Schlagwort: crypto business

• Coinbase paid $25M in USDC for Cobie’s UpOnly NFT.
• The deal revives the UpOnly podcast for eight new episodes.
• Cobie joked about returning, calling the sale “too absurd to happen.”

Coinbase CEO Brian Armstrong has confirmed the $25 million purchase of the “UpOnly” NFT from renowned trader and podcaster Jordan “Cobie” Fish.

The purchase not only marks a major foray by Coinbase into NFT-driven media but also sets the stage for the long-awaited revival of the UpOnly podcast after a three-year hiatus.

Armstrong announced the acquisition in a post on X, writing, “The rumours are true, we bought the NFT. UpOnlyTV is coming back.”

The transaction, recorded on-chain, shows Coinbase paying 25 million USDC to Cobie for the token — a sum that astonished many in the crypto community given the NFT’s tongue-in-cheek origins.

The $25 million NFT

The UpOnly NFT was never meant to sell. When Cobie minted it in May 2025, he framed it as part of a humorous challenge, declaring that the show would only return if someone bought and burned the NFT.

“The power is now stored within this NFT,” Cobie wrote at the time. “When it’s burned, the podcast will restart.”

To make sure no one actually purchased it, Cobie set an absurdly high price, adding zero after zero until it looked impossible to buy — even as a joke.

However, Coinbase not only bought the NFT but reportedly paid more than its listed price.

In doing so, the exchange inadvertently activated the “burn-to-revive” condition, forcing Cobie and his co-host Ledger to return to the microphones for eight new episodes of UpOnlyTV.

From a joke to $25 million reality

The NFT’s description, written in Cobie’s trademark humour, grants its holder the right to “compel Cobie and Ledger Status into performing, like monkeys, 8 episodes of UpOnlyTV.”

It even allows them to “call the buyer idiots” or ignore them completely during production.

What began as a parody of NFT culture has now become a high-value contract tied to one of the largest crypto exchanges in the world.

For Coinbase, the deal signals more than a meme purchase.

The company has framed the acquisition as part of its growing content and media strategy — an effort to engage audiences beyond trading and exchange services.

By tying the revival of a well-loved podcast to blockchain technology, Coinbase is experimenting with how NFTs can blend digital ownership, creator incentives, and entertainment.

The rise, fall, and return of UpOnly

UpOnly first launched during the 2021 bull market, hosted by Cobie and Ledger.

The podcast became a fixture of crypto culture for its honest conversations with traders, fund managers, and project founders.

Guests often discussed market trends with a mix of sharp insight and irreverent humour, helping the show stand out in an increasingly noisy media landscape.

However, the show went silent in 2022, following the collapse of FTX and the broader crypto downturn.

For three years, fans wondered if UpOnly would ever return. Cobie repeatedly said no until the playful NFT idea changed everything.

Now, with Coinbase’s purchase, the show’s comeback is officially underway.

According to the NFT terms, Cobie and Ledger will produce an eight-episode season beginning on October 21, 2025 — nearly three years to the day after the podcast went dark.

In true Cobie fashion, the trader responded to the $25 million windfall with dry humour. “It’s been three years since UpOnly ended,” he wrote on X.

“I was in my 20s when it started, now I have grey hair.” He joked that he might rename the show “Unc Only” and spend the NFT proceeds on cosmetic surgery before the first episode.

Behind the jokes, though, lies one of the most unusual media transactions in crypto history — a deal that transformed a meme into a multimillion-dollar media contract.

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• Bitcoin ETFs post $40.5 million outflow, fourth straight day of losses.

• Bitcoin falls nearly 3% to $108,112 as crypto sentiment weakens.

• BlackRock launches Bitcoin ETP in London amid market turbulence.

US spot bitcoin exchange-traded funds (ETFs) saw $40.4 million in net outflows on Monday, marking their fourth straight day of negative flows, according to data from Farside Investors.

BlackRock’s iShares Bitcoin Trust (IBIT) was the only spot Bitcoin ETF to register outflows during the session, with $100.7 million exiting the fund.

The losses were partly offset by inflows into five other ETFs managed by Fidelity, Grayscale, Bitwise, VanEck, and Invesco.

The latest outflow follows Friday’s $366.6 million and Thursday’s $536.4 million withdrawals, extending a streak of negative sentiment that has persisted across digital asset funds since last week.

Meanwhile, spot Ethereum ETFs also recorded continued weakness, with $145.7 million in net outflows on Monday — their third consecutive day of redemptions.

Bitcoin retreats as crypto sentiment weakens

Bitcoin fell sharply on Tuesday, reversing its weekend rebound as cryptocurrencies lagged behind other risk assets that benefited from easing US-China trade tensions.

The world’s largest cryptocurrency dropped nearly 3% to $108,112.30, struggling to maintain the $110,000 level after a volatile start to October that erased roughly $500 billion in total crypto market capitalisation.

Traders cited the lingering impact of the early-October flash crash — which triggered widespread liquidations and heightened risk aversion — as a key reason for the muted recovery.

