Dominari Holdings Inc. (Nasdaq: DOMH), a small bank headquartered in New York’s Trump Tower, is increasing its bitcoin ( BTC) holdings while pursuing an aggressive pivot from biotech to finance. Bloomberg first reported the development, which coincides with the firm’s high-profile enlistment of U.S. President Donald Trump’s sons Eric Trump and Donald Trump Jr. as advisers.
The bank’s shares have climbed 466% since the start of the year.
Bloomberg journalists Annie Massa, Bailey Lipschultz, and Dylan Sloan disclose that the company has lost $70 million over the past three years and currently focuses on underwriting penny stock IPOs, a sector known for its volatility. Since the Trump brothers joined in February, Dominari’s stock climbed significantly, and each was granted shares potentially worth $8 million. Bloomberg notes that its bitcoin position includes a $2 million stake in a bitcoin ETF.
Dominari has also entered a strategic partnership with bitcoin miner Hut 8 Corp. through a data-center joint venture launched earlier this year. That subsidiary, American Bitcoin, is now merging with Nasdaq-listed Gryphon Digital Mining. According to a May 12 SEC filing, Dominari and its partners will retain 98% ownership of the newly combined company, which will trade under the ticker “ABTC.”
The filing emphasizes bitcoin mining (via ABTC) as the primary focus, but it also highlights Dominari’s broader investment strategy in data centers, artificial intelligence (AI), and financial services through its subsidiaries. Eric Trump is expected to serve as chief strategy officer of American Bitcoin once the merger is complete, further aligning the initiative with his father’s pro-crypto posture.
In the press release attached to the SEC filing, Dominari President Kyle Wool called the merger “validation” of the firm’s strategy. Yet, the firm reported a $32.5 million net loss for the first quarter of 2025, exacerbating its ongoing financial challenges. Bloomberg’s Massa, Lipschultz, and Sloan noted that a third of Dominari’s recent initial public offerings (IPOs) fell more than 75% within a year of launch. Year to date, however, DOMH, Dominari’s shares have risen 466% against the U.S. dollar.
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