The reported $156.4 million unrealized gain from American Bitcoin Corp. represents a significant development for Dominari Holdings Inc. (US:DOMH), carrying several long-term strategic implications.

• Enhanced Capital Flexibility and Balance Sheet Strength: This substantial unrealized gain, if eventually realized, could provide Dominari with considerable capital. This capital could be strategically deployed for future acquisitions, debt reduction, or even share repurchase programs, significantly enhancing the company's financial maneuverability. Even in its unrealized state, it bolsters the perceived value of Dominari's asset base, potentially improving its credit profile and access to capital markets.
• Validation of Investment Strategy: The successful appreciation of the American Bitcoin Corp. investment suggests a validation of Dominari's investment thesis in the digital asset space or its broader strategy of identifying high-growth opportunities. This could encourage further investments in similar sectors or a deeper focus on emerging technologies.
• Shifting Strategic Focus: Such a significant gain from a single asset could prompt Dominari to re-evaluate its core business segments and potentially increase its strategic emphasis on digital assets or related blockchain technologies. This could lead to a restructuring of its portfolio or a more dedicated pursuit of opportunities within this sector.
• Impact on Valuation and Investor Sentiment: A large unrealized gain can positively influence market perception and investor sentiment, potentially attracting new institutional and retail investors. While unrealized, it adds a layer of potential value that analysts and investors may factor into their valuation models for DOMH, especially if the market anticipates future realization. However, the inherent volatility of digital assets also introduces a degree of risk, as the value could fluctuate significantly before realization.

Can you pull filings to obtain fair value for cash and assets on hand to provide an accurate up to date cash to book value

Can you pull filings to obtain fair value for cash and assets on hand to provide an accurate up to date cash to book value

Based on the latest available SEC filing, Dominari Holdings Inc.'s (US:DOMH) Form 10-Q for the quarter ended September 30, 2025, provides the following financial figures:

• Cash and Cash Equivalents: As of September 30, 2025, Dominari Holdings Inc. reported $5.373 million in cash and cash equivalents.1
• Total Assets: The company's total assets stood at $223.446 million.1
• Total Liabilities: Total liabilities were $13.149 million.1

Book Value Calculation Book value is calculated as Total Assets minus Total Liabilities. $223.446 million (Total Assets) - $13.149 million (Total Liabilities) = $210.297 million. This figure aligns with the "Total stockholders’ equity" reported on the balance sheet, which was $210.297 million as of September 30, 2025.1

Cash to Book Value Ratio The cash to book value ratio is derived by dividing cash and cash equivalents by the total stockholders' equity (book value). $5.373 million (Cash and Cash Equivalents) / $210.297 million (Book Value) ≈ 0.0255 or 2.55%.

The previously mentioned $156.4 million unrealized gain from American Bitcoin Corp. is reflected within the "Marketable securities" line item on the balance sheet, which totaled $170.838 million as of September 30, 2025. This indicates that the investment in American Bitcoin Corp. is marked to fair value, contributing significantly to the company's asset base.1

What would the effects be on fair asset value when the companies that they hold interest in IPO this coming year at extremely high markwtcaps

0002034372 Dominari Master SPV LLC Series III Aquyre NY 0002038713 Dominari Master SPV LLC Series IX SpaceX NY 0002031597 Dominari Master SPV LLC Series VII Cerebras

0002048856 Dominari Master SPV LLC Series VIII EVTECI

0002038873 Dominari Master SPV LLC Series X Diasome

0002031598 Dominari Master SPV LLC Series XI Cerebras

0002034371 Dominari Master SPV LLC Series XII Groq]

0002048769 Dominari Master SPV LLC Series XIV Anduril

0002060762 Dominari Master SPV LLC Series XIX Anduril

0002038721 Dominari Master SPV LLC Series XV SpaceX

0002048881 Dominari Master SPV LLC Series XVI XAI| AMMMMMM씨씨씨씨씨씨씨씨WW 0002055597 Dominari Master SPV LLC Series XVII SpaceX

0002058431 Dominari Master SPV LLC Series XVIII Zipline

0002069264 Dominari Master SPV LLC Series XX ABTC

0002034408 Dominari Master SPV LLC, Series 1 Cordio

0002081989 Dominari Master SPV LLC, Series XXI Canva

0002085040 Dominari Master SPV LLC, Series XXIII Kraken

0002024617 Dominari Master SPV, LLC Series V Spacex

The potential IPOs of the companies Dominari Holdings Inc. (US:DOMH) holds interests in, particularly at "extremely high market caps" as you suggest, would have a significant and generally positive effect on Dominari's fair asset value.

