Why Coinbase Spends $25 Million on an 8-Episode Podcast

On October 21, 2025, an Ethereum wallet marked "coinbase.eth" transferred 25 million USDC to cryptocurrency influencer Cobie to purchase an NFT called UpOnly. UpOnly was once the most popular podcast in the crypto world, hosted by Cobie and his partner Ledger, and featured interviews with heavyweights like Vitalik Buterin and SBF. The show was discontinued after the FTX crash in 2022. This NFT was issued by Cobie that year, and holders can choose to destroy it, forcing the two hosts to record a new season. An hour later, Cobie posted a tweet on X: "It's been three years since UpOnly ended. I was in my 20s when I started the show, and now I have gray hair. We're going to change the name to 'Uncle Only,' and then I'm going to spend $25 million on plastic surgery. See you later." This reaction was very Cobie: self-deprecating, humorous, and a little helpless. In the spring of 2022, it was he who exposed insider trading by Coinbase employees by analyzing on-chain data. Cobie subsequently shared his analysis on social media, pointing to a possible information leak within Coinbase. A few months later, the US Department of Justice indicted Ishan Wahi, a former Coinbase product manager, for insider trading by abusing his position. In 2023, Wahi was convicted and sentenced to two years in prison. Back then, Cobie was known for calling out pretentious large companies and arguing against Coinbase. Now, Coinbase has purchased his NFT. Specifically, it's the rights to force him and his partner, Ledger Status, to produce eight episodes of UpOnlyTV. At the same time, Coinbase CEO Brian Armstrong confirmed on social media: "The rumors are true. We bought this NFT. UpOnly is coming back." The crypto community erupted in discussion. Some cheered, "The bull market is truly back!" Others questioned, "Is Coinbase trying to control public opinion?" Still others asked, "How could an NFT for a podcast be worth $25 million?" To understand this transaction, we have to go back three years. Back then, the NFT market was in full swing, UpOnly was the most popular podcast in crypto, and Cobie had just made a seemingly joking decision: to embed control of the show into an NFT smart contract.

Three Years of NFT

2021 to 2022 was UpOnly's golden age and the peak of NFT enthusiasm.

Every Thursday at 8 PM, Cobie and Ledger will livestream on Twitch, interviewing the most influential voices in the crypto world. Ethereum founder Vitalik Buterin discussed Layer 2 scaling solutions, FTX founder SBF discussed regulatory strategies, and Terra founder Do Kwon discussed the future of algorithmic stablecoins.

UpOnly invited CZ and SBF as guests

The show is characterized by its eclectic style. The host dares to ask tough questions, and the guests do not speak in official language. The program’s self-introduction reads: "A crypto podcast that has been described as naive, unprofessional, and weird. It prioritizes entertainment over alpha, but most of the time it has neither."

