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Yahoo
6 days ago
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Dave Portnoy's XRP Sell-Off Cost Him Millions—His Reaction? 'I Want To Cry'
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. When XRP hit fresh all-time highs above $3.40 last Thursday, not all were rejoicing. 'I would've made millions, and I want to cry,' Barstool founder Dave Portnoy said that day in a video posted on X, disclosing that he had sold his XRP bag two weeks earlier at $2.40. 'I don't own it anymore, even though I was the leader of the XRP army,' he said. Portnoy, also known as 'El Presidente,' said he had dumped his XRP holdings on the advice of an unidentified person who had put him on to the asset in the first place. Portnoy said the individual told him that he was 'unhappy' with XRP because he believed Ripple would likely face stiff competition from Circle (NYSE:CRCL), issuers of the USDC stablecoin. Ripple is a blockchain cross-border payments firm. The founders of Ripple were also the creators of XRP. Don't Miss: — no wallets, just price speculation and free paper trading to practice different strategies. Grow your IRA or 401(k) with Crypto – . The person's concern appears to have emerged around the time Ripple and Circle filed for banking charters in the U.S. to bolster their stablecoin businesses. Portnoy said he held nearly $3 million worth of XRP before he sold. 'I wasn't gonna sell it,' he said Monday in an extended video lamenting his loss. 'I was gonna diamond hands it.' Heightening Portnoy's pain, his purported XRP adviser did not sell his holdings. 'And then the guy is like, well, I didn't sell it,' he said. 'He's like, I hold things for five years. Well, why did you text me out of the blue, been like I don't like it. I just put it away. I wasn't even thinking about it.' The XRP saga is another instance that highlights Portnoy's impulsive trading style. Despite posting 'XRP to the moon' on multiple occasions and claiming to be an 'XRP army' member, his tale suggests he had no conviction in the asset's fundamentals. Trending: New to crypto? on Coinbase. Portnoy admitted as much in May. 'It's FOMO,' he said, explaining his rationale for investing in XRP while speaking at Consensus 2025 at the time. 'It's not like I have some grand belief in it.' Portnoy speculated that XRP could experience the same level of growth as Bitcoin, fantasizing about a future where the asset could trade for thousands of dollars. Meanwhile, it is not the first time Portnoy has fumbled a major cryptocurrency bag. He initially ventured into cryptocurrencies in August 2020, throwing $2 million into Bitcoin and an estimated $300,000 into Chainlink following a conversation with the Winklevoss twins. However, he famously abandoned his positions about a week publicly bewailed this decision in March 2021, stating 'I f—-d up Bitcoin' as the asset's price rallied. The decision appears to continue to torment Portnoy. In December, he highlighted that his initial Bitcoin investment would have been up 10x if he had held. 'Dave is sad,' he said, pointing out that his cost price in 2020 was $11,000 as the asset surged over $100,000. The sting of this regret appears to have encouraged Portnoy to get back in the Bitcoin game, and unlike the last time, the market has so far looked kindly on him. 'I'm still doing good in obviously Bitcoin and ETH,' he said on Monday. Read Next: 7,000+ investors have joined Timeplast's mission to eliminate microplastics— Image: Shutterstock This article Dave Portnoy's XRP Sell-Off Cost Him Millions—His Reaction? 'I Want To Cry' originally appeared on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
12-06-2025
- Business
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Metallicus CFO Irina Berkon on why compliance is crypto's next frontier
This story was originally published on To receive daily news and insights, subscribe to our free daily newsletter. Irina Berkon, CFO of Metallicus, took the stage at Consensus 2025 in Toronto last month to deliver a message many financial executives have grown wary of: crypto and blockchain still matter. While AI dominates headlines and CFO inboxes alike, Berkon argued real progress is finally happening in crypto infrastructure and finance leaders should take note. Speaking from experience inside a company that builds blockchain solutions and uses them in day-to-day treasury management, she made a case for why this long-hyped technology is beginning to earn its place in the finance function. In a recent interview, Berkon explains how Metallicus uses blockchain for multi-layered control, how she approaches forecasting in a market still taking shape and why the post-hype era of crypto could offer more substance and security than ever before. She also shares her unique but telling journey into the industry and her thoughts on the future of accounting talent. CFO and board member, Metallicus First CFO position: 2020 Notable previous employers: Golden Seeds TubeMogul Grant Thornton This interview has been edited for brevity and clarity. IRINA BERKON: As a crypto company, we not only offer this type of service, but we use it ourselves. Just a few minutes before this call, we had a real example of how we use blockchain technology for treasury management and fund control. We manage various crypto wallets that hold our assets. One of them uses a blockchain wallet with a multi-signature feature. I had just asked someone to initiate a transaction requiring an M SIG to move funds from one wallet to another. That request was then routed to the designated signatories. Until it is fully approved, the funds remain locked — neither the initiator nor any single signer can move them alone. The transfer only happens once the required group signs off, as per our defined rules. For me, the biggest benefit is the assurance that no single person can move assets independently. This not