Dominari Holdings Inc., a humble investment bank perched quietly within Trump Tower, has decided to quietly amass a hefty bitcoin stash while bravely swerving from biotech into the wild world of cryptocurrency.
Trump Ties and Crypto Magic: Dominari Takes a Wild Turn
Dominari Holdings Inc. (Nasdaq: DOMH), the modest bank tucked inside New York’s Trump Tower, is ramping up its bitcoin ( BTC) reserves like there’s no tomorrow. The move follows an audacious pivot away from biotech to crypto, or whatever is trendy these days. This dramatic shift was first reported by Bloomberg, who also noted the flashy involvement of Donald Trump’s sons, Eric and Donald Jr., as advisers. So much for just a family affair, huh?
According to Bloomberg’s investigative masterminds Annie Massa, Bailey Lipschultz, and Dylan Sloan, Dominari has faced a bit of a rocky road—losing a cool $70 million over the past three years. These days, they’re busy underwriting penny stock IPOs, the kind of high-flying, high-risk game that guarantees a bumpy ride. But, ever the optimists, since Eric and Donald Jr. entered the fray in February, Dominari’s stock has soared. Those lucky brothers now hold shares potentially worth up to $8 million each. Who said being part of the family doesn’t have its perks?
Oh, but there’s more! Dominari has formed an “exciting” partnership with bitcoin mining company Hut 8 Corp., which now includes a data-center venture. The company, which goes by the delightful name American Bitcoin, is now merging with Nasdaq-listed Gryphon Digital Mining. In a glorious May 12 SEC filing, it was revealed that Dominari and its new buddies will hold an impressive 98% of the merged company, soon to be traded as “ABTC.” Don’t worry, I’m sure that ticker will be as iconic as the family’s last name.
Oh yes, and bitcoin mining (via ABTC) is, of course, the star of this show. But wait, there’s more—Dominari is also dabbling in AI and financial services through its many subsidiaries. It’s like they’re trying to diversify, or maybe just keep us all guessing. But if you’re wondering where Eric Trump fits in, rest assured, he’s slated to take the role of chief strategy officer of American Bitcoin post-merger. A perfect match for his dad’s unwavering love for crypto.
And to round things off, in an official SEC filing, Dominari’s President Kyle Wool called the merger “validation” of the company’s audacious strategy. It’s charming, really. Unfortunately, they’re still hemorrhaging money, with a reported $32.5 million net loss for Q1 2025, making it feel more like a validation of financial chaos. But hey, on the bright side, a third of their recent IPOs fell over 75% in less than a year. So, nothing screams success like that. Still, somehow, Dominari’s stock has surged by 466% against the dollar this year. Because why not?
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2025-05-19 23:27