In November 2022, UpOnly witnessed one of the most dramatic moments in the history of crypto: the collapse of the FTX building. On November 2nd, a CoinDesk report exposed Alameda Research's balance sheet problems. This trading firm, founded by SBF, held approximately $5.8 billion of its $14.6 billion in assets in FTX's own platform token, FTT. This exposed the two "independent" companies as being highly interconnected. The deeper issue was that FTX was misappropriating customer funds to cover Alameda's losses. Markets began to panic. On November 6th, Binance CEO Changpeng Zhao announced that he would sell his FTT holdings, triggering a run on the exchange. Customers frantically withdrew their funds, and FTX's liquidity evaporated within days. On November 10th, UpOnly held an emergency livestream interviewing former FTX employee Zane Tackett. Zane had recently resigned and was trying to help FTX executives find a solution. The livestream lasted three hours, with Cobie and the guest practically speechless, glued to the news and social media, watching the real-time collapse of an empire once valued in the billions. The next day, November 11th, FTX filed for bankruptcy, and SBF resigned. Shortly after that livestream, UpOnly ceased operations. Cobie explained that he had deposited considerable funds with FTX and suffered significant losses. But the deeper reason was that FTX's collapse had opened a wound to the entire crypto content ecosystem. FTX isn't just an exchange; it's the financial backer of the entire industry. It's sponsored nearly every major crypto media outlet, providing funding for podcasts, conference sponsorships, and advertising fees to influencers. It spent $135 million on the naming rights to the Miami Heat's arena, hired Tom Brady and Gisele Bündchen as spokespeople, and spent tens of millions on advertising. The purpose of this money is clear: to control the narrative, shape the image, and convince everyone that FTX is a "secure and reliable industry leader." After the FTX collapse, these funding streams dried up, plunging many crypto media outlets into existential crisis. The Block's CEO resigned amidst a scandal involving concealing a massive loan from FTX, CoinDesk was forced to lay off staff, and a large number of small, independent media outlets collapsed. Those influencers who had taken money from FTX fell silent or were busy distancing themselves from the platform. Trust collapsed. UpOnly also lost its motivation to continue. Cobie transitioned into entrepreneurship, launching an angel investment platform called Echo in 2022 and the token sale platform Sonar in 2025. He thought he could step out of the spotlight and become a behind-the-scenes investor. But at the height of UpOnly's popularity, Cobie made a decision: to issue NFTs, embedding control of the show into smart contracts. This NFT, called the "Up Only Television Season Pass," isn't a profile picture or a work of art. According to the description on the Manifold platform, "If the holder destroys this NFT, the new season of UpOnlyTV will premiere within three months." Interestingly, this "contract" has some unusual clauses. According to previous reports, it explicitly states that the purchase does not include any sponsorship rights, allowing hosts to ignore or mock the buyer on-air. This design is counterintuitive. In traditional content sponsorships, buyers pay for exposure, product placement, and control of the narrative. However, Cobie's NFT explicitly states: "You can pay me to appear on the show, but you can't make me say anything. I can even curse you on the air." From 2022 to 2024, the NFT market collapsed. Most of the avatar NFTs that once sold for hundreds of thousands of dollars were now worth nothing. OpenSea's trading volume plummeted from billions of dollars per month at its peak to less than $100 million. Bored Ape's floor price plummeted from a high of 150 ETH to less than 30 ETH. Criticisms of the "JPG scam" spread, and NFTs became synonymous with speculation and bubbles. But the UpOnly NFT didn't go to zero. Because it represented more than just an image, it represented a real right: forcing two influential people to do something valuable. This is precisely the original promise of NFT technology: using blockchain to record rights and smart contracts to enforce rules. However, in the frenzy of 2021, this promise was drowned out by the hype surrounding avatars. In October 2025, Bitcoin regained its highs, and the ecosystem became active again. At this time, Coinbase offered $25 million to purchase the NFT. From Opposition to Sharing the Same Table Cobie, whose real name is Jordan Fish, was born in the UK in the 1990s and graduated in Computer Science from the University of Bristol. He discovered Bitcoin in the early 2010s and gradually became an active trader in the crypto world. His online nickname, Cobie, comes from the early gaming community and has since become one of the most influential labels in the crypto world. Cobie's career has been diverse. He has worked as a product manager, in growth operations, and has invested in numerous projects. He was an early backer of Lido Finance, a liquidity staking protocol that later became one of the largest projects in DeFi by TVL. He founded Echo, an angel investment platform for early-stage projects, and later launched Sonar, a public token sale platform that attempted to redefine the ICO model. But what truly made Cobie famous was his outspokenness. He was known for his outspokenness on social media, daring to criticize major projects, expose problems, and say what others were afraid to say. In the spring of 2022, he discovered unusual transactions before Coinbase listed a coin and publicly questioned internal leaks. This revelation ultimately led to the prosecution of former Coinbase product manager Ishan Wahi, who was sentenced to two years in prison in 2023. At the time, Cobie represented an independent voice in the crypto world. He wasn't affiliated with any exchange, didn't take money from any project, made his money through trading and investing, and spoke with influence. UpOnly was similar: they didn't accept sponsorships, didn't publish advertorials, and could criticize whomever they pleased. But the FTX collapse changed everything. Cobie lost money from FTX; he hasn't disclosed the exact amount, but he said it was "significant." More importantly, FTX's collapse exposed him to the ugliest side of the crypto