only enhances security but also prevents reconciliation issues. Ultimately, it's all about strong treasury and cash management. This will sound familiar to anyone who's dealt with layered approvals in traditional banking. When managing crypto in your treasury, the same level of oversight is essential. You need full visibility into where assets are going and who's authorized each transaction — whether it's the CFO or another member of the finance team. We talk and listen closely to our customers, who are primarily financial institutions — credit unions, community banks and similar organizations. From a revenue standpoint, our business model is very much like that of a typical B2B software company. I focus on what we're selling, how we're pricing it and how that translates into revenue. The main difference is that the technology we're offering happens to be blockchain-based and crypto-adjacent. "The biggest benefit is the assurance that no single person can move assets independently. This not only enhances security but also prevents reconciliation issues." Irina Berkon CFO, Metallicus When it comes to the volatility of crypto, whether prices go up or down, we view it the same way any company would treat volatile assets on their balance sheet. We happen to hold more crypto than cash, largely because we are a crypto company. We believe in the technology, we understand it deeply and we're well-positioned to manage that exposure, perhaps more so than companies that don't actively manage crypto in their treasury. We monitor the market very closely. Still, our forecasting and financial planning remain driven primarily by our customers. All investment decisions regarding cryptocurrency allocations are made jointly by our CEO Marshall Hayner and me, with guidance from our board. I don't think it was legitimate in the past. There was a lot of talk, a lot of hype, but not much real belief or action. We've been at this for a long time, having conversations with banks and regulators, trying to lay the groundwork. And only now are we seeing credit unions and small community banks come forward and say, 'We're ready. We want to implement this.' The opposite of what most people assume is true. Interest is growing now, and the response we're getting is stronger than ever. Back then, no one was integrating crypto or blockchain into their financial institutions in a meaningful way. There was speculation, and a handful of companies tried to do it, but they didn't stick. There just wasn't a strong use case or a clear path forward. Today, it's different. There are a few reasons for that. The regulatory landscape has started to mature, and the tone from the top, especially from regulators and policymakers, feels more supportive. That's giving financial institutions more confidence to explore this space seriously. And frankly, there's also been a shakeout. A lot of the companies that weren't serious or couldn't actually deliver are gone. What's left are the real builders — the companies that have stuck with it, developed the technology and are ready to support implementation. So now, not only do banks and credit unions feel safer from a compliance standpoint, but they also have solid, credible partners they can work with. My story is very San Francisco. I was walking down the Embarcadero when a group of young entrepreneurs rode by on electric scooters. One of them stopped and said, 'Hey, I think I've met you before.' I said, 'Yeah, maybe.' Then he asked, 'Aren't you in finance?' I said, 'Yes.' And then, right there on the sidewalk, he said, 'Do you want to be CFO of our company? We're doing an initial coin offering.' I said, 'Cool, what's an ICO?' He explained it. We'd [previously] met briefly at a friend's house, and he remembered I had a finance background. He and his co-founder already had a license and a plan to write a white paper, attend conferences and launch their product. This was around August 2018. I had to take off my auditor and public accounting hat and step into more of a business development and marketing role. They didn't need a traditional CFO; they needed someone who could help build from the ground up. So I joined the team, traveled the world and pitched the product at conferences from Singapore to London. "There's a real compliance layer now. It's not just about cool tech or internet culture anymore." Irina Berkon CFO, Metallicus In 2019, I spoke at Consensus in New York. After my talk, an auditor from BPM approached me and said they had a client in San Francisco — Metallicus — that needed a CFO to complete its audit. I met with [Marshall Hayner], and I asked, 'Why do you need an audit?' He said, 'Because I want to get money transmitter licenses in all 50 states. I want to be a legit crypto company.' He started walking me through the compliance framework he was building, and I thought, 'This is perfect.' After seeing so much chaos in the space, I wanted to work with someone serious about doing things the right way. That was January 2020, and I've been with Metallicus ever since. What's kept me here — and in this industry — is that it's finally moved beyond the hype. There's a real compliance layer now. It's not just about cool tech or internet culture anymore. There are real products being built, and major financial institutions are starting to implement them. This is infrastructure. That said, we still have fun. Marshall is on the board of the Dogecoin Foundation, so we're close to the meme world. But we're also doing serious work, and the space now demands serious skill sets. These are people with backgrounds in public accounting, regulation and financial operations. I talk to my audit team about this all the time, especially the younger folks. I think there's this expectation now that big opportunities will just fall into your lap. And in crypto, I've seen it firsthand, so many people with CFO titles who didn't actually know finance. They got the