From "SHREE RAGHAVENDRA MAHATMYAM SAINT OF MANTRALAYA" (page 36-37)
Shree Digvijayarama Idol is another important one in the Mission of the Shree Mutt.
How the Mutt got this, is an Interesting episode.
Once Shree Madhwacharya was standing on the sea shore. At that time there was a cyclonic storm at the place and the boat was seen to be tossing in the high waves, its captain not knowing the safe direction for navigation.
Shree Madhwacharya quickly grasped the situation and signalled from the shore, waving his saffron cloth.
The boat, containing valuable merchandise, then started moving towards the shore and reached there safely.
As Shree Madhawacharya, through His keen insight and His spiritual powers, had guided the boat to safety, the captain was overjoyed and offered him whatever valuables he would prefer to have from among the goods overboard
On the vessel Shree Madhawacharya, leaving all other riches, borrowed Gopichandana blocks and told the captain: "That's enough".
"Swami, when gold and silver are aplenty, how is it You are asking for these Gopichandana blocks", was the reaction of captain.
"I am a Sannyasi and only Gopichandana will be of use for Me to mark my forehead with Nama', said the Saint.
He then received them with great joy and purified them by dipping in the holy tank.
Later, when one of the blocks of Gopichandana was broken for use, something strange happened!
Yes, inside the block was The Stone Idol of Shree Krishna and a miniature silver throne, designed artistically with scenes from DasaAvatara!
Likewise, inside the other one was The Idol of Shree Balarama.
It is The Same Idol of Bhagavan Shree Krishna that is being worshipped by devotees now as "Udipi Krishna" at Udipi.
The Deity there is blessing all His devotees with happiness and prosperity is too well known to be mentioned here.
The Shree Balarama Idol was installed by Shree Madhwacharya at Malpe coast itself, for worship.
To adorn the miniature throne, known as 'Rajatha Peeta', Shree Madhwacharya crafted a suitable Idol in silver of Shree Digvijayarama.
Thus, in the Puja of Shree Mutt, the marvellous Idols of Shree Moola Rama and Shree Digvijayarama occupy important places among Others of Splendour, like the Jaya Rama and Sri Vaikuntha Vasudeva Idols.
Besides, two Saligramas that Shree Madhwacharya had obtained from Shree Veda Vyasa, are also worshipped during the daily rituals of the Mutt.