Barstool Sports founder Dave Portnoy appears reinvigorated after buying back his media outlet for a nominal sum of $1. He recently spoke about his interest in adding Bitcoin to the company’s balance sheet.
This comes on the heels of his controversial journey in the crypto sector, particularly with SafeMoon.
Dave Portnoy Talks Up Bitcoin
Barstool Sports, once a property of Penn Entertainment, was repurchased by Portnoy in a startling move. Penn had initially acquired a 36% stake in Barstool for $163 million in 2019, later buying the remaining interest for another $388 million.
But after a tumultuous partnership and looming regulatory concerns, Penn declared an expected loss of up to $850 million on its investment in Barstool.
Amid this whirlwind of financial moves, Portnoy’s declaration on the Money Matters podcast, hosted by Jack Mallers, drew significant attention. Portnoy emphasized his previous attempts to persuade Jay Snowden, Penn’s CEO, to add Bitcoin to Barstool’s financial records.
“Like I said, I literally tried to convince Jay to do it [add Bitcoin to Barstool Sports’ balance sheet] back in the day, it was then I couldn’t. I could see us definitely having Bitcoin on the balance sheet in the future.”
Reflecting on past investments, he also acknowledged the controversy surrounding SafeMoon. Despite being part of a lawsuit over its promotion, he clarified his position, highlighting that he had no monetary affiliation with SafeMoon.
“I was part of this class action lawsuit they were saying because I think actual celebrities did get paid to promote safemoon and didn’t disclose like I’m being paid to do it, not me, I pick one out of a hat and I went on a YouTube and I’m like I don’t know the first thing about it could be a scam I’m just picking one”
Troubles With Investments and Crypto
His recent buy-back decision was influenced by the freedom it brought. As Portnoy stated, without the chains of Penn Entertainment, Barstool can now operate without the fear of regulatory oversight.
This freedom could pave the way for innovative strategies, including Dave Portnoy integrating Bitcoin into their operations.
Barstool’s turbulent relationship with Penn might be behind them, but the lessons remain. Barstool’s approach, often pushing the boundaries, had implications when Penn sought sportsbook licenses. Regulatory bodies concerned with the brand’s influence and Portnoy’s controversial stature have caused setbacks.
It’s unclear if Portnoy still holds any SafeMoon, but the last known screenshot from August 2022 shows that he held a bit over 4.75 million SFM. Following the migration to SafeMoon V2 and going by current prices, this amount, originally worth around $40,000, would be worth around $670 today.
Read more about the SafeMoon saga here: What Is Safemoon — A Beginner’s Guide and Price Forecast
However, Dave Portnoy’s focus seems to be clearer now. Even with the shadows of past controversies, like the one with SafeMoon, Portnoy remains bullish on cryptocurrency.
Instead, with Bitcoin’s increasing adoption in the corporate sector, adding it to Barstool’s balance sheet might be the next big step.
“I’m not trying to help Venezuelan people who I don’t know. I think too many people have big investments in [Bitcoin]… it’s not just gonna go away, but you don’t understand why they do have big Investments. I think a lot of the big Investments have come after they think they can make money in it.”
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