Since Trump's return to the White House, an investment banker named Kyle Wool has rapidly become the wealth cipher for the First Family. Through collaborations with Trump's two sons, Wool's investment bank Dominari Holdings has helped them gain over $500 million in returns from small-cap stocks and cryptocurrency ventures.

Since the 2024 election, Wool has arranged multiple investment deals involving the Trump family. Most notably, Trump's younger son Eric Trump holds stakes in bitcoin mining company American Bitcoin valued at nearly $500 million as of October 9.

The core pattern of these transactions involves leveraging the Trump family's reputation and influence to drive stock price surges. Take Unusual Machines as an example - this loss-making Orlando-based drone company saw its stock price triple within three days after announcing Donald Trump Jr. as an advisor, generating $4.4 million in paper gains for Trump's eldest son.

These transactions highlight the Trump family's increasingly active commercial activities during the president's second term. However, Wool's partnership with the Trump family has raised concerns about conflicts of interest. As president, Trump's policy decisions could directly impact the value of these companies, while his sons hold significant economic interests in them.

**Rise of a Small-Cap Stock Operator**

Kyle Wool previously worked in wealth management at companies including Oppenheimer & Co. and Morgan Stanley.

In 2022, he became president of small brokerage firm Revere Securities LLC. Wool subsequently repackaged this loss-making company that had changed business directions multiple times into an investment bank, renaming it Dominari Holdings.

Wool also relocated the company headquarters to floors 22-23 of Trump Tower, just two floors away from Trump Organization headquarters. He views his close relationship with the Trump family as a source of pride.

Wool spent years cultivating relationships with the Trump family. He became a member of Trump's club in Jupiter, Florida, with membership fees as high as $500,000, and organized events at Trump-owned golf courses. These investments ultimately yielded substantial returns.

In February 2024, Dominari announced that Donald Jr. and Eric Trump became company advisors and investors, holding stakes larger than any external investors.

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

Dominari specializes in small-cap stock financing, typically involving companies valued below $250 million with extremely volatile stock prices. As micro-stock investment expert Stephen Kann noted:

"One clear characteristic of micro-stocks is they're always struggling for attention. Trump's association is like a huge spotlight."

Using Unusual Machines as an example, this drone company initially went public at $4 per share, but investor response was lukewarm, with the stock falling below $2 and the company burning through cash severely. Wool recommended this stock to Donald Jr., who invested $100,000 in stocks and warrants and agreed to serve as an advisor.

The announcement of Donald Jr.'s involvement sent the stock price soaring above $20, with his investment gaining 30-fold value at one point. Company CEO Allan Evans stated that Donald Jr.'s greatest contribution was public endorsement, making it easier for the company to meet with potential business partners, and the company has raised over $80 million this year.

**Massive Cryptocurrency Gains**

Trump's sons' biggest gains in the cryptocurrency sector came from American Bitcoin Corp.

Earlier this year, Donald Jr. and Eric Trump, along with partners including 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, Trump's sons promoted the company, with Eric stating "we have a president who loves and 100% supports this industry."

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

Notably, public disclosure documents show Eric Trump did not invest cash or other assets in the company, yet obtained such massive stake value. Eric Trump stated he was "very proud of American Bitcoin, it's been a huge success."

**Conflicts of Interest Concerns Highlighted**

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

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

Regarding cryptocurrency, in July the White House suggested the IRS consider changing long-standing tax guidance on cryptocurrency mining, which would benefit companies like American Bitcoin.

Meanwhile, the company uses bitcoin mining computers from Chinese manufacturers, and Republican congressmen recently asked the Treasury Department to review such imports based on national security grounds.

In August, they launched their latest collaboration project: blank check company New America Acquisition I Corp., which will raise funds in the stock market before acquiring domestic manufacturers. The Trump brothers' stakes as part-time advisors could be worth up to $50 million when the company goes public.

The company initially stated in securities filings that it would seek "acquisition targets that benefit from federal or state-level incentive programs," but removed this language after inquiries.