Shark Mode Activated
When markets panic, some investors run for the exits. Dave Portnoy? He apparently channels his inner predator. The Barstool Sports founder announced Tuesday that he deployed over $2 million into cryptocurrencies during Monday's market bloodbath, embracing the chaos with characteristic bravado.
"When there's blood in the streets, I'm like a Great White Shark," Portnoy declared in a video posted on X.
The breakdown of his shopping spree: nearly $1 million in XRP (XRP), $750,000 in Bitcoin (BTC), and $400,000 in Ethereum (ETH). Not exactly throwing spare change at the problem.
Why The Timing Matters
Portnoy's aggressive buying came as the crypto market experienced one of its sharpest corrections in months. Bitcoin plunged below $90,000 for the first time in nearly seven months, wiping out all of its 2025 gains in a single day. The pain wasn't isolated to the world's largest cryptocurrency either—major tokens across the board took a beating.
Over the past week, Ethereum dropped 9.08% while XRP fell 7.52%. As of Tuesday evening at 9:43 p.m. ET, Bitcoin was trading at $92,557.47, down 10.17% for the week. Ethereum sat at $3,111.47, and XRP changed hands at $2.21.
A History Of Crypto Regret
Portnoy has never been shy about discussing his cryptocurrency wins and losses—sometimes painfully so. Earlier in July, he publicly lamented selling his XRP holdings before the token surged to seven-year highs, a move that cost him millions in potential profits.
As for Bitcoin, Portnoy disclosed in December 2024 that he owned $1.5 million worth of the cryptocurrency. If he hasn't sold any since then, his latest $750,000 purchase would bring his total Bitcoin position to roughly $2.25 million.
The XRP investment is particularly interesting given his previous regret over exiting too early. This time around, he's betting big that the token has room to run despite the recent downturn. Whether this aggressive dip-buying strategy pays off remains to be seen, but one thing's clear: Portnoy isn't afraid to put real money behind his convictions when he thinks the market has overreacted.