Coinbase CEO Drops $25M on UpOnly NFT, Aims to Resurrect Iconic Crypto Podcast

Coinbase CEO Brian Armstrong has made headlines by confirming the purchase of the UpOnly NFT for a staggering $25 million in USDC from renowned crypto trader Cobie. This bold transaction isn’t just a hefty buy—it’s a calculated push to bring back the once-thriving crypto podcast “UpOnly,” dormant since the icy grip of the 2022 crypto winter.

• Coinbase spends $25M in USDC to acquire UpOnly NFT, targeting a podcast revival.
• UpOnly, hosted by Cobie and Ledger, halted three years ago after the FTX collapse.
• NFT terms mandate eight UpOnlyTV episodes, with no creative control for Coinbase.
• Move raises questions about speculative NFT trends and corporate focus in crypto.

The UpOnly Legacy: A Cultural Touchstone

Back in its heyday, UpOnly was the heartbeat of crypto discourse. Hosted by Cobie (Jordan Fish) and Ledger, the podcast was a raw, unfiltered platform where top traders and project founders dropped insights and hot takes that often rippled through the market. Think of it as the virtual watercooler for crypto enthusiasts—where a single episode could spark viral debates on X or shift sentiment on a new token. Though exact listener stats from its peak are hard to pin down, its influence was undeniable, shaping conversations during the bull run of 2021.

That all came crashing down after the FTX collapse in late 2022, a scandal that saw billions vanish and trust in the industry shatter. The aftermath, known as the crypto winter—a prolonged period of plummeting prices and slashed activity—froze out countless projects, including UpOnly. With funding drying up and morale low, Cobie and Ledger put the show on ice roughly three years ago, leaving fans nostalgic for its no-holds-barred style.

Coinbase’s Big Bet: Strategy or Stunt?

Fast forward to 2025, and Coinbase, a leading cryptocurrency exchange, has stepped in with a $25 million sledgehammer to crack open that nostalgia. Brian Armstrong took to X, announcing to his 1.6 million followers:

The rumors are true, we bought the NFT. UpOnlyTV is coming back.

On-chain data—public transaction records on the blockchain—confirms the hefty payment in USDC, a stablecoin pegged to the U.S. dollar, was sent to Cobie. Reports even suggest Coinbase overpaid beyond the already absurd asking price on OpenSea, a popular NFT marketplace, as detailed in a recent report on Armstrong’s massive purchase.

Why shell out such a fortune for a digital token tied to a defunct podcast? On the surface, it’s a branding play. Reviving UpOnlyTV could reconnect Coinbase with the grassroots crypto community, a demographic that sometimes views the exchange as too corporate or detached. This move might also counter criticism that Coinbase lacks cultural clout compared to scrappier competitors. Think of it as their version of a Super Bowl ad—flashy, expensive, and impossible to ignore. Beyond branding, it signals confidence in a recovering market, positioning Coinbase as a player willing to take big swings to shape crypto’s narrative.

But let’s not drink the Kool-Aid just yet. Is this $25 million buy a masterstroke of engagement or a reckless flex when the industry craves stability? Coinbase has a history of pushing mainstream adoption—think Super Bowl QR code ads in 2022—but cultural plays like this could misfire if seen as out-of-touch with users’ real needs, like better fees or reliability.

NFT Terms: Coinbase Pays, But Doesn’t Play

For those new to the scene, NFTs, or non-fungible tokens, are unique digital assets recorded on a blockchain, often tied to art, collectibles, or rights to something intangible. They’re like rare trading cards—value hinges on what someone’s willing to pay, not inherent utility. In May 2025, Cobie minted the UpOnly NFT with a cheeky challenge: burn it (a process of permanently destroying a token on the blockchain), and the podcast would return. He set the price sky-high as a jest, later admitting:

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.

Cobie’s intent was clear—he wanted out of the decision-making, stating:

OK I am no longer the decision maker on if UpOnly returns. 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.

Enter Coinbase, who didn’t just buy it but embraced the absurdity. The NFT’s terms are a defiant stance against corporate meddling. Cobie and Ledger must produce eight episodes of UpOnlyTV, but Coinbase gets no editorial sway, no sponsorship perks, and might not even get a shoutout. The NFT description taunts:

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.

Cobie’s reaction to the sale was pure comedic gold, poking fun at his own age:

Im too old to have a crypto podcast imma be out here looking like Gary V. 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.

It’s a reminder that even with millions on the table, the spirit of UpOnly remains untamed—a nod to the decentralized ethos where creators, not suits, hold the reins.

Operational Hiccups Amid Hype

Here’s where the shine dulls. As Coinbase basked in the buzz of their UpOnly NFT purchase, they stumbled over a technical snag tied to an Amazon Web Services (AWS) outage. AWS is a cornerstone of online infrastructure, hosting websites and services for giants like Coinbase. When it falters, users can’t trade or access funds, and frustration brews fast. X posts from irritated traders highlighted delays and glitches during the outage, with some questioning if Coinbase’s focus was misplaced—splashing millions on a symbolic buy while core systems wavered.

