CONL, the GraniteShares 2x Long Coinbase Daily ETF, provides leveraged exposure to Coinbase Global Inc., a cryptocurrency exchange. This analysis reveals significant Shariah compliance issues stemming from the underlying business activities involving speculation and derivatives, which violate principles of gharar, maysir, and riba. Financial ratios are unassessable due to the ETF structure, but business activity screening results in non-compliance. No inclusion in major Shariah indices underscores broad regulatory and scholarly rejection. Investors are advised to avoid or monitor closely, with alternatives in permissible sectors recommended.