PANews reported on May 20th that according to Bloomberg, the small investment bank Dominari Holdings (Nasdaq: DOMH) located in Trump Tower in New York is accelerating its shift towards the cryptocurrency field and continuously increasing its Bitcoin holdings. The company reported a net loss of $32.5 million in the first quarter of 2025, with a cumulative loss of $70 million over the past three years, but its stock price has still risen 466% this year. The bank has held $2 million worth of Bitcoin ETF shares and established a joint venture called American Bitcoin (ABTC) with Bitcoin mining company Hut 8. According to SEC files on May 12th, ABTC is merging with the publicly traded Gryphon Digital Mining, with the merged entity to be 98% owned by shareholders including Dominari, and Eric Trump will serve as ABTC's Chief Strategy Officer.
Notably, former US President Trump's two sons, Eric and Donald Jr., joined Dominari as advisors in February, each receiving equity incentives with potential value of $8 million. Despite one-third of the IPOs underwritten by Dominari dropping over 75% within a year of listing, the market has responded positively to its crypto positioning. Currently, the company's business focus includes Bitcoin mining, data centers, and artificial intelligence investments.
