entered the overbought zone. This may point to a price pull-back soon.
The Stochastic Oscillator entered the overbought zone. Expect a price pull-back in the foreseeable future.
Following a 3-day decline, the stock is projected to fall further. Considering past instances where CONL declined for three days, the price rose further in of 62 cases within the following month. The odds of a continued downward trend are .
CONL broke above its upper Bollinger Band on August 19, 2026. This could be a sign that the stock is set to drop as the stock moves back below the upper band and toward the middle band. You may want to consider selling the stock or exploring put options.
Category Trading