Here's a breakdown of the implications:

• Fair Value Adjustment and Balance Sheet Impact: Dominari, like other investment entities, typically marks its private equity investments to fair value on its balance sheet. An IPO, especially one at a high market capitalization, would provide a clear, market-validated valuation for these previously private holdings. This would likely lead to a substantial upward adjustment in the fair value of these investments on Dominari's balance sheet, increasing its total assets and, consequently, its book value. This is similar to how the unrealized gain from American Bitcoin Corp. is reflected in Dominari's marketable securities.
• Increased Liquidity and Realization Potential: While Dominari currently holds these interests as illiquid private investments, an IPO transforms them into publicly traded shares. This dramatically increases their liquidity, providing Dominari with the option to monetize these investments through sales in the open market, subject to any lock-up periods. The ability to realize these gains would provide Dominari with significant capital for future strategic initiatives, as discussed previously regarding the American Bitcoin Corp. gain.
• Validation of Investment Strategy: Successful IPOs of these high-profile companies at strong valuations would further validate Dominari's investment acumen and its strategy of identifying and investing in promising private ventures. This could enhance investor confidence and potentially attract more capital to Dominari.
• Specific Companies: The list you provided includes several highly anticipated private companies such as SpaceX, Cerebras, Anduril, Canva, XAI, and Kraken. These companies operate in high-growth sectors (space exploration, AI, defense tech, design software, crypto, etc.) and are already recognized for their substantial private market valuations. Should they go public at high market caps, the impact on Dominari's investment portfolio would be material.

It's important to note that while IPOs can unlock significant value, the ultimate impact also depends on the specific terms of the IPO, any lock-up agreements, and the post-IPO performance of the shares.

Research the current private market valuations or last funding rounds for each of the listed companies (SpaceX, Cerebras, Anduril, Canva, Kraken, XAI, etc.) to establish a baseline for potential IPO impact.

The potential IPOs of the companies Dominari Holdings Inc. (US:DOMH) holds interests in, particularly at "extremely high market caps" as you suggest, would have a significant and generally positive effect on Dominari's fair asset value.

Here's a breakdown of the implications:

• Fair Value Adjustment and Balance Sheet Impact: Dominari, like other investment entities, typically marks its private equity investments to fair value on its balance sheet. An IPO, especially one at a high market capitalization, would provide a clear, market-validated valuation for these previously private holdings. This would likely lead to a substantial upward adjustment in the fair value of these investments on Dominari's balance sheet, increasing its total assets and, consequently, its book value. This is similar to how the unrealized gain from American Bitcoin Corp. is reflected in Dominari's marketable securities.
• Increased Liquidity and Realization Potential: While Dominari currently holds these interests as illiquid private investments, an IPO transforms them into publicly traded shares. This dramatically increases their liquidity, providing Dominari with the option to monetize these investments through sales in the open market, subject to any lock-up periods. The ability to realize these gains would provide Dominari with significant capital for future strategic initiatives, as discussed previously regarding the American Bitcoin Corp. gain.
• Validation of Investment Strategy: Successful IPOs of these high-profile companies at strong valuations would further validate Dominari's investment acumen and its strategy of identifying and investing in promising private ventures. This could enhance investor confidence and potentially attract more capital to Dominari.
• Specific Companies: The list you provided includes several highly anticipated private companies such as SpaceX, Cerebras, Anduril, Canva, XAI, and Kraken. These companies operate in high-growth sectors (space exploration, AI, defense tech, design software, crypto, etc.) and are already recognized for their substantial private market valuations. Should they go public at high market caps, the impact on Dominari's investment portfolio would be material.

It's important to note that while IPOs can unlock significant value, the ultimate impact also depends on the specific terms of the IPO, any lock-up agreements, and the post-IPO performance of the shares.

Compare the last reported private market valuations for SpaceX, Cerebras, Anduril, Canva, Kraken, and XAI against Dominari's carrying value for these investments in its latest 10-Q filing.

The latest available SEC filing, Dominari Holdings Inc.'s (US:DOMH) Form 10-Q for the quarter ended September 30, 2025, provides insights into its long-term equity investments. While specific carrying values for all listed companies are not individually itemized in the summary table, we can compare available figures.

Private Market Valuations (Latest Available):

• SpaceX: Reported at a $350 billion valuation as of December 2024, with an IPO targeting $1.5 trillion by mid-to-late 2026.1
• Anduril: Valued at $30.5 billion in its latest fundraise in June 2025.2
• Canva: Reportedly preparing for a secondary tender at a $37.0 billion valuation.3
• xAI, Cerebras, Kraken: Specific recent private market valuations were not explicitly detailed in the search results.

