Coinbase Spends $25M to Revive Iconic ‘UpOnly’ Podcast Through NFT Burn

Coinbase buys $25M NFT to bring back “UpOnly” podcast

Crypto exchange Coinbase has reportedly spent $25 million acquiring and burning a non-fungible token (NFT) linked to the revival of the popular crypto podcast UpOnly. CEO Brian Armstrong confirmed the rumors on Tuesday, saying the move marks the podcast’s official return after nearly three years of dormancy.

Onchain data from Arkham Intelligence shows that Coinbase transferred $25 million in USDC to a wallet owned by podcast host and crypto influencer Jordan Fish (Cobie).

A 2021 bull market favorite returns

The UpOnly podcast gained major traction during the 2021 bull run, featuring candid interviews with leading crypto figures and sharp industry commentary. It was also sponsored by FTX before the exchange’s collapse in late 2022.

The show’s final episode aired in December 2022, shortly after the FTX implosion. In May 2024, Cobie hinted that the show’s fate rested on an NFT he minted — explaining that burning it would trigger the podcast’s restart.

Coinbase’s $25M purchase of the NFT, which was previously listed on OpenSea with a top offer of only 4.7 ETH (around $18,500), now places it among the top five most expensive NFTs ever sold.

Cobie reacts: “we’ll call it Unc Only”

Reacting to the news, Cobie joked on X,

“Ah man wtf. It’s been three years since UpOnly ended. I was in my 20s when it started, now I have grey hair. We’ll rename it Unc Only and I’ll spend $25M on cosmetic surgery.” Coinbase responded playfully, “Time to go live Unc.”

UpOnly’s tagline humorously describes it as a podcast that “prioritizes entertainment before alpha — but mostly there is neither.”

Memecoins go wild after announcement

Following the announcement, the UPONLY memecoin on Base, Coinbase’s layer-2 network, skyrocketed by 7,900% before plunging shortly after, according to DEX Screener. The COBIE memecoin on Base also surged 5,800%, while a Solana-based UPONLY token gained over 250%.

One investor quipped, “An UPONLY memecoin went to $50M in 2024 on Solana, but UpOnlyTV wasn’t resumed. Now that Coinbase spent $25M on resuming UpOnly, let’s send a Base memecoin to $500M.”