Coinbase Spends $25 Million on ‘UpOnly’ NFT to Revive Cobie’s Iconic Crypto Podcast
Key Takeaways:
- Coinbase confirmed a $25 million purchase of the UpOnly NFT from well-known trader, Cobie, reigniting one of crypto’s most-watched podcasts.
- The NFT’s fine print requires Cobie and Ledger to produce eight new episodes, marking the show’s comeback after nearly three years.
- The deal highlights a bold fusion of NFTs and media, positioning Coinbase at the center of the next wave of crypto-driven entertainment.
Coinbase has made one of the most unexpected and headline-grabbing moves of 2025, spending a staggering $25 million to acquire the UpOnly NFT, a digital token tied to the dormant but legendary crypto podcast hosted by Jordan “Cobie” Fish and Brian “Ledger” Krogsgard.
The purchase isn’t just a publicity stunt, it’s a calculated push to merge blockchain ownership with digital media revival, breathing life into a show that once defined the 2021 bull run’s cultural moment.
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A $25 Million Bet on Crypto Nostalgia
Coinbase CEO Brian Armstrong confirmed the acquisition in a short but viral post on X:
“The rumors are true; we bought the NFT. @UpOnlyTV is coming back.”
According to on-chain data, Coinbase paid $25 million in USDC directly to Cobie’s wallet. The transaction triggered immediate buzz across the crypto community not just because of the price tag, but because it forces Cobie and Ledger back into production.
The NFT contract expressly requires the duo to produce eight new podcast episodes, all while granting them permission to “ignore or insult” the NFT holder as a funny little aside. It’s a perfect mix of crypto humor, contractual irony and blockchain enforcement, a signature plays that only this industry could come up with.
Cobie himself appeared both amused and alarmed. Shortly after the transaction, he posted on X:
“Ah man wtf.”
“I’m too old to have a crypto podcast, imma be out here looking like Gary V.”
The Rise, Fall, and Rebirth of UpOnly
From Bull Market Sensation to Post-FTX Silence
Introduced in the giddy highs of the 2021 bull run, UpOnly became a sort of cultural touchstone for crypto insiders, lauded for its unvarnished interviews with some of the top traders, builders and meme legends. The show was previously underwritten by FTX, until the exchange imploded in late 2022 and pulled the podcast off air indefinitely.
Its final episode dropped shortly after FTX’s implosion, in what many viewed as the “golden era” for crypto content. And from that moment Cobie would tell people time and time again how the show wasn’t his anymore to bring back, how the decision was locked in an NFT.
In May 2025, Cobie minted the UpOnly NFT as a tongue-in-cheek experiment, tweeting:
“The power is now stored within this NFT. When it’s burned, the podcast will restart. Until then, please leave me alone.”
No one expected the token, initially listed with an absurd string of zeros to actually sell. But Coinbase just turned the joke into a $25 million marketing statement.
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NFTs as Smart Contracts for Media Ownership
Coinbase’s acquisition reveals a deeper, more strategic play: NFTs as programmable media rights.
Unlike traditional contracts, the UpOnly NFT automatically enforces creative obligations through ownership, meaning the buyer doesn’t need lawyers to activate production, it’s written into code.
This model may redefine how content rights, royalties, and creator collaborations are handled in the digital age. Analysts say Coinbase’s move could pave the way for NFT-backed entertainment, where shows, music, or games can be directly tied to on-chain conditions.
“This isn’t just about nostalgia,” said crypto analyst Tom Dunleavy. “Coinbase is experimenting with a new form of decentralized media where blockchain is the business model, not just the topic.”
The timing couldn’t be better. As NFT markets are starting to recover from a brutal 2023–24 slump, corporate actors such as Coinbase find new forms of how they may capitalize on digital collectibles outside art speculation.
Not only did the purchase breathe new life into UpOnly, but it also sent reverberations through the market. One memecoin, UPONLY, soared more than 7,800% in a single day following the announcement, underscoring traders’ obsession with this deal.
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