Crypto exchange Coinbase has spent $25 million to acquire and burn an NFT aimed at reviving the once-popular crypto podcast UpOnly.
CEO Brian Armstrong confirmed on Tuesday that the rumors were true, explaining that the purchase was intended to launch a new season of the podcast.
Onchain data from Arkham Intelligence shows that Coinbase sent $25 million in USDC to a wallet controlled by podcast host and crypto influencer Jordan Fish, also known as “Cobie.”
UpOnly gained popularity during the 2021 bull market, featuring interviews with leading crypto figures and previously sponsored by FTX before the exchange’s collapse. The podcast’s last episode appeared on YouTube in December 2022, shortly after FTX folded. In May, Cobie stated that he was “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.”
The NFT had been listed on OpenSea, where the highest bid reached just 4.7 ETH—roughly $18,500—making Coinbase’s $25 million purchase a striking overpayment.
The acquisition now makes the NFT the fifth most expensive ever sold in crypto history. Cointelegraph contacted Coinbase for comment but did not receive an immediate response.
“Unc Only” jokes Cobie
“Ah man wtf,” Cobie wrote on X, reflecting on the three years since UpOnly 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 replied, “Time to go live Unc.”
UpOnly bills itself as a podcast “prioritizing entertainment before alpha, but mostly there is neither.”
Memecoins pump and dump
Following the news, a memecoin called UPONLY on Coinbase’s Base network surged 7,900% before quickly dumping, while the COBIE memecoin on Base jumped 5,800%, according to DEX Screener.
A Solana-based UPONLY memecoin also spiked roughly 250% at the same time.
“An UPONLY memecoin hit $50M in 2024 on Solana, but UpOnlyTV wasn’t resumed. Now that Coinbase spent $25M to bring back UpOnly, let’s push a Base memecoin to $500M,” tweeted crypto investor “Rune.”
