Brian Armstrong Torches $25M NFT in Dramatic Only TV Revival Bid
Coinbase CEO makes $25 million statement—by setting it on fire.
The Ultimate Power Move
Brian Armstrong just incinerated what most would consider a lifetime fortune—a single NFT valued at $25 million. The calculated destruction serves as the explosive catalyst for Only TV's unexpected return to the digital stage. Talk about burning money to make a point.
Digital Assets Meet Reality TV Drama
This isn't your typical corporate restructuring. Armstrong's fiery gesture blurs the lines between digital asset performance art and strategic business revival. The crypto community watches, divided—some see genius, others see pure theater. Because nothing says 'serious financial strategy' like turning valuable assets into digital ashes.
The $25 Million Question
Was it a brilliant marketing stunt or a worrying precedent for NFT valuation? Either way, Armstrong proves once again that in crypto, the rules are written in code—and sometimes burned for dramatic effect. Traditional finance executives are probably having heart palpitations right about now.
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.
“The rumors are true, we bought the NFT. @Up Only TV is coming back,” posted the Coinbase co-founder.
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:
“It has been 3 years since UpOnly ended. I was in my 20s when it started, now I have grey hair,” he joked. “We will rename it Unc Only and I will spend $25m on cosmetic surgery.”
Crypto users across X reacted with excitement:
“UpOnly spawned some of the best and funniest crypto lore,” wrote crypto researcher Aylo. “Pretty sure every single active person on here will be tuning in.”
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.
