Dave Portnoy Confirms Multi-Million Bitcoin Losses After Buying Near $100K

Dave Portnoy, founder of Barstool Sports, said on Fox Business that he bought Bitcoin around $100,000 and is now sitting on millions in unrealized losses.

He admitted his BTC timing has been “inverted”—buying highs, selling before rallies. Bitcoin peaked above $126,000 in October 2025 before falling roughly 50%. Portnoy’s $100K entry captures the top of that cycle.

His exact holdings are undisclosed, but in prior peaks he claimed about $15M in BTC and said he’s “down millions.” He also holds XRP, having bought around $1M during a selloff, and vows not to sell either position, according to U.Today.

Portnoy’s stance—“I’d rather go down with the ship”—is rooted in regret, not conviction. His “hold-to-zero” mindset reflects behavioral loss aversion more than belief in BTC fundamentals.

While Bitcoin has survived more than 470 public “death calls,” the current price remains well below his cost basis and above the 200-week SMA—a zone historically tied to accumulation signals. Portnoy previously suggested he might add $5–10M of Barstool Sports’ funds if BTC hits $40,000, a level not yet reached.

Portnoy’s transparency turns him into a proxy for retail sentiment. His pattern—buying highs, panic-selling lows—mirrors wider retail trading behavior in volatile markets. His “hold to zero” stance may last only until losses expand beyond thresholds he’s said wouldn’t impact his net worth.