Crypto-Friendly Old Glory Bank Plans Nasdaq Listing Through SPAC

Old Glory Bank, a crypto-friendly lender, has announced plans to merge with Digital Asset Acquisition Corporation (DAAQ), a special-purpose acquisition company (SPAC), to create a new publicly traded entity on Nasdaq. The deal, expected to close in early 2026, is part of a broader trend of crypto-related firms seeking traditional financial market access.

The transaction values Old Glory Bank at $250 million on a pre-money basis. DAAQ, which currently holds $176 million in its trust account, will contribute this capital, with an additional $50 million in private financing planned to facilitate the merger. The new company will be named OGB Financial Company and will operate under the ticker symbol OGB.

The merger is subject to regulatory and shareholder approvals. Both parties have indicated that the deal will create a platform for Old Glory to scale its digital-first banking solutions, which serve over 80,000 accounts across all 50 states. The bank reported a significant growth in deposits, from $10 million in early 2023 to over $245 million by the end of 2025.

Why Did This Happen?

Old Glory Bank has positioned itself as a pioneer in integrating cryptocurrency into traditional banking services. Co-founder and Chief Innovation Officer Michael Staw stated the bank aims to be the first chartered bank to fully embed crypto into daily financial activities.

This move reflects a broader trend in the financial sector, where crypto-related businesses are increasingly seeking bank charters to enhance credibility and access new markets. In December, the US Office of the Comptroller of the Currency conditionally approved five national bank charter applications for crypto firms, including Ripple and Circle.

Old Glory's leadership includes prominent figures such as former HUD Secretary Dr. Ben Carson, radio host Larry Elder, and former White House Press Secretary Sean Spicer. The bank's support for industries like cryptocurrency, firearms, oil and gas, and agriculture reflects its alignment with certain political and economic values.

How Did Markets React?

DAAQ has shown limited price movement in recent months, with its shares trading near a 52-week low of $10.06. According to InvestingPro data, its current market capitalization is approximately $235.75 million.

The market response to the merger announcement has yet to be fully reflected, as the deal is still pending approvals. However, the valuation of Old Glory at $250 million suggests strong confidence from both the SPAC and its investors in the bank's growth potential and crypto integration strategy.

Analysts are also watching how the broader market reacts to a wave of crypto-linked SPACs. For example, Kraken-backed KRAKacquisition Corp. recently announced a $250 million public offering, highlighting the increasing trend of crypto firms going public .

What Are Analysts Watching Next?

The success of Old Glory's SPAC merger will likely hinge on several factors. First, regulatory scrutiny of crypto-related banking activities remains intense, particularly in the U.S. and India, where authorities are seeking to establish clearer frameworks for crypto exchanges and stablecoins.

Second, the bank's ability to deliver on its promise of integrating crypto into daily banking will be critical. The market will be watching for the launch of features like the patent-pending OGB Freedom Offramp, which is intended to allow customers to easily move money on and off the blockchain.

Finally, the financial performance of the new OGB Financial Company will be closely monitored. The company will need to demonstrate strong deposit growth, loan activity, and technological innovation to justify its valuation and attract investors.

Old Glory's move into the public market is part of a larger transformation in the financial industry, where crypto and fintech firms are increasingly leveraging traditional banking structures to expand their reach and credibility. The transaction with DAAQ could serve as a model for other crypto-linked companies seeking similar access to capital markets.

The deal is expected to close at the end of the first quarter or early in the second quarter of 2026. Until then, market observers will be watching for signs of regulatory approval and investor sentiment that may impact the bank's future performance.