On October 2, GraniteShares 2x Long COIN Daily ETF rose 8.38% in regular trading, trading at $6.54/share, with turnover of approximately $40.94 million. As a 2x leveraged ETF tracking Coinbase, the fund amplified the underlying stock's upward momentum driven by a confluence of positive catalysts.

On the news front, Coinbase officially obtained a license from the UAE Financial Services Regulatory Authority, designating Abu Dhabi Global Market as its international tokenization hub. The approval grants Coinbase the authority to arrange transactions and provide custody services for tokenized securities, marking a significant milestone in its global expansion strategy. Additionally, multiple investment banks reportedly raised their target prices on Coinbase, further bolstering sentiment.

These developments build on Coinbase's earlier achievement of securing CFTC approval to establish a regulated derivatives clearing institution, completing a critical piece of its regulated derivatives infrastructure. The convergence of regulatory wins across multiple jurisdictions and bullish analyst actions drove the underlying stock higher, with the 2x leveraged structure of the ETF further magnifying the gains.

GraniteShares 2x Long COIN Daily ETF is a passively managed ETF that attempts to replicate 1.5 times (150%) the daily percentage change of the underlying stock by entering into swap agreements with major financial institutions. It is non-diversified.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)