Source: NasdaqCM:DOMH Earnings and Revenue History August 12th 2024
Hayes is not a pharmaceutical expert, he is a lawyer. He was once a partner in a top 100 law firm in the United States and later founded a company specializing in intellectual property transactions. After taking over AIkido, he made two decisions:
first, to abandon the pharmaceutical business, and second, to move the company into Trump Tower. To that end, he recruited Kyle Wool. Wool had spent over 20 years on Wall Street and boasted a stellar resume: a former executive director at Morgan Stanley, a managing director at Oppenheimer, and a former head of wealth management in Asia. He also frequently appeared on Fox Business and was a regular on the Maria Bartiromo morning show. What did moving into Trump Tower mean? According to the company's annual report, rent expenses skyrocketed from $140,000 in 2022 to $773,000 in 2023. At the time, the company had just over 20 employees. By Manhattan standards, that amount was enough to rent an entire floor of Class A office space. More importantly, the company was still losing money. It had lost $14.8 million in the first half of 2025. Spending so much on office space seemed irrational. But Hayes and Wool weren't attracted by the office environment. Trump's sons, Eric and Donald Jr., worked upstairs. They could bump into each other in the elevators and sit at the same table at dinners with mutual friends. In Trump Tower, they might have the opportunity to become part of Trump's business ecosystem. Cultivating relationships takes time and skill. According to the Wall Street Journal, after moving into Trump Tower, Hayes and Wool embarked on a lengthy "social investment." Golf tournaments, charity dinners, private parties—any occasion where they could "naturally" run into the Trump sons—they never missed out. This investment bore fruit in February 2025, when Dominari announced that Donald Trump Jr. and Eric Trump had joined the company's advisory board. Also joining were three senior Trump Organization executives. The brothers' joining was more than symbolic. They each invested $1 million in a private placement to purchase approximately 216,000 shares, and received an additional 750,000 shares as compensation for their advisory roles. Upon the news, Dominari's stock price soared from $1.09 to $13, a peak increase of over 1,200%. Even with subsequent price declines, the brothers' investments had multiplied several times over. According to Bloomberg data, Eric Trump currently holds approximately 6.3% of the shares, valued at over $5 million. But this was just the beginning. On March 31st, Dominari announced a partnership with Hut 8, a Canadian publicly listed company, to establish American Bitcoin. This company's positioning is intriguing: it's not just about mining Bitcoin, but also about promoting "Made in America" as a brand, aligning with Trump's "America First" policy. In this transaction, Hut 8 contributed $115 million worth of mining equipment and took an 80% stake. Dominari only took 3%. While this may seem like a small percentage, this 3% was worth $32 million by the end of June, making it one of Dominari's most significant assets. More importantly, through this platform, the Trump family officially entered the Bitcoin mining industry. Eric Trump personally holds an additional 9% stake in American Bitcoin. On August 27th, Dominari established a cryptocurrency advisory board, hiring two prominent figures: Sonny Singh, a former BitPay executive who helped BitPay obtain a New York State crypto license and launch one of the first crypto debit cards; and Tristan Chaudhry, a DeFi developer and early investor in Litecoin and Dogecoin. "Digital assets are no longer on the fringes of finance; they're moving into the center," CEO Hayes said when announcing the board. This remark may have inadvertently revealed a truth: in the Trump era, cryptocurrencies have indeed moved from the fringe to the mainstream, and those who positioned themselves early are reaping huge rewards. Dancing in the Gray Area On Wall Street, personal connections often speak louder than financial statements. Dominari's shareholder list and network of relationships paint a picture of a company treading a gray area. In March 2025, an investor named Peter Benz, through the Blue Finn Group, became a major shareholder in Dominari with a 5.7% stake. Interestingly, Benz served on the board of several companies, including IDI, Inc., whose executives, Michael Brauser and Philip Frost, were later indicted by the SEC for participating in a $27 million stock fraud scheme. While Benz himself has never been accused of any wrongdoing, this somewhat ambiguous connection illustrates the ecosystem Dominari operates in: brimming with opportunity yet teetering on the brink of regulation. Even more nuanced is Kyle Wool's resume. While at Morgan Stanley, his team handled business related to Devon Archer, Hunter Biden's former business partner. From serving in Democratic circles to now operating for the Trump family, Wool has witnessed and participated in both ends of the American power game. But the real problem isn't these relationships, but the company's financial logic. According to Bloomberg, Dominari's revenue reached $34 million in the second quarter of 2025, a 452% year-over-year increase; however, its administrative expenses during the same period were $53.5 million. Of this, stock options granted to CEO Hayes and President Wool were worth $26.1 million. In other