Key Highlights

  • Circle 2x ETF (CBOE:CIR) was quoted up 8.99% at USD 33.75 on October 22, 2026, with Circle's USDC circulation at USD 73.3 billion at the second quarter end, up 19%, and Net Income of USD 48 million.
  • Coinbase 2x ETF (CBOE:COIX) was quoted up 7.64% at USD 31.46 after Needham raised its Coinbase target to USD 205 from USD 200 on October 21, 2026, and the OCC issued Stablecoin reporting forms.
  • MARA 2x ETF (CBOE:MHX) was quoted up 7.71% at USD 7.99, even though MARA reported a second quarter net loss of USD 611.3 million and holds 35,577 Bitcoin after a 29% decline.
  • All three Corgi funds list on the Cboe BZX Exchange, target twice the daily return of their stocks, and are built for short holding periods, not for investors who plan to hold for months or years.

Circle 2x ETF (CBOE:CIR): Circle, stablecoin issuer

Circle Internet Group (NYSE:CRCL) reported second quarter 2026 results on August 5, 2026. Total Revenue and reserve income was USD 701 million, up 7%, while net income from continuing operations was USD 48 million, a swing of USD 530 million from a prior-year loss caused by IPO-related stock compensation. USDC circulation closed at USD 73.3 billion, up 19%, with a quarterly average of USD 76.5 billion, and onchain transaction Volume was USD 14.8 trillion, up 151%. Reserve income depends on interest rates, so growth in circulation matters more than headline revenue. Adjusted operating expenses guidance of USD 570 million to USD 585 million was unchanged, and the company kept a 40% multi-year USDC growth target. Circle 2x ETF (CBOE:CIR) aims for twice Circle's daily return, so the quoted 8.99% gain implies a stock move near 4.5%. For Circle 2x ETF (CBOE:CIR), Arc adoption and USDC circulation are the next markers. The company raised 2026 Other Revenue guidance and its RLDC Margin guidance to 41.7% to 43.7% from 38% to 40%, partly on revenue linked to its Arc network, which was scheduled for public mainnet launch on September 16, 2026. Management said founding validators include BlackRock, DTCC, Mastercard and Visa. In October, the Office of the Comptroller of the Currency published Bulletin 2026-52 on reporting forms for payment stablecoin issuers under the GENIUS Act, according to published coverage, and crypto stocks rebounded in the October 21 session. No Circle release explains the day. Interest Rate cuts remain the main risk to reserve income. Fee income also depends on partner distribution.

Coinbase 2x ETF (CBOE:COIX): Coinbase, crypto exchange

Coinbase Global (NASDAQ:COIN) operates a large U.S. crypto exchange and earns transaction and stablecoin-related revenue. Needham analyst John Todaro reiterated a Buy rating on October 21, 2026 and raised his target to USD 205 from USD 200, pointing to resilient transaction revenue, tighter Operating Expense guidance and growing Market Share for the USD coin stablecoin. The Office of the Comptroller of the Currency published Bulletin 2026-52, which sets reporting forms for payment stablecoin issuers under the GENIUS Act ahead of a 2027 rollout. The stock rose about 4.5%, after falling 4% a week earlier on a hotter-than-expected September Inflation report. Coinbase also earns revenue from stablecoin arrangements and subscriptions. Coinbase 2x ETF (CBOE:COIX) aims for twice Coinbase's daily return, so the quoted 7.64% gain implies a stock move near 3.8%. For Coinbase 2x ETF (CBOE:COIX), third quarter transaction revenue is the next marker. Coinbase shares had fallen 24.3% in 2026 and traded about 50% below the October 2025 high of USD 361.43, with 61 moves greater than 5% in the past year, which shows how volatile the stock is. Crypto shares rebounded in the October 21 session as Bitcoin recovered, though specific price levels in published coverage conflict and are not used here. Revenue depends on trading volumes, which swing with crypto prices, and on stablecoin and interest income. Third quarter results are expected in late October or early November, with the date not verified, and will update transaction revenue and expense guidance. Analysts will focus on whether volumes recover. As simple arithmetic, a 2x fund that gains 7.64% one day and loses 7.64% the next ends about 0.58% lower, while the stock moving half as much each way ends about 0.15% lower.

MARA 2x ETF (CBOE:MHX): MARA, bitcoin miner turning to power

MARA Holdings (NASDAQ:MARA) reported second quarter 2026 results in a Shareholder letter. Revenue fell 27% to USD 174.9 million, mainly because bitcoin's average price was about 28% lower than a year earlier, and the net loss was USD 611.3 million, or USD 1.60 per share. Bitcoin holdings fell 29% to 35,577 bitcoin, valued at about USD 2.1 billion at USD 58,524, and cash was USD 421.3 million. After quarter end it signed two bitcoin-backed Credit facilities with Coinbase and Two Prime totaling USD 600.0 million at a weighted cost of 7.56%, to fund the pending Long Ridge power acquisition. Cost per kilowatt hour at owned sites was USD 0.04. MARA 2x ETF (CBOE:MHX) aims for twice MARA's daily return, so the quoted gain of 7.71% implies a stock move near 3.9%. For MARA 2x ETF (CBOE:MHX), the Long Ridge approval and a first Lease are the next markers. Management is prioritizing power, land and compute for AI and high-performance computing. Plans include the Long Ridge acquisition, awaiting FERC approval, rights to a Matagorda County, Texas site of up to 2 gigawatts, a target power portfolio of up to 4.8 gigawatts and a goal of signing at least one lease before year end, plus an investor day later this year. Shares rose in the October 21, 2026 session as crypto stocks rebounded and the Nasdaq Composite gained 1.05%. No company release explains the day. Execution on a first lease and financing costs are the main markers. Power-ready sites are scarce, according to management, which is the logic behind the pivot.

Where Things Stand

The answer is that crypto-linked stocks rebounded on October 21, 2026 and each fund doubled its stock's move. Circle 2x ETF (CBOE:CIR) benefits from USDC growth and regulatory clarity but depends on interest rates. Coinbase 2x ETF (CBOE:COIX) reflects an analyst target increase and a stablecoin bulletin. MARA 2x ETF (CBOE:MHX) is the most speculative, with falling bitcoin holdings and a pivot to power and AI hosting. Published data conflicts on Bitcoin's level, so this article does not rely on one.