How Dominari went from failed biotech to Trump Tower dealmaker for the first family

How Dominari went from failed biotech to Trump Tower dealmaker for the first family (Image: WSJ)

Dominari Holdings began life decades ago as a biotech company once known as Spherix and later AIkido Pharma. After years of heavy losses, it shifted strategy in 2021 under CEO Anthony Hayes. Seeking new ground, Hayes brought in veteran banker Kyle Wool, who helped the firm pivot from speculative drug research into finance. Their move into Trump Tower marked the turning point that would transform their fortunes, the Wall Street Journal reported.

Betting on Trump at a low point

At the time, Donald Trump faced legal scrutiny and political isolation following the January 6 riot. Wall Street was keeping its distance, but Hayes and Wool saw an opportunity. By leasing space in Trump Tower, they positioned themselves near Trump’s sons, Eric and Don Jr. Golf outings and personal connections soon developed into business ties, placing Dominari inside the family’s growing circle of advisers.

Building credibility through access

Dominari quickly rebranded as an investment firm, pursuing emerging industries like crypto, AI and defence technology. Wool leveraged his Wall Street contacts to create special-purpose vehicles that gave wealthy clients exposure to private companies such as SpaceX and Epic Games. Though early revenues were small, the firm’s proximity to the Trumps proved invaluable. Hosting events at Trump golf clubs reinforced the relationship and offered Dominari visibility among influential networks.

Trump family becomes investor and partner

The breakthrough came when Eric and Don Jr. each invested $1 million into Dominari stock shortly after Trump’s inauguration. Securities filings show they became key shareholders and advisers, giving the firm credibility and lifting its stock price dramatically. Their involvement turned Dominari into a go-to partner for Trump-linked projects, including the creation of American Bitcoin, a mining venture, and the IPO of a drone manufacturer backed by Don Jr.

Expanding into crypto and SPACs

With Trump openly championing pro-crypto policies, Dominari helped channel investments into bitcoin funds and data-centre startups tied to the family. It also structured deals with global players such as Tron founder Justin Sun, further embedding itself in the crypto ecosystem. More recently, the firm launched a special-purpose acquisition company with Trump family backing, aiming to raise $300 million to take a U.S. manufacturer public. Dominari stood to collect millions in fees.

A new power broker with Trump ties

Today, Dominari operates from multiple floors of Trump Tower, with Wool’s office overlooking Central Park. The firm’s accumulated losses remain steep, but its access to exclusive deals and the Trump family’s networks have changed its trajectory. From charity golf events to Wall Street fundraisings, Hayes and Wool have positioned Dominari as a small but influential broker in Trump’s business empire. Once obscure, the firm now sits at the intersection of politics, finance and family loyalty.