Dave Portnoy, the founder of Barstool Sports, revealed on Tuesday a $2 million investment in cryptocurrencies, including Bitcoin (CRYPTO: BTC), capitalizing on the ongoing market downturn.
Portnoy Buys The Dip
In a video posted on X, Portnoy said he bought nearly $1 million in XRP (CRYPTO: XRP), $750,000 in Bitcoin, and $400,000 in Ethereum (CRYPTO: ETH), totaling more than $2 million, on Monday.
“When there's blood in the streets, I'm like a Great White Shark,” Portnoy stated.
See Also: Bitcoin (BTC) Price Predictions: 2025, 2026, 2030
Portnoy’s Past Crypto Bets
Portnoy has been very candid about his cryptocurrency investments. Earlier in july, he expressed regret over selling his XRP tokens before they hit new 7-year highs, missing out on potential millions.
In December 2024, Portnoy disclosed that he owned $1.5 million worth of Bitcoin. Assuming he hasn't sold any since, his latest purchase has brought his total holdings up to $2.25 million.
Cryptos Sink Amid Drawdown
The investment came alongside a sharp correction in the market, with Bitcoin (CRYPTO: BTC), the world’s largest cryptocurrency, sinking below $90,000 for the first time in nearly seven months. The Monday wipeout erased all of Bitcoin’s gains in 2025.
However, the struggles weren’t limited to Bitcoin. Major tokens, such as ETH and XRP, also struggled, shedding 9.08% and 7.52% respectively, over the last week.
| Cryptocurrency | 7-Day Gains +/- | Price (Recorded at 9:43 p.m. ET) |
|---|---|---|
| Bitcoin | -10.17% | $92,557.47 |
|
Ethereum |
-9.08% | $3,111.47 |
| XRP | -7.52% | $2.21 |
Portnoy has been very candid about his cryptocurrency investments. Earlier in july, he expressed regret over selling his XRP tokens before they hit new 7-year highs, missing out on potential millions.
In December 2024, Portnoy disclosed that he owned $1.5 million worth of Bitcoin. Assuming he hasn't sold any since, his latest purchase has brought his total holdings up to $2.25 million.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
