GraniteShares 2x Long COIN Daily ETF (CONL) is soaring 5.20% in pre-market trading on Thursday, building on its previous day's gains. This surge comes as Coinbase Global, Inc. (COIN), the underlying asset that CONL tracks with 2x leverage, continues to rally amid bullish analyst sentiments and positive developments in the crypto industry.

Bernstein analysts have dubbed Coinbase a "one-stop Amazon" of crypto services, raising their price target on the stock to $510 from $310 with an Outperform rating. The analysts highlighted Coinbase's dominance in US crypto trading, its large stablecoin business, and its role as custodian for the majority of US spot bitcoin ETFs. Additionally, Coinbase has expanded into fast-growing areas such as institutional custody, Base blockchain services, and Prime lending desk, further solidifying its position in the crypto financial services sector.

The positive outlook for Coinbase is amplified by the recent passage of the GENIUS Act in the Senate, which aims to establish a federal framework for stablecoins. This regulatory progress has contributed to a broader rally in crypto-related stocks, with Coinbase shares gaining over 40% since the bill's passage. As CONL provides leveraged exposure to Coinbase's performance, it is experiencing an even more pronounced upward movement, reflecting the growing institutional adoption of bitcoin and the momentum surrounding stablecoin regulation.