Coinbase CEO Confirms $25M ‘UpOnly’ NFT Purchase from Cobie to Revive Podcast

Coinbase CEO Brian Armstrong confirmed on Tuesday that the exchange purchased the $25 million ‘UpOnly’ NFT from renowned crypto trader Cobie, aiming to resurrect the popular crypto-focused podcast.

“The rumors are true, we bought the NFT,” Armstrong stated to his 1.6 million followers on X. “UpOnlyTV is coming back.”

On-chain data confirms Coinbase paid $25 million in USDC to Cobie for the NFT. The purchase effectively forces him and his co-host, Ledger, back into the host’s chair for a new season.

The Backstory of the $25M NFT

The ‘UpOnly’ NFT originated from the podcast show of the same name, hosted by Cobie and Ledger. The show, which featured top traders, project founders, and fund managers discussing crypto trends, stalled roughly three years ago following the 2022 FTX collapse and the subsequent crypto winter.

In May 2025, Cobie created a challenge, minting an NFT and declaring that the podcast would only return if the NFT was burned.

“OK I am no longer the decision maker on if UpOnly returns,” Cobie wrote in May. “The power is now stored within this NFT that I just minted. When the NFT is burned, the podcast will restart. Until then, please leave me alone.”

The offer came with a catch: it limited any sponsorship rights or editorial control. Cobie set the price at a figure he thought was impossibly high, stating at the time, “You couldn’t set a dollar amount on OpenSea so I just kept adding 0s till the number seemed too big for anyone to buy even as a joke.”

On Tuesday, Coinbase not only met the asking price but apparently overpaid for the non-fungible token.

What the ‘Fine Print’ Says

According to the NFT’s own description, the token’s holder “can compel Cobie and Ledger Status into performing, like monkeys, 8 episodes of UpOnlyTV.”

The terms, written in Cobie’s characteristic style, also included a waiver:

“We are allowed to call you idiots for buying it, or ignore you completely with zero mentions of your existence during our 8-episode season,” the NFT description read.

Cobie Jokes: ‘We Will Rename It Unc Only’

Soon after the multi-million dollar purchase, Jordan Fish (Cobie) conveyed his disbelief concisely on X.

In a separate post, he joked about his return to the microphone after a three-year hiatus.

“Im too old to have a crypto podcast imma be out here looking like Gary V,” Cobie wrote. “It has been 3 years since up only ended. I was in my 20s when it started, now I have grey hair. We will rename it Unc Only and I will spend $25m on cosmetic surgery. See ya soon.”

Coinbase’s headline-grabbing purchase comes at a time when the exchange was simultaneously battling intense technical difficulties linked to a major Amazon Web Services (AWS) outage.