Coinbase CEO announces $25 million purchase of Cobie’s “UpOnly” NFTs.

Coinbase Purchases $25 Million UpOnly NFT

In a groundbreaking move for the cryptocurrency industry, Coinbase CEO Brian Armstrong has confirmed the purchase of the $25 million UpOnly NFT from prominent trader and podcaster Jordan “Cobie” Fish. This significant acquisition not only marks Coinbase’s entry into NFT-focused media but also reignites the UpOnly podcast after a three-year hiatus.

Details of the Purchase

• Coinbase paid $25 million in USDC for the UpOnly NFT by Cobie Fish.
• The deal brings back the UpOnly podcast with eight new episodes.
• Cobie humorously remarked on the absurdity of the sale.

Armstrong announced the acquisition via a post on X, stating, “The rumors are true, we bought the NFT. UpOnlyTV is coming back.” The transaction, recorded on the blockchain, shows Coinbase paid 25 million USDC for the token, a sum that surprised many within the crypto community given the NFT’s ironic origins.

The Billion-Dollar Joke

The NFT UpOnly was never intended to be sold. When Cobie minted it in May 2025, he framed it as part of a humorous challenge, declaring that the podcast would return only if someone bought and burned the NFT. “The power is now locked in this NFT,” Cobie wrote at the time. “Once it’s burned, the podcast will restart.”

To prevent anyone from actually purchasing it, Cobie set an absurdly high price, adding zero after zero until it seemed impossible to buy—at least as a joke. However, Coinbase not only bought the NFT but reportedly paid more than its listed price, inadvertently activating the “burn-to-revive” condition, forcing Cobie and co-host Ledger back to the microphones for eight new episodes of UpOnlyTV.

A Shift from Parody to Reality

The NFT’s description, written in Cobie’s characteristic humor, grants its holder the right to “force Cobie and Ledger to perform, like monkeys, eight episodes of UpOnlyTV.” This also allows them to “call the buyer an idiot” or completely ignore them during production.

What initially started as a parody of NFT culture has now transformed into a high-value contract tied to one of the largest cryptocurrency platforms in the world. For Coinbase, this acquisition represents more than just a meme purchase; it aligns with the company’s expanding content and media strategy, aimed at engaging audiences beyond trading services.

The Evolution of UpOnly

Originally launched during the 2021 bull market by Cobie and Ledger, UpOnly quickly became a staple in crypto culture, known for its candid conversations with traders, fund managers, and project founders. Guests often discussed market trends with a mix of sharp insight and irreverent humor, helping the show stand out in a crowded media landscape.

However, the show went silent in 2022 following the collapse of FTX and a broader downturn in cryptocurrency markets. Over three years, fans wondered if UpOnly would ever return. Cobie repeatedly said no until the playful idea of NFTs changed everything.

With Coinbase’s purchase, the return of the show is now official. According to the terms of the NFT, Cobie and Ledger will produce eight episodes starting October 21, 2025, nearly three years to the day after the podcast’s disappearance. In his typical humorous style, Cobie reacted to the surprising $25 million deal, noting, “It’s been three years since UpOnly finished. I was in my twenties when it started; now I have gray hair.” He jokingly suggested renaming the show “Unc Only” and spending the NFT proceeds on cosmetic surgery before the first episode.

Beneath the jokes lies one of the most unusual media transactions in cryptocurrency history—an agreement that has transformed a meme into a multi-million dollar media contract.