Key Points
- Dave Portnoy bought Bitcoin near $100,000 and reports millions in unrealized losses.
- He vows not to sell, citing past regret after exiting before rebounds.
Dave Portnoy, founder of Barstool Sports, said in a July 5 appearance on Fox Business’s Varney & Co. that he purchased Bitcoin at roughly $100,000 and is currently facing millions of dollars in unrealized losses.
He described his investment history with the asset as consistently mistimed, noting that previous sales were followed by sharp price rallies.
Timing Challenges and Current Exposure
Portnoy stated that each time he exited Bitcoin, prices moved higher, while his entries often coincided with downturns.
His most recent purchase occurred close to a local market peak, after Bitcoin climbed above $126,000 in October 2025 before declining by around 50%.
Although his exact holdings are undisclosed, he has previously referenced positions worth about $15 million at earlier highs and said he is now down millions on paper.
In addition to Bitcoin, Portnoy confirmed buying approximately $1 million worth of XRP during a recent market selloff and indicated he does not plan to sell that position, according to U.Today.
Hold Strategy and Broader Market Context
Portnoy has framed his decision to hold as a response to regret over prior sales, saying he would rather maintain his position than risk missing another rebound.
His stance reflects a behavioral approach centered on avoiding further timing errors, rather than a detailed public thesis on supply cycles or institutional demand.
Historically, Bitcoin has endured hundreds of widely publicized predictions of collapse and later recovered, a pattern that some investors cite when choosing to hold through drawdowns.
Portnoy has also previously suggested he might allocate between $5 million and $10 million of Barstool Sports’ corporate funds to Bitcoin if prices fall toward $40,000, outlining a conditional threshold for additional purchases.
His public commentary provides a visible example of retail investor sentiment during periods of volatility, as he continues to disclose both his entry points and losses in mainstream financial media appearances.
