Brian Armstrong Burns $25M NFT to Force Up Only TV Comeback

Coinbase CEO Brian Armstrong has spent $25 million to buy and burn a one-of-a-kind NFT that controls the return of Up Only TV, the cult-favorite crypto podcast hosted by Cobie and LedgerStatus.

The symbolic burn immediately triggered excitement across Crypto Twitter, reigniting memories of the 2021 bull run that the show helped define.

Armstrong Revives a Crypto Classic

The story began on May 7, when Cobie, real name Jordan Fish, minted an NFT that he claimed would determine the fate of Up Only.

The token, inscribed with “ADMISSION: 1 SEASON OF UP ONLY TV,” gave its holder the power to “compel Cobie and LedgerStatus into performing eight episodes.” He wrote at the time, “When the NFT is burned, the podcast will restart. Until then, please leave me alone.”

This week, Armstrong entered the picture, revealing that his company had bought the NFT.

While the exact price was not officially confirmed, on-chain data analyzed by commentators suggested a transaction worth 6,500 ETH, or approximately $25 million.

Cobie, who had earlier resisted calls to revive the show, leaned into the moment with humor:

Crypto users across X reacted with excitement:

Others, like Rhino, questioned whether the new season could live up to its past, noting that there aren’t anywhere near the level of interesting main characters that had been around in the last cycle. Cobie himself admitted that finding good guests could be challenging, mentioning possible appearances from Arthur Hayes and prediction market experts, but no confirmed list yet.

Nostalgia and Market Timing

The Up Only revival lands at a time when the crypto community could use a morale boost. Just last week, the market suffered a sharp downturn, with over $19 billion worth of leveraged positions liquidated following renewed U.S.–China trade tensions.

Cobie used that collapse to remind traders about the risks of over-leverage, saying that “fighting that feeling and avoiding the wipeouts is worth it in the end.”

Still, the podcaster is tempering expectations, writing that the show’s return won’t magically “bring back 2021 vibes.” However, going by the online comments, for much of the crypto community, even a short UpOnly reboot feels like a spark of optimism after months of market exhaustion. As one fan put it when Cobie announced he was putting down the mic: “One more UpOnly season for my children. One more UpOnly for Satoshi.”

At the same time, the relationship between Cobie and Coinbase will go beyond the company’s revival of the Up Only podcast, with the exchange announcing its acquisition of Echo, an early-stage crypto investment platform founded by Cobie. The deal is worth about $375 million, made up of cash and stock, and will be subject to purchase price adjustments.

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