Barstool Sports founder Dave Portnoy has publicly declared he will hold his Bitcoin position to zero rather than sell, crystallizing a multi‑cycle pattern of poorly timed trades that has cost him millions. Appearing on Fox Business’ Varney & Co., Portnoy confirmed he bought Bitcoin near the $100,000 level and is now sitting on unrealized losses of roughly 37% as BTC trades around $61,600–$62,870.
“I’ll hold this thing down to zero,” Portnoy told host Stuart Varney. “I know if I sell it, it’s going to go nuclear again. I’d rather go down with the ship this time.” The statement reflects a behavioral trap: Portnoy has repeatedly bought near local highs, sold before major rallies, and re‑entered at elevated prices. His first BTC purchase in late 2020 at ~$11,000 ended with a quick sale that would have yielded a 6x return had he held; later, his peak exposure reached an estimated $15 million before subsequent declines.
Bitcoin peaked above $126,000 in October 2025 before halving to current levels, leaving Portnoy’s latest entry down more than $60,000 per coin from the cycle top. The Barstool chief admitted he has exhausted most of his available cash averaging down. Portnoy’s public struggles mirror research showing retail traders who attempt market timing in volatile assets consistently underperform passive holders. His vow to hold to zero is a forced discipline, a reaction to his own history of selling just before the next rally.
