Wealth Manager Adopts Corporate Bitcoin Treasury Strategy
The company, which is involved in wealth management, investment banking, trading, and asset management, announced it would use a portion of its excess cash to purchase shares of BlackRocks iShares Bitcoin Trust ETF (IBIT), the largest spot Bitcoin exchange-traded fund.
Bitcoin Treasury and Future Plans
Dominari (ticker DOMH) has already allocated $2 million to its Bitcoin treasury and plans to increase this amount by the end of the year, also expanding its alternative coin treasury. The company intends to continue this strategy as its cash reserves grow, further embedding Bitcoin into its financial operations.
Fourth-Quarter Earnings and Strategic Vision
The announcement coincided with Dominaris fourth-quarter earnings release, where the company projected total revenue of approximately $19 million for 2024, with over $8 million of that expected to be recognized in the fourth quarter.
CEO Anthony Hayes emphasized the companys commitment to expanding its investment banking services while focusing on emerging technologies that create long-term value for shareholders. We remain committed to transitioning into a dynamic holding company and strategically investing in innovation, Hayes said in the earnings release.
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