Stock Track | Crypto ETF CONL Surges on Coinbase Rally and Industry's Political Push

Stock Track07-26

The GraniteShares 2x Long COIN Daily ETF (CONL), an ETF that tracks the price of Coinbase (COIN) with 2x leverage, surged 9.45% in premarket trading on Thursday, following a rally in crypto-related stocks.

The rally was fueled by Coinbase's announcement of adding three new members to its board of directors, including an executive from ChatGPT-maker OpenAI, a former U.S. Solicitor General, and a finance executive. This move is seen as Coinbase's effort to sway U.S. crypto policy and push back against the SEC's regulations.

The broader crypto industry is also aiming to become a major political force in the upcoming U.S. presidential election, as the industry's fortunes could shift depending on the outcome. Crypto-related super PACs have raised over $230 million to support friendly candidates, reflecting the industry's growing political influence.

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