Coinbase Drops $25M to Bring Back UpOnly Podcast Through NFT Purchase

Coinbase CEO Brian Armstrong made waves on Tuesday when he confirmed that the exchange spent $25 million to acquire an NFT that will restart UpOnly, a crypto podcast that went dark three years ago. The purchase marks one of the most expensive NFT transactions in history and signals a major play in the crypto media space.

Cobie threw down the gauntlet in May 2025, creating an unusual challenge. He minted an NFT and announced that whoever burned it would force the podcast back for another season. “I am no longer the decision maker on if UpOnly returns,” he wrote at the time. “The power is now stored within this NFT that I just minted. When the NFT is burned, the podcast will restart.”

The NFT came with tight restrictions. Buyers got no sponsorship rights or editorial control. Cobie admitted he kept adding zeros to the price on OpenSea until the number seemed too ridiculous for anyone to actually pay. He didn’t expect anyone to take him seriously, but Coinbase proved him wrong.

Before Coinbase stepped in, the highest bid on OpenSea had reached 4.7 Ethereum, roughly $18,500. In the end, Coinbase paid a massive premium to secure the token. The transaction itself required managing large-scale cryptocy wallets, with Coinbase handling the funds in a highly secure manner. The $25 million purchase now ranks as the fifth-most expensive NFT sale ever recorded.

Armstrong told his 1.6 Million Followers on X that the rumors were true, confirming that Coinbase did purchase the NFT. On-chain data from Arkham Intelligence confirmed that the $25 million USDC transaction was completed to a wallet belonging to Jordan Fish (also known as Cobie), a prominent crypto trader. Cobie is also one half of the duo that co-hosts the podcast “UpOnly”, which he hosted along with Ledger during the 2021 bull market. “UpOnly” provided listeners with conversations with top traders, project founders, and fund managers that discussed market trends and shared their knowledge and experience. FTX sponsored “UpOnly,” but after its collapse in late 2022, the podcast stopped airing new episodes.

The fine print of the NFT clearly outlines the services and value Coinbase will receive from its investment. In it, the token owner can “force Cobie and Ledger Status to perform, as monkeys, eight episodes of UpOnlyTV.” The description also states that Cobie and Ledger Status are allowed to “call you an idiot for purchasing this or totally ignore you (with zero mention) of your existence throughout our 8-episode season.”

Cobie responded via social media, with his typical sense of humor, by saying, “I’m too old to do a crypto podcast, I’ll be out here making Gary V look young again.” He then pointed out that it has been 3 years since UpOnly concluded. At the time, Cobie stated he was in his 20s and that now he has gray hair. He jokingly referenced the new show as “Unc Only” and said he would invest $25 million in plastic surgery before the return.

The news of the acquisition had a domino effect on other coins in the crypto market. Multiple other meme coins began appearing on the blockchain with the UPONLY name, creating significant value. One Base version of UPONLY jumped as high as 7900%, before a slight price decrease, while a COBIE token on Base increased 5800%. There was also a memecoin based on Solana, which saw its value increase by 250% as investors poured in amid the momentum.

Crypto investor Rune suggested sending a Base meme coin to a $500 million market cap, arguing that Coinbase’s $25 million investment in reviving the podcast justified the speculation. This kind of frenzy reflects the immediate reaction of crypto communities to major news and shows how meme coins have transcended to become a cultural event for traders.