CONL Lost 67% Year to Date While Coinbase Fell 33%, Exposing the Volatility Tax in Daily-Reset Leverage

Michael Williams

Sat, June 6, 2026 astatine 1:15 PM CDT 7 min read

Quick Read

• CONL's daily-reset 2x leverage turned COIN's 7% single-day driblet into a 14% loss, and volatility decay has compounded that into an 80% trailing-year decline.

• The SpaceX IPO connected June 12 could propulsion astir $22.5 cardinal successful retail superior distant from crypto, extending CONL's losing streak further.

• Act now: the expert who called NVIDIA successful 2010 conscionable named his apical 10 AI stocks — and Coinbase didn't marque the cut. Grab the names FREE today.

If you enactment $10,000 into the GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL) astatine Thursday's adjacent and checked the relationship Friday afternoon, you had astir $8,556. The money posted a 14% nonaccomplishment connected June 5, 2026, closing astatine $4.80 aft opening the league astatine $5.61 a 14% nonaccomplishment connected June 5, 2026, closing astatine $4.80 aft opening the league astatine $5.61. The catalyst was not subtle. Bitcoin cracked, Coinbase (NASDAQ:COIN) followed, and the leveraged wrapper did precisely what its prospectus says it volition do.

Here is the arithmetic successful plain dollars. COIN closed Thursday astatine $164.13 and finished Friday astatine $152.40, a one-day diminution of 7%. CONL is structured to present 2 times the regular instrumentality of COIN earlier fees, truthful the mathematics lands astir precisely wherever you would expect, with a fractional cushion of slippage. The fund's gross and nett disbursal ratio is 1.10% per the GraniteShares summary prospectus dated April 27, 2026, which hardly registers connected a one-day determination but compounds aggressively implicit weeks. And weeks are wherever this communicative gets ugly.

One Day Was 14%. One Month Was Worse.

Friday's nonaccomplishment is the headline, but the header understates what holders person really lived through. CONL is down 36% implicit the past week (from $7.50 connected May 29 to $4.80 connected June 5), down 44% implicit the past month, and down 67% twelvemonth to day from a $14.65 commencement connected December 31, 2025. Over the trailing twelvemonth the money has mislaid 80%, going from $23.82 to $4.80. COIN itself was obscurity adjacent arsenic brutal implicit the aforesaid windows. Coinbase is down 19% connected the week, 23% connected the month, and 33% twelvemonth to date. The spread betwixt astir 2x the underlying connected immoderate azygous time and acold worse than 2x implicit a period is the volatility-decay tax, and it is the azygous astir important happening to recognize astir owning this benignant of product.

Daily-reset leverage rebalances each afternoon. If COIN falls 7% 1 time and rises 7% the next, COIN is down astir fractional a percent. CONL is down person to 2%, due to the fact that the 2nd day's summation is calculated disconnected a smaller base. Inside a sustained uptrend with debased day-to-day chop, the geometry works the different mode and you get much than 2x. Inside a choppy diminution similar the 1 crypto-linked equities person been grinding done since February, the geometry eats you alive. That is what is successful the numbers.