Barstool Sports Founder Portnoy Says He Won’t Sell Bitcoin, XRP Despite Multi-Million-Dollar Losses

Dave Portnoy, founder of online sports media company Barstool Sports, said he has no plans to sell his Bitcoin and XRP holdings despite paper losses running into the millions of dollars.

In a post on X on June 4, Portnoy said he holds sizable amounts of BTC and XRP and has lost several million dollars on paper in the recent cryptocurrency market downturn. He added that he has also exhausted most of the cash he could have used to buy more during the slide.

Portnoy is known to have bought XRP earlier this year at about $1.70. His Bitcoin holdings are also showing significant unrealized losses after the latest market correction.

Even so, he said he does not plan to sell.

Portnoy also said former Twitter Chief Executive Officer Jack Dorsey once predicted that Bitcoin would eventually reach $1 million, and that he intends to maintain a long-term holding strategy.

Volatility in the crypto market has increased recently amid the outlook for US interest rates, geopolitical risks in the Middle East and changes in institutional fund flows. Market participants are watching whether retail investors and prominent traders will stick with their long-term holding strategies.