Coinbase CEO Says Crypto Nearing Next Bull Market as Bitcoin Tops $72,000

Coinbase CEO Brian Armstrong said Thursday the crypto market may be on the verge of its next bull run following Bitcoin’s climb past $72,000. In an interview with CNBC, Armstrong also expressed confidence that the CLARITY Act will secure the 60 votes needed to pass in September, despite ongoing disputes over ethics provisions tied to President Trump’s crypto holdings, which he acknowledged remain a sticking point.

Coinbase Stock Rallies on Optimism

Coinbase shares jumped nearly 8% in morning trading, putting the stock on pace for a one-month high, with retail sentiment shifting sharply bullish over the past day.

Why Armstrong Sees a Turning Point

Armstrong pointed to historical bear market patterns, noting past downturns typically lasted around 370 to 380 days, a timeframe the current cycle is approaching. He also cited the upcoming September 15 CLARITY Act vote and Bitcoin’s historically stronger performance in the months following its halving cycle.

Coinbase Diversifying Away From Bitcoin Trading

Despite the stock rally tracking Bitcoin’s price, Armstrong emphasized that spot Bitcoin trading now accounts for only about 12% of Coinbase’s revenue. Growth areas include crypto derivatives, prediction markets, stablecoin payments, and tokenized real-world assets.

Betting Big on “Agentic Finance”

Armstrong described agentic finance, an emerging market where AI agents conduct financial transactions, as an early-stage opportunity with potentially the largest addressable market Coinbase has seen, suggesting AI agents could eventually outnumber humans and require their own economic infrastructure.

Coinbase plans to launch its tokenized equities product for non-US customers out of Abu Dhabi next week. Armstrong noted the US could eventually follow suit if the SEC introduces an innovation exemption allowing tokenized securities to trade domestically.