The GraniteShares 2x Long Coinbase Daily ETF (CONL) closed up 4.76% at $44.00 on January 16, 2025, as Coinbase Global's stock rose 1.97% to $280.35, driven by the reintroduction of Bitcoin-backed loans. Coinbase's decision to restart Bitcoin-backed loans through the Morpho protocol on its Ethereum layer-2 network, Base, has sparked investor interest. This move comes as Bitcoin's price remains elevated, following bullish news such as potential regulatory shifts under President-elect Trump's administration. The loans, collateralized at 133% of their value, allow customers to borrow up to $100,000 in USDC, marking a significant integration between Coinbase and decentralized finance. Analysts have noted that Coinbase's stock, which traded as high as $276.72, has been buoyed by these developments, alongside a broader positive sentiment in the cryptocurrency market.