Barstool Sports Founder Dave Portnoy Doubles Down on XRP Investment, Purchases Additional $1 Million Worth

Portnoy, known for his unapologetic approach to trading and gambling, made the announcement as he discussed Monday's market's downturn.

Barstool Sports founder and social media personality Dave Portnoy has further increased his crypto investments, revealing during a livestream on Monday that he purchased an additional $1 million worth of XRP.

The announcement came as Portnoy discussed Monday’s market downturn and made the revelation during a livestream. “Okay, here’s my announcement. I just bought another million of XRP,” he said.

This marks the second time Portnoy has made waves with a high-stakes crypto investment. In mid-December, he disclosed on a livestream that he had already accumulated $1.3 million worth of XRP, to go along with $1.5 million in Bitcoin.

During that livestream, Portnoy expressed his frustration with missing out on early rallies but maintained his commitment to long-term holds rather than active trading. “I know XRP is up over 400%… I’m always late to these runs. I’m just gonna bet it and set it. I’m not trading, I’m just gonna hold it.”

His investment philosophy appears to be oriented toward high-risk, high-reward plays, with XRP being his asset of choice for outsized gains. “As a gambler myself, I want the 10X coin like XRP. Bitcoin won’t do that anytime soon.”

Portnoy’s first purchase coincided with the launch of RLUSD (Ripple USD), a stablecoin designed to enhance liquidity within the ecosystem. In acknowledging the growing buzz around RLUSD, Portnoy highlighted XRP’s speculative potential.

The legal battle between Ripple and the SEC has been a critical factor in the price surge over the past months. Many traders, including Portnoy, view the asset as a high-risk, high-reward bet due to the ongoing regulatory developments, potentially an end to the case under the new SEC chairman Paul Atkins.

Portnoy’s latest $1 million purchase came amid Monday’s market pullback, where Bitcoin and altcoins experienced a sharp decline followed by steep recovery rallies. The altcoin saw a sharp decline after a multi-month surge, but printed a highly bullish daily candle with a 32% wick.

The downturn can be attributed to the market’s reaction to President Donald Trump’s implementation of tariffs on imports from Mexico and Canada. The announcement of these tariffs, which included a 25% tariff on goods from both nations and a 10% tariff on Canadian energy and oil, sent shockwaves through the entire financial market.

This drop was part of a broader crypto market correction, with Bitcoin also falling as low as $91,200, and other altcoins like Ethereum and Dogecoin seeing double-digit plunges. The crypto market faced over $2 billion in liquidations, highlighting the panic and uncertainty these tariffs introduced into the market. However, the reversal was quick when Trump announced the first deal with Mexico.

At press time, XRP was trading at $2.66.