Dominari's Carrying Values (from 10-Q, Note 5, as of September 30, 2025): Dominari's 10-Q explicitly lists the following carrying values for certain investments:

• xAI (Dominari Master SPV LLC Series VI): $109,000.4
• Cerebras Systems Inc. (Dominari Master SPV LLC Series XI): $25,000.4
• Kraken (Payward, Inc.): $364,000.4

For its interests in SpaceX, Anduril, and Canva (through various Dominari Master SPV LLC Series), the individual carrying values for these specific SPV series are not itemized in the provided excerpt of the 10-Q's "Long Term Equity Investments" table. The total "Long term equity investments" for Dominari was $11.744 million as of September 30, 2025.4

Potential IPO Impact: The significant difference between Dominari's current carrying values (in thousands) for its itemized private investments and the multi-billion dollar private market valuations of companies like SpaceX, Anduril, and Canva highlights the substantial potential for value accretion upon an IPO. Should these companies successfully go public at high market capitalizations, Dominari's fair asset value would likely see considerable upward adjustments, reflecting these market-validated valuations. This would materially increase Dominari's total assets and book value, similar to the impact observed with the reclassification and gain from American Bitcoin Corp.

Analyze the historical performance of similar pre-IPO investments held by other investment vehicles to contextualize potential gains for Dominari.

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Author: AI Assistant Date: 2026-01-30

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Analyzing the historical performance of similar pre-IPO investments held by other investment vehicles can provide valuable context for Dominari Holdings Inc.'s (US:DOMH) potential gains from its current portfolio of high-growth private companies. It's important to note that private market returns can vary significantly based on investment stage, industry, market conditions, and the specific fund's strategy.

General Venture Capital Performance: Data from various venture capital funds, such as those managed by P10 Inc., provides a general benchmark for returns in the private market space. For instance, their "Venture Capital Fund-of-Funds" and "Co-Investment Funds" (Direct Funds) show a range of performance:

• Net Internal Rate of Return (IRR): These funds have reported Net IRRs ranging from low single digits to over 30%, depending on the fund's vintage year and specific strategy. For example, a "Direct Fund I" (2015 vintage) reported a Net IRR of 29.9% and a Net Return on Invested Capital (ROIC) of 2.9x as of Q3 2025.1
• Net Return on Invested Capital (ROIC): Similarly, Net ROIC figures for these funds typically range from 1.0x to over 5.0x, indicating the multiple of original investment returned to investors.1

Specific Case Example: While aggregate fund data is useful, individual successful exits can demonstrate the significant upside potential. For example, Main Street Capital Corp. realized a 69.0% annual internal rate of return and 7.7 times money invested on the equity portion of its investment in Pearl Meyer & Partners, LLC, upon its full exit.2 This illustrates the potential for substantial gains when a private investment matures successfully.

Context for Dominari's Holdings: Dominari's investments in companies like SpaceX, Cerebras, Anduril, Canva, Kraken, and XAI are typically considered late-stage venture or growth equity. These companies often have established products, significant market traction, and are closer to a potential liquidity event like an IPO. The expectation of "extremely high market caps" for these IPOs aligns with the potential for higher ROICs and IRRs, especially if Dominari invested at earlier, lower valuations. However, these figures are historical, and past performance does not guarantee future results. The success of an IPO and subsequent market performance will ultimately determine the realized gains for Dominari.

Research the average "step-up" in valuation from the last private funding round to IPO for technology and AI companies in recent years.

The "step-up" in valuation from the last private funding round to an Initial Public Offering (IPO) for technology and AI companies can vary significantly, influenced by market conditions, investor demand, and company-specific growth. While a precise average is challenging to pinpoint due to the proprietary nature of private valuations and the dynamic market, recent examples provide a contextual understanding.