title, but then what? Firms absolutely should pay people well so they don't burn out or leave public accounting too early. But we also need to be clear: you're not going to land a serious CFO role — or any high-level finance job — without putting in the work. "More people are going to want to work in blockchain and AI, which is only going to deepen the talent shortage in traditional industries." Irina Berkon CFO, Metallicus That means learning the fundamentals, building relationships and showing up consistently. Sometimes it's a grind. Sometimes the hours are long. But that experience matters. That foundation is what prepares you for the next step. If you skip it, you're just not going to be ready when the opportunity comes. Public accounting gave me the discipline, the ability to work under pressure and the confidence to take on something new. When I was at Grant Thornton, we used to host industry conferences for restaurant clients. I remember being a fourth-year associate, sitting in a room with the CEO of Whole Foods and thinking, 'How cool is this?' That kind of access sticks with you. Firms need to do more of that, give people a sense of where this career can take them. Yes, you have to put in your hours. But look at the payoff. No serious company is going to hire a CFO with no experience. More people are going to want to work in blockchain and AI, which is only going to deepen the talent shortage in traditional industries. So if firms want to retain their best people, they need to inspire them early. Recommended Reading Big investors increase their allocations to crypto Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
12-06-2025
- Business
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Connecticut's Ban Throws Water on 2025 Trend of States Setting Up Crypto Investments
Going against the recent trend of state governments in the U.S. pursuing cryptocurrency investments, the Connecticut General Assembly has thrown down a ban against that New England state following suit, even as others pursue digital assets reserves in their fiscal strategies. According to unanimous decisions in both its House and Senate, Connecticut passed a bill this week that blocks any part of the state's government from an ability to "purchase, hold, invest in or establish a reserve of virtual currency," and it also prohibits accepting crypto payments. This runs counter to efforts in states such as New Hampshire and Texas, which are moving toward establishing reserves that echo the intent of President Donald Trump's administration at the federal level. The lawmakers in Connecticut, which ranks in the middle of the pack among state economies, also tightened rules for crypto firms working under the state's money-transmitter license. After Trump issued an order to his administration in March to establish a reserve of bitcoin BTC, a long list of states jumped toward similar actions, though many of them were stymied by opposition or expiring legislative windows. New Hampshire was the first to cross the finish line. Texas has a similar bill awaiting a signature from Governor Greg Abbott, and Arizona also approved a more modest approach to setting aside unclaimed digital assets in a reserve. "As legislative sessions wrap up across the country, we're proud of the incredible momentum behind pro-Bitcoin and digital asset legislation," said Dennis Porter, the founder of the Satoshi Action Fund that's been advocating for state lawmakers to establish reserves. "Unfortunately, Connecticut has chosen to reject this opportunity—for now. But we remain optimistic. As more states embrace Bitcoin and see the benefits firsthand, we're confident Connecticut will follow suit." Porter said North Carolina and Ohio are both still a possibility for reserves this year. The federal government hasn't yet moved assets into a reserve. The relevant agencies, led by the Department of the Treasury, have been seeking to account for all of the digital assets held in various corners of the public sector. Once complete, Trump had directed all existing crypto be set aside as a long-term investment but that no taxpayer money be spent to acquire anything more than the government has seized in civil and criminal matters. Bo Hines, one of Trump's top crypto advisers, said at Consensus 2025 in Toronto that there are a lot of ideas on the table for acquiring more bitcoin in budget-neutral ways. In other state crypto legislative matters, California's lawmakers have been working on legislation that could allow digital assets payments in a state pilot program. The bill passed unanimously in its House and was forwarded to the Senate last week.
Yahoo
04-06-2025
- Business
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Crypto Innovation in Canada Stifled by the 'Idiot King' Trudeau: Kevin O'Leary
Mr. Wonderful Kevin O'Leary joins WonderFi President and CEO Dean Skurka with Bullish CEO Tom Farley on stage at Consensus 2025 in Toronto to discuss WonderFi's landmark acquisition by Robinhood, bringing major American crypto presence to Canada. Plus, the panel delves into Canada's crypto landscape as the country seeks to wake up from an "economic coma." This content should not be construed or relied upon as investment advice. It is for entertainment and general information purposes.
Yahoo
30-05-2025
- Business
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Ethereum May Eventually Overtake Bitcoin in Market Cap: Anthony Di Iorio
Ethereum co-founder Anthony Di Iorio joins Consensus 2025 to explore the ongoing tension between decentralized and centralized technologies in both crypto and AI. And, he shares his perspective on Ethereum's historical price surge, its evolving leadership, and Canada's missed opportunity in fostering crypto innovation. This content should not be construed or relied upon as investment advice. It is for entertainment and general information purposes. Sign in to access your portfolio