world: the paid media outlets and influencers who collectively lost their voices when the crisis struck. Credibility was shattered, trust collapsed, and the entire content ecosystem needed to be rebuilt. Cobie opted to temporarily step aside, focusing his energy on Echo and Sonar, attempting to transform the industry from an investment and infrastructure perspective. UpOnly ceased broadcasting, and the NFT sat quietly in his wallet until Coinbase came knocking. Why Coinbase? Why now? Coinbase needed a voice. Not the official, serious, educational kind. It already had that. Coinbase Learn offers hundreds of tutorials covering everything from Bitcoin basics to advanced DeFi. What it needs is the kind of voice that UpOnly has—a voice young people love to read, influencers love to share, the ability to generate buzz, and the ability to guide narratives. More importantly, it needs authenticity. The lessons of FTX are profound. Those bought-off voices ultimately become a joke. Truly influential are those who dare to speak the truth. Cobie exposed insider trading at Coinbase, but precisely because of this, his words carry weight. If he says on UpOnly that Coinbase is doing well, people will believe him; if he says Coinbase has problems, people will also believe him. This kind of trust can't be bought with $25 million. But Coinbase can buy a communication channel and make that trust work for them. So Coinbase bought the NFT. But Cobie can criticize Coinbase on the show, question its policies, and expose its problems. Coinbase spent $25 million to buy a platform where they can criticize themselves. This sounds ridiculous, but it may be exactly what Coinbase wants. Only truly independent voices have credibility. Only those who dare to criticize you can help you build trust. Cobie went from being a whistleblower to a "partner" of Coinbase, while retaining the freedom to criticize. But the question is, how long can this freedom last? When Coinbase becomes your financial backer, can you still be as sharp as before? A new battlefield for discourse power In the traditional financial world, there's a clear boundary between exchanges and media outlets. The New York Stock Exchange wouldn't launch The Wall Street Journal, and Goldman Sachs wouldn't buy Bloomberg. This boundary exists to maintain market fairness and information independence. But in the crypto world, this boundary has never existed. In the FTX era, this logic was sponsorship. FTX paid nearly every major crypto media outlet in exchange for exposure and positive reviews. It spent $135 million to acquire the naming rights to the Miami Heat's arena, hired Tom Brady as a spokesperson, ran Super Bowl ads, sponsored esports teams, and sponsored crypto conferences. SBF himself became a media darling, frequently given interviews, and portrayed as the "savior of the crypto community" and a "practitioner of effective altruism." FTX's Miami Heat arena, named after him | Image source: Los Angeles Times We all know the outcome. In March 2024, SBF was sentenced to 25 years in prison on seven felony counts, including misappropriation of client funds, wire fraud, and money laundering. The court found him guilty of diverting approximately $10 billion in client funds to Alameda Research, which he used for high-risk investments, political donations, and personal expenses. Media outlets and influencers who had received FTX funds fell silent during the crash or scrambled to distance themselves from the platform. Coinbase's strategy is different. Rather than controlling media outlets through sponsorships, it directly owns content IP. However, its method of ownership is also different: rather than acquiring companies or hiring employees, it purchases NFTs, acquiring transparent, smart-contract-based rights. This choice is very Coinbase-esque. In August 2023, Coinbase launched Base, a Layer 2 blockchain based on Ethereum. Base's mission is clearly stated: "Building a global onchain economy to increase innovation, creativity, and freedom." Base's head, Jesse Pollak, has repeatedly emphasized the concept of "making onchain the next online," with the goal of bringing one billion people online. Currently, Coinbase has completed a $25 million content partnership using an NFT smart contract. This itself embodies the concept of "everything onchain." Rather than relying on traditional paper contracts, lawyers, and intermediaries, Coinbase uses the blockchain to record rights and smart contracts to enforce rules. From this perspective, Coinbase's acquisition of UpOnly NFTs is not just a marketing move, but also a demonstration that we believe in onchain and will do business the onchain way. The rights Coinbase received are very specific: eight episodes. It's not permanent control, nor a full acquisition, but just these eight episodes. Imagine a new season of UpOnly, with Cobie and Ledger interviewing everyone, asking pointed questions, and criticizing industry irregularities. Cobie said he'd rename the show "Uncle Show" and spend $25 million on plastic surgery. This is his usual style, using self-deprecation to defuse awkwardness. But behind the joke lies a man who once exposed the dark side of a giant, and with that exposed giant, they've redefined the possibilities of cooperation with a $25 million NFT. The question is, does this redefinition create a healthier ecosystem or a new monopoly? When the largest exchange owns the most influential content platform, even if contracts guarantee independence, the power asymmetry remains. However, from another perspective, this is a more advanced strategy for gaining influence: not simply letting the media speak for you, but letting the media's presence endorse you. But this strategy carries risks. What if Cobie really criticizes Coinbase on the show? What if he reveals new problems? Will Coinbase accept it? Coinbase accepted this risk the moment it purchased the NFT. It was a massive gamble. Will this model succeed? We don't know yet. When will the new season of UpOnly premiere? What will Cobie say on the show? How will Coinbase respond to potential criticism? These questions remain unanswered. Three years ago, Cobie incorporated control of UpOnly into an NFT. Three years later, that NFT sold for $25 million. Coinbase is betting that in the new bull market, authenticity and credibility will be more valuable than control; Cobie is betting that independence and capital can coexist.

The story has just begun.