The investment company, which has ties to President Donald Trump’s son Eric and Donald Trump Jr., puts some of the excess cash in the Spot Bitcoin Exchange Trade Fund (ETF).
Dominali Holdings (DOMH) in Trump Tower in New York City made headlines last month after the Trump brothers joined the 58-year-old advisory committee and became investors.
In its revenue report on Friday, it announced that it would adopt a Bitcoin Reserve strategy and invest part of its cash reserve in BlackRock’s Ishares Bitcoin Trust (IBIT), the largest spot Bitcoin ETF in the market.
According to the report, Dominari has so far committed $2 million to buy IBIT shares. The stock’s market capitalization was around $70 million, down more than 9% in trading Friday.
Most companies employing a Bitcoin Reserve strategy will buy cryptocurrency completely and make it independent or use custodians. Instead, Dominaris has gained exposure through a regulated exchange sales fund. This is a move that could appeal to businesses that facilitate compliance and clean accounting.
This move is no surprise given Donald Trump Jr.’s interest in crypto. The president’s son has been involved in many crypto projects and has become an informal spokesman for his father’s enthusiasm.
Just earlier this week, World Liberty Financial (WLFI), a financial protocol supported by President Donald Trump and his family, pitched its own stubcoin at a crypto event in Washington.
