Helped Trump's sons earn over $500 million – Meet "Trump's banker"

Since Donald Trump's return to the White House, an investment banker named Kyle Wool has quickly become the wealth code for the first family. Through collaboration with Trump's two sons, Wool's investment bank Dominari Holdings has helped them achieve over $500 million in gains in the small-cap and cryptocurrency sectors.

According to Bloomberg, since the 2024 election, Wool has arranged multiple investment deals involving the Trump family. The most notable is the stake of Trump's second son, Eric Trump, in the Bitcoin mining company American Bitcoin, which was valued at nearly $500 million as of October 9.

The core pattern of these transactions is leveraging the Trump family's fame and influence to drive stock prices soaring. For example, Unusual Machines, a loss-making drone company based in Orlando, saw its stock price triple within three days after announcing Donald Trump Jr. as an advisor, bringing $4.4 million in paper gains to Trump's eldest son.

Reports indicate that these transactions highlight the Trump family's more active business activities during the president's second term. However, Wool's collaboration with the Trump family raises concerns about conflicts of interest. As president, Trump's policy decisions could directly impact the value of these companies, in which his sons hold significant economic interests.

The Rise of Small-Cap Traders

Kyle Wool previously worked in wealth management at firms such as Oppenheimer & Co. and Morgan Stanley.

In 2022, he became the president of the small brokerage Revere Securities LLC, which Wool subsequently rebranded as an investment bank and renamed Dominari Holdings after multiple business direction changes.

Wool also moved the company's headquarters to the 22nd-23rd floors of Trump Tower, just two floors away from the Trump Organization's headquarters. He views his close relationship with the Trump family as a source of pride and capital.

Wool spent years cultivating his relationship with the Trump family. He became a member of the Trump Club in Jupiter, Florida, with a membership fee of up to $500,000, and organized events at Trump-owned golf courses. These investments ultimately paid off handsomely.

In February 2024, Dominari announced that Donald Jr. and Eric Trump would become company advisors and investors, holding more shares than any external investors.

Dominari announced that the two brothers would provide advice on artificial intelligence and data centers, despite having no apparent experience in these fields. Following the announcement, Dominari's stock price soared.

Dominari specializes in financing small-cap stocks, which are typically valued at less than $250 million and exhibit extreme price volatility. As micro-cap investment expert Stephen Kann stated:

"One clear characteristic of micro-caps is that they are always striving for attention. The association with Trump is like a huge spotlight." Taking Unusual Machines as an example, this drone company initially went public at a price of $4 per share, but investor response was tepid, and the stock price fell below $2, with the company experiencing severe cash burn. Wool recommended the stock to Donald Jr., who invested $100,000 to purchase shares and warrants and agreed to serve as an advisor.

The announcement of Donald Jr.'s involvement caused the stock price to soar above $20, with his investment at one point appreciating 30 times. Company CEO Allan Evans stated that Donald Jr.'s greatest contribution was his public endorsement, which made it easier for the company to meet with potential business partners, raising over $80 million this year.

Huge Gains in Cryptocurrency

The biggest gains for Trump's sons (the eldest and the second son) in the cryptocurrency field came from American Bitcoin Corp.

Earlier this year, Donald Jr. and Eric Trump, along with partners like Wool and Dominari, acquired a 20% stake in a Bitcoin mining company with operations in Texas, New York, and Alberta, Canada.

The company subsequently went public through a merger with a small-cap stock. At the Bitcoin conference held in Las Vegas in May, the Trump sons endorsed the company, with Eric stating, "We have a president who loves and supports this industry 100%."

This deal brought Dominari a stake valued at over $150 million as of October 9, while Eric's stake is worth nearly $450 million.

Notably, publicly disclosed documents show that Eric Trump did not invest cash or other assets in the company but still received such a large stake value. Eric Trump stated, "I am very proud of American Bitcoin; this is a huge success."

Highlighting Conflicts of Interest

These investments raise serious concerns about conflicts of interest. While there is no evidence that the Trump sons' investments influenced policy decisions, all related companies could gain or lose value due to government actions.

In the drone sector, the Trump administration has been committed to fostering domestic production capabilities. In June, Trump signed an executive order to expedite the long-awaited flight rules for the industry; in July, the Pentagon issued guidance aimed at accelerating the military's procurement of American-made drones.

In terms of cryptocurrency, in July, the White House suggested that the IRS consider changing long-term tax guidance on cryptocurrency mining, which would benefit companies like American Bitcoin.

At the same time, the Bitcoin mining computers used by the company are sourced from Chinese manufacturers, and Republican lawmakers have recently called on the Treasury to review such imports on national security grounds.

In August, they launched their latest collaborative project: the blank check company New America Acquisition I Corp., which will acquire domestic manufacturers after raising funds in the stock market. The shares obtained by the Trump brothers as part-time advisors could be worth up to $50 million when the company goes public. **

The company initially stated in its securities filings that it would seek "acquisition targets that are favorable to federal or state-level incentives," but removed this statement after an inquiry from the Associated Press