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Long Term Equity Investments | 6 Months Ended
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Jun. 30, 2025
Long Term Equity Investments [Abstract] |
Long Term Equity Investments | Note 5. Long Term Equity Investments The Company holds interests in several privately held companies as long-term investments. The following table presents the Company’s long-term investments as of June 30, 2025, and December 31, 2024 ($ in thousands):
|  | December 31, 2024 |  |  | June 30, 2025 |
|  | Cost Basis |  |  | Carrying Value |  |  | Cost Basis |  |  | Carrying Value |
Investment in Kerna Health |  | $ | 2,140 |  |  | $ | 4,940 |  |  | $ | 2,140 |  |  | $ | 4,940 |
Investment in Revere Master SPV Series 1 (Qxpress Pte Ltd)* |  |  | 1,000 |  |  |  | 1,000 |  |  |  | 1,000 |  |  |  | 1,000 |
Investment in MW LSV MasterClass, LLC (Yanka Industries, Inc. d.b.a. Masterclass)* |  |  | 170 |  |  |  | 170 |  |  |  | 170 |  |  |  | 170 |
Investment in Payward, Inc. and MWSI VC Kraken-II, LLC (Payward, Inc. d.b.a. Kraken)** |  |  | 597 |  |  |  | 364 |  |  |  | 597 |  |  |  | 364 |
Investment in Aeon Partners Fund Series EG (Epic Games, Inc.)* |  |  | 3,500 |  |  |  | 2,248 |  |  |  | 3,500 |  |  |  | 2,248 |
Investment in Tesspay, Inc. and Revere Master SPV Series VI (TessPay, Inc.) ** |  |  | 1,240 |  |  |  | 1,240 |  |  |  | 1,240 |  |  |  | 1,240 |
Investment in Aeon Partners Fund Series DB (Databricks, Inc.)* |  |  | 716 |  |  |  | 538 |  |  |  | - |  |  |  | - |
Investment in Discord Inc. |  |  | 476 |  |  |  | 476 |  |  |  | 476 |  |  |  | 476 |
Investment in Thrasio, Inc. |  |  | 300 |  |  |  | - |  |  |  | 300 |  |  |  | - |
Investment in Automation Anywhere, Inc. |  |  | 476 |  |  |  | 397 |  |  |  | 476 |  |  |  | 397 |
Investment in Dominari Master SPV LLC Series VI (X.AI Corp. d.b.a. xAI)* |  |  | 100 |  |  |  | 109 |  |  |  | 100 |  |  |  | 109 |
Investment in Dominari Master SPV LLC Series XI (Cerebras Systems Inc.)* |  |  | 25 |  |  |  | 25 |  |  |  | 25 |  |  |  | 25 |
Investment in Dominari Master SPV LLC Series XII (Groq, Inc.)* |  |  | 25 |  |  |  | 25 |  |  |  | 25 |  |  |  | 25 |
Investment in AdvEn Inc. |  |  | 750 |  |  |  | 750 |  |  |  | 750 |  |  |  | 750 |
Investment in American Bitcoin Corp. |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 32,000 |
Total |  | $ | 11,515 |  |  | $ | 12,282 |  |  | $ | 10,799 |  |  | $ | 43,744 |
* | Investments made in these companies are through a Special Purpose Vehicle (“SPV”). The SPV is the holder of the actual stock. The Company does not hold these stock certificates directly.
** | Investments made in these companies are through both an SPV and direct investments.
The Company recorded an increase in the carrying values of approximately $31.7 million and a decrease of approximately $3.0 million for the three month period ended June 30, 2025 and 2024, respectively. The Company recorded an increase in the carrying values of approximately $32.0 million and a decrease of approximately $5.5 million for the six month period ended June 30, 2025 and 2024, respectively. Investment in Aeon Partners Fund Series DB (Databricks, Inc.) During the first quarter of 2025, the Company redeemed its interest in Databricks, Inc. for net proceeds of approximately $0.5 million, which resulted in a gain of approximately $28,000. Investment in American Bitcoin Corp. On February 18, 2025, the Company announced the creation of American Data Centers Inc. (“ADC”), a strategic venture focused on acquiring, building out and transforming data center campuses across the United States to meet the accelerated demand for advanced computing. On March 31, 2025, ADC completed a series of transactions providing for the launch of American Bitcoin Corp., a strategic initiative focused on industrial- scale Bitcoin mining and strategic Bitcoin reserve development and monetization (the “Transactions”). To effectuate the Transactions, ADC, Hut 8 Corp., a Delaware corporation, and certain of its subsidiaries (“Hut 8”), and the stockholders of ADC entered into a Contribution and Stock Purchase Agreement, pursuant to which Hut 8 contributed to ADC substantially all of Hut 8’s wholly owned ASIC bitcoin miners in exchange for newly issued stock representing 80% of the issued and outstanding equity interests of ADC after giving effect to the issuance. At the closing of the Transactions, ADC changed its name to American Bitcoin Corp. (“American Bitcoin”). In connection with the Transactions, American Bitcoin and Hut 8 also entered into definitive agreements providing for Hut 8 and its personnel to provide day-to-day commercial and operational management services and ASIC colocation services to American Bitcoin, in each case on an exclusive basis for so long as such agreements remain in effect. Hut 8 and its personnel will also provide back-office support services to American Bitcoin pursuant to a shared services agreement with American Bitcoin. As a result of the Transactions, American Bitcoin became a subsidiary of Hut 8 in which the Company held a 3.17% minority interest in American Bitcoin. On June 27, 2025, American Bitcoin consummated a private placement (the “Private Placement”) pursuant to which it raised gross proceeds of approximately $220 million from the sale of American Bitcoin’s Class A common stock at a per share purchase price of $20. The Company’s wholly owned subsidiary, Dominari Securities, acted as placement agent for the transaction. The Company holds 1.6 million shares of American Bitcoin Class B common stock. The Class A and Class B common stock have the same rights, powers and privileges and are identical in all respects as to all matters. As a result of the Private Placement, the Company holds an approximate 2.6% minority interest in American Bitcoin and adjusted the carrying value of its 1.6 million shares of American Bitcoin’s Class B common stock, which is exchangeable with the Class A common stock on a one for one basis, to $32 million as of June 30, 2025. On May 9, Gryphon Digital Mining, Inc. (NASDAQ:GRYP), a bitcoin mining company that offers carbon-neutral bitcoin mining and digital mining operations, entered into a definitive merger agreement with American Bitcoin Corp. to form a combined company that would operate under the brand American Bitcoin and be led by the board of directors of American Bitcoin. The transaction is expected to close as early as Q3 2025, and management anticipates the combined company to trade on NASDAQ under the ticker symbol “ABTC”.

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