Coinbase President Emilie Choi has further confirmed the purchase of an ultra-rare non-fungible token (NFT) worth $25 million. This NFT is not just digital art but features a smart contract-based "admission ticket" that enforces a revival clause.

Emilie Choi reaffirms NFT buy

Rumors circulated within the crypto community on Monday, Oct. 10, about Coinbase purchasing a massive NFT.

In response, Emilie Choi reacted to a post from Coinbase CEO Brian Armstrong, stating, "We had to do it."

In his post, Armstrong confirmed that the rumors were true, noting that the exchange bought the NFT. The NFT in question is associated with UpOnlyTV, a popular crypto podcast hosted by Jordan Fish, known as Cobie on X, and Brian Krogsgard (@ledgerstatus).

We had to do it. https://t.co/Ogmwn52h4I

UpOnlyTV, which launched during the 2021 bull market, went on hiatus after the FTX collapse in late 2022.

In May 2025, Cobie jokingly proposed reviving it if someone burned a special NFT he minted. However, the token lingered unsold on OpenSea, with bids as low as 4.7 ETH.

The NFT compels Cobie and Ledger to produce eight episodes of UpOnlyTV within three months. Importantly, it includes quirky fine print, with no sponsorship rights and editorial control.

The hosts could ignore Coinbase entirely, roast the buyer on air or discuss unrelated topics. Cobie set the price absurdly high initially, turning it into a crypto meme symbolizing the absurdity of NFT valuations.

Armstrong disclosed that Coinbase paid $25 million worth of USDC for the NFT. Coinbase also appears to have burned the NFT to trigger the clause, ensuring the episodes happen without resale risk.

Brian Armstrong very bullish about crypto

The Coinbase CEO is very optimistic about the crypto market despite the recent crash. Armstrong believes it is not too late to invest in crypto and even predicted that Bitcoin (BTC) could surge to $1 million.

However, he urged novice traders not to begin investments in either BTC or Ethereum (ETH). As U.Today previously reported, Armstrong predicted that the crypto market would surge in adoption in 10 years.

He explained that people may not realize they are using crypto, but they would feel the benefits. This is because, according to him, the best tech is often invisible.

While Armstrong continued to show confidence in the market, Coinbase continued with its expansion plans. 

The exchange recently announced that it has added BNB, the native token of Binance, to its listing roadmap. 

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