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Direxion Daily COIN Bull 2X ETF jumps after Coinbase rally

The Direxion Daily COIN Bull 2X ETF, which targets 200% of Coinbase stock’s daily move, surged more than 25% last week amid a broader bitcoin upswing.

Reported · Written up by our desk · ETFs

ETF Trends reports that last week’s bitcoin rally helped lift crypto-correlated equities, including Coinbase Global, whose shares rose more than 25% over the week.

That move provided a boost for the Direxion Daily COIN Bull 2X ETF (CONX), which debuted last November and seeks returns tied to 200% of the daily performance of Coinbase stock.

The article points to potential ongoing catalysts for traders monitoring CONX, including expectations for a more constructive crypto environment and signs that bitcoin’s volatility has eased.

ETF Trends also highlights Coinbase’s shift away from being purely bitcoin-dependent, citing its view that revenue has decoupled from BTC trading fees, with 88% of net revenue described as coming from non-BTC spot trading, alongside growth in its prediction markets business.

Latest closeBitcoin $78,920.97 ▲1.5%

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