Key points
- Dominari Holdings (DOMH) went from 6,976,874 shares outstanding to 22,613,781 in 15 months.
- Donald Trump Jr. and Eric Trump each bought 216,138 more shares over that stretch and still fell from 6.71% to 5.23%.
- Dominari sold its American Bitcoin (ABTC) stake for $32.4 million in January. After a 1-for-15 reverse split, that block is worth about $10.0 million.
Dominari Holdings (DOMH) runs a brokerage out of two floors of Trump Tower and is worth about $55 million. Donald Trump Jr. and Eric Trump have sat on its advisory board since February 2025. Each has bought more of the stock since then and ended up owning a smaller slice of the company.
The share count is why. It went from 6,976,874 at the end of 2024 to 22,613,781 by the end of March.
How the stake shrank
Both men joined the advisory board on February 11, 2025, and CNBC reported a 30% surge in the stock that day. According to Forbes, each brother received 750,000 shares for the role, 250,000 on joining and another 500,000 once Dominari hit a market capitalization target.
Each also put $1 million into an offering that closed the next day, by Forbes's count, buying 216,138 shares plus warrants over another 432,276. That left them at 966,138 shares apiece, 6.71% each of a company with 14,394,927 shares outstanding.
Fifteen months later, on May 22, each exercised 216,138 of those warrants at $2.50. The original strike had been $4.22, cut under an inducement deal Dominari said it did "in a successful effort to reduce market overhang from outstanding warrants." Both disclosed the result in 13G filings on June 1.
| Each brother | Feb 2025 | May 2026 |
|---|---|---|
| Shares held | 966,138 | 1,182,276 |
| Shares outstanding | 14,394,927 | 22,613,781 |
| Stake | 6.71% | 5.23% |
Each still holds 216,138 warrants that he cannot exercise, because of ownership limits in the terms.
Where the new shares come from
Most of them come out of the 2022 Equity Incentive Plan. That is the pool Dominari draws on to pay staff and directors in stock. Shareholders voted on March 4 this year, 6,380,149 to 631,857, to raise what the plan reserves from 11,720,750 shares to 21,720,750. Four weeks later the whole company had 22.6 million shares outstanding.
The plan also tops itself up without a vote. That increase has fired three times. The most recent came on January 1 and added 3,213,487 shares, exactly 20% of what was outstanding at the end of 2025. The March vote reworked how the number is calculated and set it to run every January 1 from 2027 through 2032. Ondas (ONDS) ran a steeper version of the same thing, going from 137 million shares to 496 million in a year.
Two people hold most of what has been handed out. Filings from March put CEO Anthony Hayes at 9,753,814 shares, or 35.3% of the company. President Kyle Wool is higher still at 10,453,817 with his spouse, or 37.86%. Each total includes 5,000,000 shares underlying an option neither man has exercised.
The American Bitcoin sale looks better than it did in March
Dominari's biggest asset last year was a stake in American Bitcoin (ABTC), the miner founded by the same two brothers. Dominari ended up with 23,199,205 ABTC shares after American Bitcoin merged into Gryphon Digital Mining and listed on Nasdaq at $8.00 in September 2025. The stock fell for the rest of the year.
On December 30 Dominari agreed to sell the lot for $32.4 million. The next day it closed its books and marked those same shares at $39.4 million, using the $1.70 quoted price. That gap is why a sale that brought in real cash landed in the first quarter as a $6.9 million loss.
American Bitcoin has kept falling. It ran a 1-for-15 reverse split on July 2 to hold its Nasdaq listing and closed at $6.47 on August 7. Dominari's old block would be 1,546,614 shares at that price, worth about $10.0 million. The January sale brought in more than three times that.
On January 7, two weeks before the cash arrived, the compensation committee granted Hayes and Wool 3,000,000 shares each. The annual report describes the grant as made "in connection with the transaction involving the Company's investment in American Bitcoin." Those shares vested in full on March 4, worth about $18.4 million between them.
What the company earns, and what it pays
Dominari brought in $123.1 million of revenue in 2025 against $20.97 million the year before, and $35.8 million in the first quarter of 2026 against $7.2 million a year earlier. Underwriting is most of it.
The newer line is carried interest from special purpose vehicles, pooled funds that let clients buy into private companies before they list. Hayes told shareholders in May that the SPVs held about $292 million of invested capital as of mid-April, against an estimated value near $1.27 billion. He described how the venture side works. "To start, Dominari establishes a new Venture SPV for every new project. We then raise money for each new SPV, often without a specific target or use of proceeds in mind."
Dominari Securities is also placement agent on the financing behind a drone merger set to trade as PUSA if it closes, in a sector the Pentagon committed $820 million to in August.
Almost none of that revenue reaches the bottom line, because pay absorbs it. Compensation and benefits ran $68.2 million in the first quarter, 190% of what came in.
| Q1 figures | 2026 | 2025 |
|---|---|---|
| Total revenue | $35.81M | $7.24M |
| Compensation and benefits | $68.16M | $15.46M |
| Total operating expenses | $73.43M | $40.12M |
| Net loss | ($57.36M) | ($32.49M) |
Stock compensation was $19.2 million of that quarter's expense, which feeds straight back into the share count. Bloomberg reported the executives' 2025 pay in January under the headline "Trump Tower Banker Duo Share $66 Million Pay Package for 2025." The annual report filed in March came in lower, putting Hayes at $32,609,100 and Wool at $30,416,667.
Shareholders have collected too. Four special dividends since February 2025 add up to $1.28 a share, the last of them about $9 million paid in May, on a stock that closed at $2.45 on August 7.
The March balance sheet showed $27.5 million of cash against $25.0 million of accrued pay and $20.2 million of taxes payable. Book value was down to $31.6 million from $69.4 million at the end of December.
What is still open
Dominari reported five material weaknesses in its financial reporting controls last year, including a lack of staff to close the books on time and gaps in who can access what. It also dismissed its auditor in June. CBIZ CPAs was out on June 24 and Grassi and Co. was engaged the same day, with no disagreements reported on either side. CBIZ had held the account only since April 2025. It got there by buying Marcum LLP's attest business the previous November, which made Marcum resign and handed CBIZ the work.
June quarter results were not out as of August 9, and last year that filing arrived on August 11. Any material change in either brother's stake during the June quarter also has to be reported by August 14. Neither has filed since June 1.
"Estimated carry to Dominari: approximately $110 million," Hayes wrote of the SPV portfolio in his May letter. Dominari's market value on August 7 was about $55 million.
Sources
- Dominari Holdings Form 8-K filed March 5, 2026 on the March 4 vote raising the 2022 Plan reserve to 21,720,750 shares, and the Form S-8 filed January 9, 2026 listing the plan's automatic increases, including the 3,213,487 shares added January 1
- Schedule 13G filings by Donald J. Trump Jr. and Eric Trump, filed June 1, 2026 reporting 1,182,276 shares and 5.23% each, and their February 2025 filings reporting 966,138 shares and 6.71% each
- Dominari Holdings Form 10-K for 2025 and Form 10-Q for the quarter ended March 31, 2026, including the ABTC note, the Summary of Compensation table and the material weakness disclosure
- Bloomberg, "Trump Tower Banker Duo Share $66 Million Pay Package for 2025," January 27, 2026, and American Bitcoin's 1-for-15 reverse split effective July 2, 2026
