Dave Portnoy, CEO of Barstool Sports, has launched a fund to help America’s small businesses. But when he tapped Crypto Twitter, things got messy.
- The CEO of Barstool Sports began accepting Bitcoin donations on December 24, and has raised $6.7 million in cash and crypto for America’s small businesses.
- His campaign for the Barstool Sports Fund involves tweets, proceeds from sales of Barstool merchandise and individual donations.
- The campaign has raised $1 million from Crypto Twitter, including about $500,000 in crypto donations, sources tell Decrypt.
Merch! Aggressive tweets! Crypto! These are the important policy tools Congress forgot when passing stimulus packages to salvage the US economy, discovered Dave Portnoy, CEO of Barstool Sports, who since December 17 has raised $6.7 million in cash and crypto for a hawkish charity drive to save small American businesses.
The money goes toward the Barstool Sports Fund, which pools together proceeds from sales of Barstool merchandise and individual donations, then distributes cash to small, family-owned businesses who’ve struggled to keep the lights on amid the pandemic.
Since launching the fund, Portnoy has tweeted non-stop, putting the heat on his vast following to eke out the most amount of money possible.
And few are richer than Portnoy’s bosom buddies from crypto, the asset class he dallied with for several months this past summer through his “Davey Day Trader” persona before worming his way back out in autumn.
So when Portnoy started accepting Bitcoin donations for the fund on December 24, he had no hesitations about rabble-rousing his old chums to raise some extra money.
The fund has so far raised about $500,000 in crypto, Alex Wilson, the co-founder of The Giving Block, the charity platform that handles his donations, confirmed to Decrypt.
And the fund has raised about $1 million, including cash, from Crypto Twitter, a curated set of like-minded individuals amenable to Portnoy. Bitcoin bulls Anthony ‘Pomp’ Pompliano, Cameron and Tyler Winklevoss, and Jason Williams are among donors.
“I love the initiative and would be hard-pressed to find a better cause,” Pompliano told Decrypt. “Small businesses are the backbone of our country. They keep the American dream alive. These small businesses have been abandoned by politicians in their greatest time of need.”
The charity has already funded Arizona’s Pony Express Cleaners, Johny’s Luncheonette in New York and Chako’s Family Bowling Center in Pennsylvania, among other businesses.
Pomp, who has 424,300 followers on Twitter, has also offered to tweet messages from those who donated more than $10,000. “The time and effort I can put in to solicit more donations will hopefully be the most impactful way to pitch in,” he said.
Pomp tweeted today that the profligate CEO of TRON, Justin Sun, has told him that he shall donate money to the fund tomorrow morning. “I asked him for a $500,000 donation. Will the king of crypto donations come through for American small businesses??”
Sun has not confirmed any donations on Twitter and did not respond to Decrypt‘s request for comment.
“Let’s go!” thrust Portnoy in response. “Hopefully Justin Sun comes in strong with a $500k donation tomorrow,” Wilson said.
Sun, there’s only one way to keep them happy. FYI, Portnoy doesn’t accept $SUN coin.