Coinbase CEO Brian Armstrong made waves Tuesday when he confirmed that the exchange spent $25 million to acquire an NFT that will relaunch UpOnly, a crypto podcast that went dark three years ago. The purchase marks one of the most expensive NFT transactions in history and heralds a sea change in the crypto media space.
How the NFT challenge started
Cobie threw down the gauntlet in May 2025 and created an unusual challenge. He smashed an NFT and announced that whoever burned it would push back the podcast for another season. “I will no longer be the decision maker if UpOnly returns,” he wrote at the time. “The power is now being stored in this NFT that I just minted. When the NFT is burned, the podcast will restart.”
The NFT came with strict restrictions. Buyers were given no sponsorship rights or editorial control. Cobie admitted that he kept adding zeros to the price on OpenSea until the amount seemed too ridiculous for anyone to actually pay. He didn’t expect anyone to take him seriously, but Coinbase proved him wrong.
Before Coinbase intervened, the highest bid for OpenSea had reached 4.7 Ethereum, around $18,500. Ultimately, Coinbase paid a huge premium to secure the token. The transaction itself required large-scale management cryptocurrency walletswhere Coinbase processes the funds in a very secure manner. The $25 million purchase now ranks as the fifth most expensive NFT sale on record.
News is rocking the Crypto community
Armstrong told his 1.6 million followers on On-chain data from Arkham Intelligence confirmed that the $25 million USDC transaction was completed to a wallet belonging to Jordan Fish (aka Cobie), a prominent crypto trader. Cobie is also one half of the duo that co-hosts the podcast “UpOnly,” which he co-hosted with Ledger during the 2021 bull market. “UpOnly” offered listeners conversations with top traders, project founders and fund managers discussing market trends and sharing their knowledge and experience. FTX sponsored “UpOnly,” but afterward collapse At the end of 2022, the podcast stopped airing new episodes.
The fine print tells us what’s next
The NFT’s fine print clearly outlines the services and value that Coinbase will receive from its investment. In it, the token owner can “force Cobie and Ledger Status to perform eight episodes of UpOnlyTV like monkeys.” The description also states that Cobie and Ledger Status “may call you an idiot for purchasing this, or completely ignore (without any mention) of your existence during our eight-episode season.”
Cobie responded via social media, with his typical sense of humor, saying, “I’m too old to make a crypto podcast, I’ll be here to make Gary V look young again.” He then pointed out that it has been three years since UpOnly shut down. Cobie stated at the time that he was in his twenties and that he now has gray hair. He jokingly called the new show “Unc Only” and said he would invest $25 million in plastic surgery before its return.
Market Reactions and Meme Coin Frenzy
News of the acquisition had a domino effect on other coins in the crypto market. Several others meme coins started appearing on the blockchain with the name UPONLY, creating significant value. One Base version of UPONLY rose to 7900%, before a slight price drop, while a COBIE token on Base rose 5800%. There was also a memecoin based on Solana, whose value increased by 250% as investors flooded in amid the momentum.
Crypto investor Rune proposed sending a Base meme coin to a market cap of $500 million, arguing that Coinbase’s $25 million investment in reviving the podcast justified the speculation. This kind of madness reflects the immediate reaction of crypto communities to big news and shows how meme coins have become a cultural event for traders.
Technical problems cloud the announcement
The purchase announcement came at a difficult time for Coinbase. The exchange faced serious technical issues arising from Amazon Web Services failure. Users reported difficulties accessing accounts and making transactions while Armstrong confirmed 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 for crypto media?
Coinbase’s decision to spend $25 million on bringing back a podcast raises questions about its media strategy. UpOnly developed a strong following during the Bull market of 2021but the crypto audience has changed, and chances are it has evolved dramatically since then. The podcast described itself as prioritizing entertainment in general.
This purchase could be 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 needs a way to connect with users that goes beyond just trading. A popular podcast can help make the exchange part of the conversation about cryptocurrency trends and culture.
To summarize
Coinbase’s $25 million NFT purchase to reboot UpOnly shows 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 reserve their right to roast Coinbase for the purchase or ignore them entirely. The move created immediate buzz, sparked a meme coin frenzy and reminded everyone that crypto’s most interesting stories often unfold off the charts. Whether UpOnly can recapture its original magic remains to be seen, but Coinbase clearly believes the investment is worth the gamble.