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.
How the NFT Challenge Started
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 cryptocurrency 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.
News Rocks the Crypto Community
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 Shows Us What is Next
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.
Market Reactions and Meme Coin Frenzy
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.
Technical Issues Cloud the Announcement
The purchase announcement came at an awkward time for Coinbase. The exchange was dealing with serious technical issues stemming from an Amazon Web Services outage. Users reported difficulties accessing accounts and executing trades while Armstrong was confirming the NFT purchase on social media. The timing highlighted the ongoing infrastructure challenges that major exchanges face even as they make bold moves in other areas.
How Relevant Is This To Crypto Media?
Coinbase’s decision to spend $25 million bringing back a podcast raises questions about its media strategy. UpOnly developed a strong following during the 2021 bull market, but the crypto audience has changed, and chances are that it has evolved dramatically since then. The podcast described itself as prioritizing entertainment overall.
This purchase could signal a bet on community development and brand growth in the current cycle. The Coinbase exchange has been losing ground to competitors as competition increases, and it needs a way to connect with users beyond just trading. A hot podcast may help the exchange become part of the conversation about cryptocurrency trends and culture.
To Sum Up
Coinbase’s $25 million NFT purchase to restart UpOnly demonstrates how much value major players see in crypto media and community engagement. The deal brought Cobie and Ledger back for eight episodes, though the hosts maintain their right to roast Coinbase for the purchase or ignore them completely. The move generated immediate buzz, sparked a meme-coin frenzy, and reminded everyone that crypto’s most interesting stories often unfold outside the charts. Whether UpOnly can recapture its original magic remains to be seen, but Coinbase clearly believes the investment is worth the gamble.