Dave Portnoy Doubles Down on Crypto: $2M Bet on Bitcoin, Ethereum, and XRP During Market Pullback

Barstool Sports founder Dave Portnoy made significant moves in the cryptocurrency market on November 17, 2025, deploying $2 million across multiple digital assets during a broader market correction. The investment strategy reflects his confidence in a potential market recovery, allocating the capital strategically across three major cryptocurrencies.

The Investment Breakdown

Portnoy’s $2 million allocation was distributed across three major coins. He committed $1 million to XRP, positioning himself in the Ripple-backed asset that recently showed resilience in market fluctuations. An additional $400,000 went into Ethereum (ETH), targeting the leading smart contract platform, while $750,000 was directed toward Bitcoin (BTC), the market’s flagship cryptocurrency.

Market Context and Timing

The purchase came during a notable market dip, a period that often attracts seasoned investors seeking entry opportunities at lower valuations. This timing suggests Portnoy viewed the pullback as a buying opportunity rather than a reason for concern. The broader crypto market has shown signs of stabilization, with investors watching closely for indicators of a sustained recovery.

Current State of the Market

As of early January 2026, the market has shown moderate gains. Bitcoin is trading around $92.73K with a 24-hour increase of 1.63%, while Ethereum continues to hold at approximately $3.16K with a 0.54% daily gain. XRP has maintained momentum with a 1.00% increase in the past 24 hours at $2.12 per token.

Portnoy’s substantial cryptocurrency purchase underscores how high-profile figures in business and media continue to express conviction in digital assets, even during periods of market uncertainty. His move adds to the narrative of institutional and influential investors treating crypto market dips as opportunities rather than warning signs.