words, every penny the company earns isn't enough to cover operating costs, let alone generate profits. Its largest asset is a 3% stake in American Bitcoin, a newly established Bitcoin mining company whose profitability remains uncertain. But investors don't care. What they're buying isn't immediate profits, but a concept: the Trump family's proxy in the crypto world. This may be Dominari's true business model: converting political capital into market valuation. Dominari's ambitions extend far beyond its own investments. Its true value lies in serving as a "super connector" between the Trump family and the crypto world. The Wall Street Journal once described it as the Trump family's "go-to dealmaker." Three cases best illustrate this point. The first is the complex entanglement between World Liberty Financial (WLFI) and Justin Sun. In September 2025, when WLFI tokens began trading, entities controlled by the Trump family held 22.5 billion tokens, representing an increase of approximately $5 billion in paper wealth at the time. But the project nearly failed. According to Bloomberg, WLFI's initial sales were dismal, with a completion rate of only 7%, failing to even meet the minimum threshold required to trigger payments to Trump. At a crucial moment, Sun invested $30 million, helping the project cross the threshold. Sun's investment subsequently increased to $75 million, making him the project's largest investor. More importantly, Dominari Securities facilitated Tron's listing on the Nasdaq via a reverse merger. On June 16, 2025, SRM Entertainment announced an agreement with Tron; on July 24, the renamed Tron Inc. rang the bell on Nasdaq, officially completing its IPO. In this transaction, Sun's Tron acquired a toy manufacturer that supplied Disney and Universal Studios. Dominari served both the Trump family and Justin Sun, serving as a bridge connecting their interests. When Sun needed access to the US capital markets, Dominari provided it; when the Trump family's project needed life-saving funding, Sun stepped in. The second case involves Dominari's direct involvement in the recent merger between US-listed Safety Shot and BONK. On August 11, 2025, Nasdaq-listed Safety Shot announced it would exchange $35 million in equity for $25 million in BONK tokens. Dominari Securities served as the exclusive financial advisor for this transaction. Dominari orchestrated the entire transaction structure: Safety Shot received a 10% share of the BONK.fun platform's revenue, its stock ticker was changed to BNKK, and the BONK team received 50% of the board seats. Dominari Holdings President Kyle Wool later publicly praised the advisory board, particularly Eric Trump, for helping to facilitate the collaboration. This statement effectively acknowledged the Trump family's key role in these transactions. Third, there's the aforementioned Trump family's involvement in data centers and Bitcoin mining. In the founding of American Bitcoin, Eric Trump held approximately a 7.5% stake, becoming the largest individual investor. Dominari Holdings holds approximately 3% of American Bitcoin. The two Trump sons also serve as advisors to Dominari, each holding approximately a 6-7% stake. Dominari is behind every major transaction. It sometimes acts as a front-of-house financial advisor, sometimes as a behind-the-scenes coordinator, and more importantly, as the operator, architect, and executor of the Trump family's crypto empire. The New Order in Trump Tower: Dominari's official website shows that the company's headquarters is located on the 22nd floor of Trump Tower. Wool's office overlooks Central Park. They currently pay $62,242 per month in rent. Upstairs in this building, Trump's sons control political resources and the family brand; downstairs, Dominari provides Wall Street expertise and execution; and deals are brewing and closing in the elevators. Perhaps every successful deal strengthens this symbiotic relationship. While traditional investment banks still seek projects through formal channels, Dominari has found a more direct path: living downstairs from the power, allowing the elevator of wealth to reach his office directly.
On August 14, Kyle Wool stood at Nasdaq and rang the opening bell and said:
"This has been a thrilling journey. In the words of our President Trump, the best is yet to come."
This statement may be true. As Trump introduces more pro-crypto policies and as more traditional companies seek to enter Web3, Dominari's brokerage business will only become more prosperous. Paying several times the market rent to move into Trump Tower may now seem like the shrewdest investment of Wool and Hayes' careers. The exorbitant annual rent not only secured entry into the Trump family's business circle, but also physical proximity, social integration, and commercial ties. From a pharmaceutical company on the brink of bankruptcy to an investment firm with a market capitalization of nearly $100 million, from an obscure tenant to the Trump family's crypto broker, Dominari's transformation is, in some ways, a microcosm of American capitalism in the Trump era. In this era, the boundaries between politics and business are more blurred than ever. This company, like an invisible conductor, transforms political capital into business opportunities and power relationships into real money. In the Trump era of America, the best business is not to do business itself, but to become a connector of all businesses.
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Alex