Coinbase CEO Brian Armstrong continues to see substantial upside for Bitcoin before the end of the decade.
His long-term outlook comes as institutional demand for Bitcoin strengthens through U.S. exchange-traded funds.
Coinbase is also expanding its Bitcoin-backed lending products as crypto credit markets develop. Meanwhile, new federal disclosures show Bitcoin remains part of Defense Secretary Pete Hegseth’s investment portfolio.
Armstrong still expects Bitcoin to reach about $400,000 by 2030. He repeated that outlook during a September 19 interview with MoneyRehabPodcast.
The Coinbase Global CEO based his estimate partly on Bitcoin’s historical four-year market cycles. Bitcoin cuts the amount of new coins entering circulation through halvings roughly every four years.
Earlier cycles often produced major rallies followed by lengthy corrections. Armstrong said another comparable cycle could push Bitcoin toward three times its previous record before 2030.
However, he acknowledged that past performance cannot determine future Bitcoin prices. His $400,000 Bitcoin target therefore represents a possible scenario rather than a guaranteed outcome.
Coinbase shares traded at $198.85 on Pluang at 16:01 WIB on September 25, down 0.18% over 24 hours. The company had a $52.27 billion market capitalization. COIN’s 52-week range stood between $141.09 and $387.27.
Coinbase expands Bitcoin lending as ETF inflows reach $2.4 billion
Coinbase has introduced fixed-rate USDC loans that allow customers to use Bitcoin as collateral. Borrowers receive their interest rate and repayment deadline when they originate the loan.
The product operates through Morpho Midnight, a decentralized, noncustodial lending protocol launched in July. Base, Coinbase’s Ethereum layer-two network, handles settlement.
Coinbase will continue offering its Morpho Blue lending product, where borrowing rates change according to liquidity and demand. That variable-rate market has more than $1.4 billion in active loans backed by nearly $3 billion in collateral.
At the same time, U.S. spot Bitcoin ETFs recorded $2.4 billion in weekly net inflows through September 25. That marked their strongest weekly intake since October 2025.
Monday contributed $999 million, the ninth-largest daily inflow since spot Bitcoin ETFs launched in January 2024. The latest flows pushed 2026 net inflows to about $934.1 million.
The same funds showed roughly $5.8 billion in year-to-date outflows on July 13. Since inception, they have accumulated about $57.6 billion in net inflows, with assets reaching approximately $108.4 billion.
Bloomberg ETF analyst Eric Balchunas linked the flow reversal to Treasury plans involving increased purchases of longer-term government debt.
Pete Hegseth filing shows Bitcoin and rising cash holdings
Defense Secretary Pete Hegseth also reported Bitcoin holdings in his latest annual financial disclosure covering 2025. Two Coinbase wallet entries valued his combined Bitcoin position between roughly $16,000 and $65,000.
The filing lists at least $3.1 million across cash, retirement investments and Bitcoin. One bank account alone held more than $1 million.
Hegseth and his wife reported five retirement accounts worth between roughly $2.05 million and $4.35 million. His three accounts held between $500,000 and $1.25 million. Jennifer Hegseth’s two rollover IRAs ranged from approximately $1.55 million to $3.1 million.
The couple also disclosed three cash accounts. Their latest filing makes an exact year-to-year wealth comparison difficult because federal disclosures use broad valuation ranges.
Hegseth’s December 2024 nomination disclosure placed financial assets between roughly $1.4 million and $3.4 million. His latest filing has a lower bound of $3.1 million, while the largest cash account has no stated upper limit.
That account, listed as “U.S. Bank #2,” previously carried between $15,001 and $50,000. It now reports more than $1 million.
Separately, Republican Representative Thomas Massie introduced articles of impeachment against Hegseth on September 15 over his handling of the Iran war. Massie accused Hegseth of continuing military action without congressional authorization, allegations the Pentagon disputed.
