TLDR
- Dave Portnoy purchased $1 million worth of XRP despite recent outflows from XRP exchange-traded funds.
- Portnoy made a $500,000 investment in Bitcoin at a price of $82,000, continuing his support for digital currencies.
- The Barstool Sports co-founder previously sold his XRP position at $2.40 but re-entered the market in late 2025.
- XRP ETFs experienced a net outflow of $92.92 million on January 29, marking a second major loss in a week.
- Despite reduced institutional interest in XRP, Portnoy remains confident in the cryptocurrency’s long-term potential.
Dave Portnoy, the co-founder of Barstool Sports, has made headlines again by purchasing $1 million worth of XRP. The controversial market influencer revealed his latest investment in the cryptocurrency after making a similar purchase of $500,000 worth of Bitcoin (BTC) at a price of $82,000. Portnoy’s latest buy comes despite the recent struggles of XRP exchange-traded funds (ETFs) and the decline in institutional interest.
Portnoy Reaffirms Commitment to XRP
Portnoy’s relationship with XRP has been filled with ups and downs. The entrepreneur has often expressed his admiration for the cryptocurrency’s passionate community, the “XRP Army.” In mid-2025, Portnoy took on the role of “Leader of the XRP Army,” a title that drew significant attention. However, his cryptocurrency investment hasn’t always been steady.
In 2025, Portnoy sold his entire XRP position at approximately $2.40 per token. At the time, he cited poor advice that Ripple’s business model would be crushed by stablecoin issuer Circle. Two weeks later, XRP reached an all-time high of $3.66, prompting Portnoy to re-enter the market. In November 2025, he made a $1 million purchase of XRP, alongside Bitcoin (BTC) and Ethereum (ETH), taking advantage of a market dip.
Bitcoin Investment at $82,000
Alongside his XRP purchase, Portnoy bought $500,000 worth of Bitcoin at $82,000. This decision reflects his ongoing confidence in Bitcoin’s potential. His entry at this price point highlights his belief in the future of digital currencies despite recent volatility.
Portnoy has long been a vocal proponent of Bitcoin, frequently discussing its future as a store of value. Despite fluctuations in the market, his latest purchase underlines his continued investment in the broader cryptocurrency space. This purchase, combined with his XRP investment, shows his diversified strategy in crypto markets.
XRP ETFs See Capital Outflows
XRP exchange-traded funds (ETFs) have experienced significant capital outflows recently. On January 29, XRP ETFs recorded a net outflow of $92.92 million. This marked the second major red day for XRP ETFs in just over a week, following a $53.32 million outflow on January 20. The decline in institutional interest has not deterred Portnoy from his decision to purchase more XRP.
Portnoy’s move comes at a time when the market is seeing reduced institutional participation in XRP-related funds. Despite these challenges, his large investment signals his ongoing confidence in the cryptocurrency. Portnoy’s willingness to buy more XRP amid these market conditions highlights his belief in its long-term potential.
The recent purchase of $1 million worth of XRP further emphasizes Portnoy’s conviction in digital currencies. It also adds to his already diverse cryptocurrency portfolio. With the current state of XRP ETFs and ongoing market fluctuations, Portnoy’s actions continue to capture the attention of the cryptocurrency community.
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