The GraniteShares 2x Long COIN Daily ETF (CONL) skyrocketed over 5% on November 11th, 2024, riding a wave of euphoria in the cryptocurrency and stock markets following Donald Trump's victory in the 2024 US presidential election.
Markets rallied broadly in the wake of Trump's win, with the S&P 500 climbing nearly 5% and the Nasdaq topping 19,000 for the first time. Investors are betting that Trump's pro-business agenda of tax cuts, deregulation, and incentives to boost US manufacturing will provide a major tailwind for economic growth and corporate profits.
But the crypto space saw some of the biggest gains, as Trump campaigned on an embrace of digital assets and pledged to make the US a global "crypto capital." Bitcoin soared past $80,000 for the first time ever, while CONL - which provides 2x leveraged exposure to moves in Coinbase stock - surged over 44% on November 11th amid the fervent crypto rally.
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