Dominari Holdings adopts corporate Bitcoin strategy, invests $2 million in BlackRock’s Bitcoin ETF

Dominari Holdings on Friday became the latest publicly traded company to enact a corporate Bitcoin treasury strategy. The holding company is engaged in wealth management, investment banking, trading and asset management, according to its website.

Dominari (ticker DOMH) will use a portion of its excess cash and earnings to buy shares of BlackRock's iShares Bitcoin Trust ETF (IBIT), the largest spot bitcoin exchange-traded fund. Dominari's management plans to continue this practice as the company's cash reserves continue to grow.

Dominari currently has $2 million in its Bitcoin treasury and expects to add further to its alternative coin treasury by year's end.

The announcement came in conjunction with Dominari's fourth-quarter earnings release. The company expects to report a total revenue of approximately $19 million for 2024, with over $8 million of the annual revenue recognized during the fourth quarter.

"As we continue to expand our capacity to provide comprehensive investment banking services, we remain committed to our broader strategy of transitioning into a dynamic holding company, strategically investing in emerging technologies that drive innovation and long-term value for our shareholders," CEO Anthony Hayes said in the release.

Strategy is the largest corporate holder of bitcoin, and thanks to MSTR's success and a crypto-friendly White House, several companies have established their own Bitcoin strategies in recent months.

Earlier this week, Japan-based Metaplanet added $12.6 million worth of bitcoin after appointing Eric Trump to its advisory board. The company aims to  hold 10,000 BTC by the end of 2025 and is currently the largest corporate Bitcoin holder in Asia.

Meanwhile, video game retailer GameStop said it is issuing $1.3 billion in convertible notes to fund a corporate Bitcoin treasury. Investors remain divided , however, with some seeing potential for long-term gains while others worry about stock dilution and the company’s history of financial struggles.

DOMH shares traded down 8.2% to $4.80 at publication time. The company has a market cap of $70.4 million.