A financial firm connected to the Trump family is shifting some of its extra funds into a spot bitcoin exchange-traded fund (ETF), a unique move in the corporate world. Dominari Holdings (DOMH), based in the Trump Tower in New York City, made headlines recently when Eric and Donald Trump Jr. joined its board of advisors and became investors.

In a recent earnings report, Dominari announced its decision to adopt a bitcoin reserve strategy and invest a portion of its cash reserves into BlackRock’s iShares Bitcoin Trust (IBIT), the largest spot bitcoin ETF available. The company has committed $2 million to purchase IBIT shares, which currently have a market cap of about $70 million and experienced a more than 9% decrease in trading on Friday.

While most companies opt to purchase bitcoin directly and custody it themselves or through a custodian, Dominari is taking a different approach by investing in a regulated exchange-traded fund. This method can appeal to businesses seeking simpler compliance and more streamlined accounting practices.

It’s not surprising that this move aligns with Donald Trump Jr.’s involvement in the crypto space. He has shown interest in various crypto projects and has unofficially become a spokesperson for his father’s support of the industry. Just this week, World Liberty Financial (WLFI), a financial protocol endorsed by President Trump and his family, introduced its own stablecoin at a cryptocurrency event in Washington.