The timing couldn’t be worse. Operational reliability is a make-or-break for exchanges, especially in a post-FTX world where trust is hard-won. This hiccup risks painting Coinbase as prioritizing vanity over functionality. Sure, one outage doesn’t define a platform, and AWS issues are often beyond their control, but perception matters. Users want assurance that their money is safe, not headlines about a $25 million meme token.

NFTs and Crypto Culture in 2025: Resurgence or Recklessness?

Zooming out, this UpOnly NFT deal is a window into the state of crypto culture in 2025. After the 2022 crash, NFTs took a beating, with volumes tanking as speculative bubbles burst. Yet, recent data suggests a cautious comeback—platforms like OpenSea report transaction upticks, and brands are dipping toes back into digital collectibles. Coinbase’s purchase isn’t just an outlier; it reflects a lingering casino vibe where value is subjective, and big players still chase symbolic wins.

Is this a turning point for crypto culture? Potentially. High-profile moves can reignite interest, drawing new eyes to the space. But they also echo the wild west days of 2021, when hype often trumped substance. For every success story, there’s a rug pull or a flop—NFTs remain a lightning rod, loved by innovators and loathed by skeptics who see them as digital tulips. Coinbase’s gamble could inspire other firms to make cultural plays, or it might stand as a cautionary tale of misplaced priorities.

A Bitcoin Maximalist Lens: Distraction or Driver?

As champions of Bitcoin’s mission for decentralization and financial sovereignty, it’s worth asking: does this NFT hoopla matter? From a purist view, it’s a distraction. Bitcoin stands as a rebellion against centralized systems, a tool for privacy and freedom. Splashing cash on niche cultural assets tied to altcoin ecosystems or centralized exchanges like Coinbase can seem trivial—or worse, a sideshow that dilutes focus from the real fight against fiat monopolies.

Yet, there’s a counterargument. Cultural moments, even quirky ones, boost crypto’s visibility. Every headline about UpOnlyTV indirectly nudges Bitcoin closer to mainstream consciousness. If Coinbase’s stunt draws in curious newcomers, some might stumble upon Bitcoin’s deeper value. It’s messy, imperfect acceleration—aligned with effective accelerationism (e/acc)—where chaotic pushes, risks and all, can speed up adoption. Still, let’s not pretend this $25 million buy directly advances the orange coin’s cause. It’s a side quest, at best.

Looking Ahead: Will UpOnlyTV Deliver?

So, where does this leave us? Coinbase’s $25 million punt on the UpOnly NFT is both a nostalgic revival and a glaring question mark. On the upside, it could rekindle a cultural gem, rallying the community around raw, unscripted crypto talk. Eight episodes of UpOnlyTV might deliver the sharp insights we crave, strengthening Coinbase’s street cred. It’s a daring move that fits the industry’s penchant for bold disruption.

On the downside, the risk of tone-deafness looms large. With operational hiccups fresh in users’ minds, this could be seen as a misstep—fiddling while Rome burns. And let’s be real: there’s no guarantee the podcast will recapture its old magic. Nostalgia is a tricky beast. Plus, we’re not here to peddle FOMO or hype NFTs as the next gold rush. This is a flashy story, not a market signal. As we await Cobie and Ledger’s return, the crypto world watches—will this be a triumph of community spirit or a pricey PR blunder? Time, as always, will tell.

Key Takeaways and Questions on Coinbase’s UpOnly NFT Purchase

• What prompted Coinbase to spend $25 million on the UpOnly NFT?
  It’s largely a branding strategy to boost visibility and reconnect with the crypto community by reviving a beloved podcast, signaling confidence in a recovering 2025 market.
• Why did Cobie set such an astronomical price for the NFT?
  He did it as a joke, inflating the price with extra zeros on OpenSea to make it seem absurdly unattainable, never expecting a buyer like Coinbase to bite.
• What control does Coinbase have over UpOnlyTV’s content?
  None at all—the NFT terms grant Cobie and Ledger full creative freedom for the eight episodes, even allowing them to mock or ignore Coinbase entirely.
• Does the AWS outage undercut Coinbase’s big moment?
  It might, as technical disruptions frustrate users and raise doubts about priorities, potentially dimming the positive buzz of the UpOnly revival.
• What does this reveal about the NFT market in 2025?
  It highlights ongoing speculation mixed with a cultural resurgence, as major players like Coinbase invest in symbolic assets, though risks of overhype persist.
• How does this fit with Bitcoin’s core mission?
  It’s peripheral at best—while cultural plays can indirectly raise crypto awareness, they don’t directly advance Bitcoin’s push for decentralization and financial freedom.