Market participants appeared hesitant to re-enter positions amid ongoing volatility and renewed concerns over ETF outflows.

Optimism surrounding “Uptober,” a term describing the crypto market’s historical tendency to perform strongly in October, has faded rapidly.

Bitcoin is now down more than 2% for the month, underscoring the loss of bullish momentum.

Broad crypto market decline

The broader crypto market mirrored Bitcoin’s slide, with most major altcoins trading lower.

Ether, the second-largest cryptocurrency by market capitalisation, fell 5.3% to $3,859.65, slipping below the key $4,000 threshold.

XRP declined 2.2% to $2.4145, showing little reaction to the announcement of a new treasury backed by issuer Ripple Labs.

Binance’s BNB token dropped 5.7%, while Cardano and Solana shed between 4% and 6%.

Among memecoins, Dogecoin fell 4.3%, and $TRUMP lost 3.1%, reflecting a broad-based retreat across the digital asset space.

BlackRock expands Bitcoin offerings in the UK

Amid the downturn, BlackRock announced the launch of a new Bitcoin-linked exchange-traded product (ETP) in the United Kingdom, following the Financial Conduct Authority’s (FCA) decision to relax restrictions on crypto-based investment vehicles.

The iShares Bitcoin ETP, listed on the London Stock Exchange on Monday, is structured as a Bitcoin-linked security that allows investors to purchase fractional units of Bitcoin through traditional brokerage accounts.

The product is designed to closely track BTC prices while operating within a regulated investment framework.

According to The Sunday Times, the entry price for the product will allow investors to buy fractions of Bitcoin for about $11 per unit, providing retail investors with exposure to the digital asset without direct ownership or the need to trade on crypto exchanges.

BlackRock remains one of the most successful issuers of Bitcoin-linked products, with its US-listed iShares Bitcoin ETF holding more than $85 billion in net assets, according to SoSoValue data.

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• 21Shares has filed for a new spot Injective (INJ) ETF with the US Securities and Exchange Commission.
• The ETF issuer submitted the application on October 20, 2025, making Injective one of the altcoins with multiple ETF applications before the SEC.
• INJ trades at $8.75 as cryptocurrencies look to bounce off recent lows amid ETF-fueled bullish sentiment.

21Shares, a leading issuer of cryptocurrency exchange-traded products, has submitted a new filing for a spot exchange-traded fund (ETF) to the US Securities and Exchange Commission.

The price of Injective’s native token INJ saw a slight uptick amid the development, with bulls holding above the $8.00 level.

21Shares files for a new injective spot ETF

Injective’s official X account shared news of 21Shares’ INJ ETF filing with SEC on Monday.

Per the filing, the proposed 21Shares Injective ETF aims to provide investors with direct exposure to INJ.

Like other proposed listings, and following in the inaugural launches of Bitcoin and Ethereum spot ETFs, the 21Shares Injective ETF is an exchange-traded fund that will hold physical INJ tokens in cold storage custody.

“This is a major signal of growing institutional interest, making $INJ one of the few digital assets with multiple ETF products in progress,” the Injective team posted on X.

Injective is one of the top 100 cryptocurrencies and its growth across the industry comes amid traction for sectors such as decentralized finance and real-world assets.

Recently, the layer-1 project held its inaugural meeting of the Injective Council.

The platform’s growing presence and adoption gets notable boost from industry leaders helping to champion key strategic roadmap goals, including native Ethereum Virtual Machine, digital asset treasury, INJ ETFs and pre-IPO markets.

Major partners include Google Cloud, T-Mobile, Deutsche Telekom, YZi Labs, Galaxy Digital and BitGo.

Previously Canary Capital had submitted for an INJ ETF in July.

Injective is a high-performance Layer 1 blockchain engineered for decentralized financial services (DeFi).

The platform is capable of processing more than 25,000 transactions per second and utilizes its native token, INJ, to secure the network via a delegated proof-of-stake (DPoS) consensus mechanism.

The blockchain tackles infrastructure challenges such as fragmented liquidity and slow transaction finality by integrating exchange primitives with CosmWasm-based composability, while Comet BFT (formerly Tendermint BFT) ensures fast finality.

INJ price outlook as ETF approval hype boosts sentiment

As noted, INJ traded near $8.75 amid broader crypto volatility.

While the token’s price did not explode amid the ETF news, enthusiasm is high across the market.

The upbeat outlook is mostly down to anticipation that the SEC is set to greenlight multiple crypto ETFs and current market downside pressure could dissipate to see bulls take over.

The Injective price is down from its December 2024 peak near $35 and well off the all-time high of $52.75 reached in March 2024.

However, bulls are looking to hold above $8.00 after dipping to around $7.80 following the dip on October 17, 2025.

Prior to this, INJ had shown resilience after bouncing off lows of $6.90 in April.

Apart from ETF-driven sentiment, treasury asset bets such as the $100 million move by Pineapple Financial, help bulls.

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