From Biotech to Trump's Empire: The Surprising Rise of Dominari Holdings
Discover how a struggling biotech company transformed into a key financial partner for the Trump family, leveraging strategic moves and connections in the crypto and real estate sectors.
Dominari HoldingsTrump FamilyCrypto InvestmentsFinancial PartnershipsReal EstateReal Estate MumbaiAug 20, 2025
Their first bold move was leasing office space inside Trump Tower. “If we’re going to do something and we’re going to build it from scratch, what about we grab a little space in Trump Tower?” Hayes said in an interview. The timing worked in their favor. Donald Trump’s approval ratings had plummeted after the January 6 riots, and mainstream Wall Street was steering clear of him. However, as Trump plotted his political comeback, new business opportunities began pouring in for his family, and Dominari was there to seize them.
Soon, Dominari was advising Eric Trump and Donald Trump Jr. on investments. The company helped launch a Trump-backed bitcoin mining firm and is now working on a deal to take a US manufacturer public, according to a WSJ report. “Do they dictate to us what we do? Absolutely not,” Hayes said. “Do Eric and Don have relationships that we are able to kind of help leverage to make our deals better? Yes.”
From Biotech to Trump’s Inner Circle
Originally founded 58 years ago as Spherix, the company reinvented itself multiple times before landing in Trump Tower. Under Wool’s guidance, AIkido (now Dominari) began investing in hot private companies like Elon Musk’s SpaceX, Anduril, and Epic Games. Eric Trump recalls, “I often saw their team at work in Trump Tower, always focused on something innovative and exciting.”
The company rebranded as Dominari — Latin for “to be the master of” — and expanded its Trump Tower presence. Wool became president, and his wife, Soo Yu, joined the board. Despite these moves, the early years were challenging. Dominari pulled in just $2 million in revenue in 2023 against a $23 million net loss. By the end of 2023, its accumulated deficit hit $223 million, and its stock traded below $1.
Enter the Trump Brothers
Everything changed when Eric and Don Jr. each invested $1 million in Dominari after Trump returned to the White House. They also became advisers, which sent the stock soaring as much as 1200%. Today, they are among the company’s largest shareholders, with stakes worth over $6 million each.
Dominari quickly became central to Trump’s business push into crypto. It invested in bitcoin ETFs and co-invested with the Trumps in American Bitcoin, a mining company now preparing to go public. Dominari made $4.8 million in fees from helping raise $220 million for the venture. “Do Eric and Don influence me, or do I influence them? I think we’re just like-minded,” Wool said.
The Trump brothers are also working with Dominari on a new SPAC (blank-check company) aiming to raise $300 million to buy a US manufacturer. If successful, their 5 million shares could be worth millions.
Big Bets on Crypto and Beyond
Dominari’s rise has also been fueled by connections in the crypto world. It recently worked on a deal involving Tron founder Justin Sun, who invested $75 million in Trump’s World Liberty Financial and bought $20 million worth of Trump’s memecoin. “Did [Sun] ask Eric if I’m a good person? Yes, he did,” Wool admitted. “That was Eric’s involvement.”
Dominari made big money too; an early $5 million investment in a company linked to Sun is now worth over $120 million. The deals keep coming. As Wool put it bluntly after ringing the Nasdaq opening bell last week: “Now you wanna be my buddy? I don’t need it.”
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Frequently Asked Questions
What was Dominari Holdings originally called?
Dominari Holdings was originally called AIkido Pharma, a biotech company with a history of losses.
How did Dominari Holdings pivot into finance?
Dominari Holdings pivoted into finance by leasing office space in Trump Tower and leveraging connections with the Trump family.
What significant investments did Dominari make in the crypto world?
Dominari invested in bitcoin ETFs, co-invested with the Trumps in American Bitcoin, and worked on deals involving Tron founder Justin Sun.
How did the Trump brothers’ investments in Dominari impact the company?
Eric and Don Jr. Trump each invested $1 million in Dominari, becoming advisers and sending the stock soaring as much as 1200%.
What is Dominari’s current focus in the business world?
Dominari is currently focusing on crypto investments, real estate, and working on a new SPAC aiming to raise $300 million to buy a US manufacturer.
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