"Bank Linked to Trump Family Advisor Boosts Bitcoin Investment"

# Dominari Holdings Expands Bitcoin Portfolio, Shifts Focus from Biotech to Finance Dominari Holdings (Nasdaq: DOMH), headquartered in New York’s Trump Tower, is increasing its Bitcoin (BTC) exposure while transitioning from biotechnology to finance, as highlighted by Bitcoin.com on the 20th. Bloomberg first reported that Eric Trump and Donald Trump Jr., sons of former President Donald Trump, have joined the firm as advisors. Bloomberg noted that Dominari has faced $70 million in losses over three years, primarily due to its focus on the volatile IPO market. Since the Trump brothers' appointment in February, the company’s stock has surged significantly, with each brother receiving around $8 million in company stock. Dominari’s Bitcoin assets include a $2 million investment in a Bitcoin ETF. Dominari has also formed a strategic partnership with Bitcoin mining firm Hut 8, establishing a joint venture for data centers. This venture is merging with Nasdaq-listed Gryphon Digital Mining. According to a May 12 SEC filing, Dominari and its partners will retain a 98% stake in the newly formed entity, named "ABTC," post-merger. # Bitcoin Mining and Data Center Expansion The newly merged ABTC will primarily focus on Bitcoin mining and also aims to expand into data centers, artificial intelligence (AI), and financial services. Post-merger, Eric Trump will become Chief Strategy Officer (CSO) of ABTC, playing a key role in shaping the company’s cryptocurrency strategy. Dominari’s President, Kyle Wool, stated that the merger validates the company’s strategy. However, financial difficulties remain, with Dominari reporting a net loss of $32.5 million for Q1 2025. Bloomberg’s analysis showed that about one-third of Dominari’s recent IPOs have seen over 75% drops within a year of their launch. Despite these hurdles, the company’s stock has surged by 466% year-to-date against the U.S. dollar. # Trump’s Remittance Tax Proposal Fuels Crypto Speculation Separately, former President Donald Trump has proposed a remittance tax bill, termed the “big, beautiful bill,” which would impose a 5% tax on remittances from non-citizens in the U.S. to their home countries, potentially impacting over 40 million individuals. Mexican President Claudia Sheinbaum criticized the bill as “arbitrary and unjust.” Mexico received over $64 billion in remittances from the U.S. last year, which could lead to an estimated $3 billion increase in tax revenue if the proposal is enacted. Industry experts suggest that to evade such taxes, many senders may turn to alternative methods, including cryptocurrencies. Coin Center, a U.S.-based cryptocurrency advocacy group, noted that self-custody wallets are exempt from the bill’s scope, emphasizing their potential rise as a viable alternative for cross-border transfers.