Dave Portnoy’s Barstool Sports Reacquisition Sparks Bitcoin Interest
Barstool Sports founder Dave Portnoy, who recently reacquired his media outlet for just $1, has expressed renewed interest in incorporating Bitcoin into the company’s financial holdings.
Portnoy’s move to buy back Barstool Sports followed a tumultuous partnership with Penn Entertainment, which initially acquired a 36% stake in Barstool for $163 million in 2019, eventually buying the remaining interest for $388 million. Portnoy revealed his previous attempts to convince Penn’s CEO, Jay Snowden, to add Bitcoin to Barstool’s financial records.
Despite previous crypto controversies, including involvement with SafeMoon, Portnoy sees potential in integrating Bitcoin into Barstool’s operations, now free from the constraints of Penn Entertainment. While he acknowledges past crypto challenges, Portnoy remains bullish on cryptocurrency, aligning with the growing corporate adoption of Bitcoin.
Clever Robot News Desk 25th August 2023
