Mark Cuban Owns Less Than $500 in Dogecoin Despite Team’s Stake in the Crypto

Mandatory Credit: Photo by Igor Kupljenik/MI-PRESS/Shutterstock (12255974w)Mark Cuban (C) owner of NBA Dallas Mavericks taliking in Luka Doncic NBA Star from Slovenia Press Conference.
Igor Kupljenik / MI-PRESS / Shutterstock.com

Billionaire Mark Cuban revealed in a tweet on Sunday that he only owns about $500 worth of Dogecoin, despite praising the meme coin as the strongest medium of exchange, Business Insider reports.

See: Top Investing Tips From Mark Cuban and More Money Experts
Discover: Dogecoin Co-Founder Says He’s Done with Cryptos, They Don’t ‘Align With His Belief System’

The “Shark Tank” star and owner of the Dallas Mavericks said his team is the token’s largest merchant after it began accepting the coin as payment for tickets and merchandise, noted Insider. “The Mavs have what we sold in merch. I personally own $494 worth of DOGE,” he tweeted in response to a Twitter user asking whether Cuban’s portfolio includes more of dogecoin or bitcoin.

The billionaire told CNBC Make It last week that dogecoin is the strongest cryptocurrency because of its community. “The community for doge is the strongest when it comes to using it as a medium of exchange,” Cuban explained. Insider also noted that in a March podcast, Cuban said that his crypto portfolio consists of 60% in bitcoin, 30% in ethereum , and 10% in other unnamed coins.

Building Wealth

Economy Explained: Dogecoin’s Highs and Lows: Is It Still Worth an Investment?

“The DOGE community was strong long before I got involved with it,” Cuban tweeted on Sunday. “In fact, it was the community that was the attraction and let to the Mavs accepting it for transactions.” Cuban also suggested in a tweet that his team hasn’t sold too much merchandise in exchange for dogecoin, stating that it has only exchanged about $15,000.

Cuban reported earlier this year that he and his 11-year-old son own roughly 3,250 dogecoins that were worth about $1,700 at the time. Insider added that if Cuban and his son still owned 3,250 dogecoins, their holdings would be worth about $1,100, suggesting that either some coins were sold or Cuban isn’t counting his son’s claim.

Learn: Bitcoin Rally Pushes Crypto Market Back Above $2 Trillion, But Should You Invest?
Find: AMC To Accept Bitcoin by Year’s End, but Some Experts Aren’t Sold on the Concept

The entrepreneur, investor and philanthropist has an estimated net worth of about $4.4 billion, making most of his money through media companies and investments, as previously reported by GOBankingRates.

Building Wealth

More From GOBankingRates

Last updated: August 17, 2021

About the Author

Josephine Nesbit is a freelance writer specializing in real estate and personal finance. She grew up in New England but is now based out of Ohio where she attended The Ohio State University and lives with her two toddlers and fiancé. Her work has appeared in print and online publications such as Fox Business and Scotsman Guide.

Untitled design (1)
Close popup The GBR Closer icon

Sending you timely financial stories that you can bank on.

Sign up for our daily newsletter for the latest financial news and trending topics.

Loading...
Please enter an email.
Please enter a valid email address.
There was an unknown error. Please try again later.

For our full Privacy Policy, click here.