Old Glory Bank's Nasdaq SPAC Deal and the Future of Integrated Crypto Banking

Old Glory Bank's deposit growth trajectory is nothing short of extraordinary. Starting with $10 million in deposits in April 2023, the bank leveraged its digital platform to attract a diverse customer base, including small businesses, nonprofits, and faith-based organizations aligned with its mission of privacy, security, and liberty. By May 2025, deposits surpassed $200 million, and by July 2025, the figure had climbed to $220 million. This exponential growth reflects a critical shift in consumer and institutional demand for financial services that prioritize transparency and decentralized control.

The bank's success is rooted in its ability to combine traditional banking with crypto-native features. For instance, its Digital Future Crypto Checking Account, tailored for crypto and NFT businesses, offers specialized terms for managing digital assets. This niche positioning has allowed OGB to capture a fragmented market segment underserved by legacy institutions, particularly in the burgeoning DeFi and Web3 ecosystems.

SPAC Merger and PIPE Structure: Balancing Ambition with Risk

OGB's merger with DAAQ, a SPAC with $176 million in trust assets, is structured to create OGB Financial Company, a Texas-based entity listed on Nasdaq under the ticker "OGB." The deal, valued at $250 million pre-money, includes a $50 million PIPE (Private Investment in Public Equity) to ensure post-merger liquidity. While SPACs have faced scrutiny for dilution risks, OGB's PIPE is designed to mitigate capital constraints while supporting its aggressive expansion plans.

However, SEC filings highlight potential challenges. The merger process requires extensions to accommodate regulatory complexities, and the issuance of new shares through the PIPE could dilute existing shareholders-a common risk in SPAC transactions. For 2026 investors, the key question is whether OGB's growth potential justifies these structural risks. Given its deposit growth and crypto integrations, the bank's valuation appears to reflect a forward-looking premium, but investors must weigh this against the volatility inherent in SPAC-driven listings.

OGB's crypto-native model is its most compelling differentiator. The bank is set to integrate Bits of Stock's embedded investing platform in early 2026, enabling customers to trade stocks, ETFs, and digital assets directly within its app. This integration, coupled with the launch of OGBUSD-a stablecoin pegged 1:1 to the U.S. dollar- creates a seamless on-ramp for fiat-to-crypto transactions. The stablecoin also facilitates real-time settlements and transparent on-chain tracking, addressing a key pain point in traditional banking.

Moreover, OGB's self-custodial wallet system grants users full control over private keys, aligning with its pro-freedom ethos. This feature is particularly attractive to crypto-native businesses and individuals wary of centralized custody risks. The bank's recent announcement allowing customers to purchase Mini-IPO shares using Bitcoin, Ethereum, and other major cryptocurrencies further cements its role as a bridge between traditional and digital finance.