Benzinga | Jan 29, 2022 07:54AM EST

Dave Portnoy Buys Bitcoin: Here's How Much The Barstool Sports Founder HODLs

Barstool Sports founder Dave Portnoy is no stranger to sharing his stock and cryptocurrency purchases with his followers on Twitter Inc (NYSE:TWTR). On Friday, Portnoy shared a huge purchase of Bitcoin (CRYPTO: BTC).

What Happened: Portnoy took to Twitter to share that he bought 29.5169 Bitcoin a price of $36,924.86 each. The total purchase price was $1,089,907.77.

"F***ed around and bought 29 bitcoins today #Bitcoin," Portnoy shared with his 2.7 million Twitter followers.

The purchase of Bitcoin by Portnoy led to several calling out his investment in Safemoon (CRYPTO: SAFEMOON), which has fallen since his purchase.

Portnoy shared that he still is holding Safemoon, with his $40,000 investment now worth $3,985.20.

Related Link: Dave Portnoy: DraftKings, FanDuel Will Knock Each Other Out As Barstool Sportsbook Focuses On Loyalty

Why It's Important: The Barstool Sportsbook founder previously accused Tesla Inc (NASDAQ:TSLA) CEO Elon Musk of manipulating the market with numerous tweets about cryptocurrencies.

"I wish I could to the degree he does," Portnoy said.

Portnoy said Musk goes back and forth on investments and tweets about cryptocurrencies like Bitcoin and Dogecoin (CRYPTO: DOGE).

"If the crypto market were regulated, you wouldn't be allowed to do that."

Portnoy's purchase was welcomed by many including MicroStrategy Inc (NASDAQ:MSTR) CEO Michael Saylor, who is a large holder of Bitcoin.

The purchase also comes after Ark Funds CEO Cathie Wood said this week that Bitcoin could hit $1 million by 2030.

Barstool Sportsbook, a sports betting app from Barstool Sports and Penn National Gaming (NASDAQ:PENN), launched Friday in the state of Louisiana.

Price Action: The Grayscale Bitcoin Trust (OTC:GBTC) is up 5% to $25.25 Friday afternoon.

Bitcoin is trading at $37,285.82 and has traded at a range of $35,629.28 and $37,423.99 over the last 24 hours.

The price of Bitcoin is down around 27% in the last month. Bitcoin's all-time high is $68,789.63.