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Coinbase pays $25M USDC to revive UpOnly podcast
Coinbase has purchased a high-profile non-fungible token (NFT) for $25 million USDC to trigger the return of the popular crypto podcast UpOnly. CEO Brian Armstrong confirmed the acquisition, saying the rumors were true and that the NFT purchase was intended to restart the show for a new season. On-chain analysis from Arkham Intelligence shows a $25 million USDC transfer to a wallet controlled by Jordan Fish, the host known in crypto circles as Cobie.
What the NFT represents and why Coinbase bought it
The NFT serves as a governance key: its holder controls whether UpOnly returns. Cobie previously put that decision into the token, stating that when the NFT is burned, the podcast will be relaunched. The token was listed on OpenSea, where the highest public bid was only 4.7 ETH (roughly $18,500), making Coinbase's payment a dramatic premium over marketplace offers. After the purchase, the NFT now sits among the most expensive NFTs ever sold, ranking fifth in crypto history.
Background on UpOnly and the crypto context
UpOnly rose to prominence during the 2021 crypto bull market with interviews featuring leading blockchain founders and investors. The show was once sponsored by FTX prior to that exchange collapsing in late 2022. UpOnly's last YouTube episode dropped in December 2022, and earlier this year Cobie said he no longer had sole authority over whether the show would resume — that power had been embedded in the NFT he minted.
Market reaction: memecoins surge and volatility
News of Coinbase's move sparked immediate market activity in memecoin markets. According to DEX Screener, a memecoin called UPONLY on Coinbase’s Base layer-2 spiked as much as 7,900% before falling back, while the COBIE token on Base jumped about 5,800%. A Solana-based UPONLY token also rallied roughly 250% during the same window. Traders and influencers quickly amplified the narrative, with some investors publicly urging larger market caps for Base memecoins now that the podcast revival was on the table.
Implications for crypto media and NFTs
Coinbase's decision highlights a growing intersection between mainstream crypto firms, NFTs as governance or utility assets, and community-driven media. Spending $25 million USDC to acquire an NFT tied to intellectual property and content rights signals that exchanges and web3 platforms are willing to invest heavily in cultural and branding plays. For blockchain and crypto audiences, the move underscores how tokenized ownership can control real-world media outcomes and influence speculative asset flows.
Overall this development blends corporate strategy, NFT utility and meme-driven market dynamics, making it a notable moment in the broader crypto ecosystem.
Source: cointelegraph
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