Tiny bank becomes huge as Trump sons join board
reported a 452% revenue jump in its first full quarter of results since adding
Donald Trump Jr
and
Eric Trump
to its advisory board.
The investment bank, with headquarters in Manhattan's
Trump Tower
, reported total revenue of $34 million, up from $6.17 million a year earlier. Shares were up 1.7% to $5.42 at 10:11 a.m. in New York, after climbing as much as 5.4% earlier Tuesday.
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Since enlisting President Donald Trump's eldest sons, Dominari appeared in a series of deals involving the Trumps and their allies. One of the highest profile of these is American Bitcoin Corp., a company spun up with help from another publicly traded Bitcoin miner called Hut 8. At the end of June, Dominari held a stake in American Bitcoin valued at $32 million, the largest of its long term private holdings, according to its quarterly financial statement. Soon American Bitcoin will become public, in another transaction expected to close in the coming weeks.
Another major deal came in June: crypto entrepreneur Justin Sun's father invested $100 million in SRM Entertainment, with Dominari acting as placement agent. SRM, a money-losing toymaker, re-branded as Tron and pivoted to accumulating TRX, the virtual token that backs Sun's Tron network.
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