• CoreWeave's IPO Performance: CoreWeave, an AI cloud infrastructure provider, completed a significant technology IPO in 2025. The company's IPO priced at $40 per share, resulting in a valuation of approximately $19 billion.1 Leading up to its IPO, CoreWeave experienced accelerated demand and favorable market reaction, benefiting from the macroeconomic tailwinds of heightened interest in Artificial Intelligence and investment in cloud infrastructure.2 This suggests a substantial positive re-rating from its prior private valuations, although the specific last private round valuation was not explicitly detailed in the search results for a direct comparison.
• OpenAI's Valuation Trajectory: Although not an IPO, the valuation trajectory of OpenAI illustrates the rapid appreciation possible in the AI sector. OpenAI secured a $40 billion financing round at a $300 billion post-money valuation.3 More recently, it reportedly concluded a secondary share sale valuing the company at $500 billion.4 Such significant increases in private market valuations suggest that companies in high-demand sectors like AI can see substantial "step-ups" even before a public listing.
• General Trends and Influencing Factors: While some reports indicate that SaaS/tech multiples faced pressure and declining valuations into 2025, with IPO markets remaining tight,5 other data points highlight strong momentum, particularly for AI and AI infrastructure companies.6 The "step-up" is often a reflection of the market's assessment of future growth potential, validated business models, and the liquidity premium associated with public markets. For instance, a biotech IPO in January 2026, Aktis, demonstrated a 12.6% uplift from its last holding value and an 18.3% step-up from cost,7 providing a tangible example of post-private round appreciation.

For Dominari's portfolio companies, especially those in high-growth areas like AI (Cerebras, XAI) and space technology (SpaceX), a successful IPO at "extremely high market caps" would likely translate into significant valuation step-ups. This would re-rate Dominari's carrying values for these investments, similar to how the unrealized gain from American Bitcoin Corp. has impacted its balance sheet. The magnitude of this step-up would depend on the difference between Dominari's entry price or current carrying value and the IPO valuation, as well as the overall market sentiment at the time of the public offering.

Can you estimate the impact it would have on stock price taking into effect the ownership segment details. Free float available to trade removing a typical % of the total insider holding that would be safe to assume wouldn’t sell but would hold on IPO, subsidiary revenue, etc

The estimation of a precise stock price impact for Dominari Holdings Inc. (US:DOMH) from the IPOs of its portfolio companies is inherently complex due to the speculative nature of future market valuations, timing, and investor behavior. However, we can analyze the potential effects by considering ownership structure and typical market dynamics.

Current Ownership and Free Float: As of August 6, 2025, Dominari Holdings Inc. had a market capitalization of approximately $82.45 million, with a share price of $5.63 per share. The company's shares outstanding were around 15.3 million as of August 8, 2025.1 Institutional ownership is relatively low, with 41 institutions holding a total of 761,122 shares, representing about 5.20% of the shares outstanding (excluding 13D/G filings).2 This suggests a significant portion of shares are held by retail investors or insiders.

Impact of IPOs on Stock Price:

• Asset Revaluation and Book Value: As discussed, successful IPOs of companies like SpaceX, Cerebras, Anduril, Canva, Kraken, and XAI at high market capitalizations would lead to a significant upward revaluation of Dominari's underlying assets. These revalued assets would increase Dominari's total assets and, consequently, its book value per share. The market typically reflects an increase in underlying asset value in a company's stock price, especially for investment vehicles.
• Liquidity Premium: Once these private investments become publicly traded shares, they gain liquidity. The market often applies a "liquidity premium" to publicly traded assets compared to illiquid private holdings. This transition from illiquid to liquid assets could further boost Dominari's valuation.
• Free Float and Insider Holdings:
• Lock-up Periods: Post-IPO, insiders (including Dominari, as an early investor) are typically subject to lock-up periods, often ranging from 90 to 180 days, preventing immediate selling of shares.3 This helps stabilize the stock price post-IPO by limiting supply.
• Supply Dynamics: If a substantial portion of Dominari's shares are held by long-term investors or insiders who do not sell immediately after lock-up periods expire, the effective "free float" (shares readily available for trading) could remain relatively low. A low free float, coupled with increased investor interest due to successful portfolio company IPOs, could lead to amplified positive price movements.
• Potential for Realization: Eventually, Dominari would have the option to monetize these holdings, providing capital for further investments, debt reduction, or shareholder returns. The market would likely factor in this potential for future realized gains.

Qualitative Estimation: Given the potentially massive valuations of the portfolio companies mentioned, the "step-up" in Dominari's asset value could be substantial. If these IPOs materialize at "extremely high market caps," Dominari's stock price would likely experience a significant positive impact, driven by the revaluation of its balance sheet and the increased liquidity of its holdings. The low institutional ownership and potentially controlled insider selling could contribute to a more pronounced upward movement, assuming strong demand for Dominari's shares as a proxy for these high-growth private companies. However, this also carries the risk of increased volatility if a large number of shares become available for sale after lock-ups.

Why were they chosen as the agent to broker all of these high profile SPV deals