Dave Portnoy’s Investment in Cryptocurrency
In a significant financial move, Dave Portnoy—renowned for his role as the founder of Barstool Sports—has disclosed that he recently invested $1 million into XRP, a prominent cryptocurrency. This latest purchase comes on the heels of previous acquisitions, including $400,000 worth of Ethereum and $750,000 in Bitcoin.
Market Overview
Current market evaluations from CoinGecko indicate that XRP is trading at approximately $2.22, reflecting a 9% decline over the past week. Portnoy’s history with XRP dates back to late 2024 when he reported holding $1.3 million in XRP and $1.5 million in Bitcoin. He has consistently described his investment strategy as “bet it and set it, not trading.” He acknowledges, however, a tendency to invest after significant market movements.
Recent Transactions
In early 2025, Portnoy took advantage of a market dip to add another $1 million to his XRP holdings. Fast forward to mid-July 2025, he revealed through a video on X (formerly known as Twitter) that he had sold his XRP just two weeks prior at a price of $2.40 per token, a decision influenced by advice regarding competition posed by Circle, the company behind USDC.
Humorously dubbing himself the “leader of the XRP army,” Portnoy’s remark was met with skepticism by many within the community.
Following his sale, XRP surprisingly surged by 60% from his exit price, prompting Portnoy to express his regret, stating that he felt like crying.
Beginning of His Cryptocurrency Journey
Portnoy’s journey into the world of cryptocurrency began in earnest in August 2020 when he received a visit from Gemini founders Cameron and Tyler Winklevoss, who introduced him to Bitcoin. Inspired, he made his first Bitcoin purchase on August 13, 2020 and soon bragged about realizing a $100,000 profit. However, his fluctuating perspectives on cryptocurrency investments have sparked debate and confusion in the financial community.
