Old Glory Bank says it’s taking a major step toward bringing crypto deeper into everyday banking through a planned merger with a Nasdaq-listed SPAC.
Under a definitive business combination agreement, Old Glory Bank’s bank holding company will combine with Digital Asset Acquisition Corporation (Nasdaq: DAAQ) to form OGB Financial Company. This Texas corporation is expected to list on the Nasdaq exchange under the reserved ticker symbol “OGB.” The companies stated that the deal is expected to close in late Q1 or early Q2 of 2026, pending shareholder and regulatory approvals.
DAAQ has about $176 million in trust, and Old Glory Bank is valued at $250 million pre-money in the transaction. The parties also plan to secure at least $50 million in additional financing through a PIPE or other funding at closing.
Old Glory Bank, a digital-first bank with a physical branch in Elmore City, Oklahoma, reported rapid growth since launching online accounts in April 2023, saying deposits climbed from $10 million to more than $245 million as of December 31, 2025, alongside 80,000+ personal and business accounts across all 50 states and beyond.
A central theme of the announcement is the bank’s ambition to make crypto more straightforward to use inside traditional banking. Co-Founder and Chief Innovation Officer Michael Staw said the goal is to become the first chartered bank to fully integrate cryptocurrency into daily banking, including smoother movement between fiat and blockchain, crypto-to-fiat tools, potential crypto-backed lending, and a planned payment stablecoin called OGBUSD.
Source: Business Wire
Original announcement: https://www.businesswire.com/news/home/20260113191903/en/Old-Glory-Bank-and-Digital-Asset-Acquisition-Corp.-Announce-Business-Combination-Agreement-to-Create-a-Texas-Company-Publicly-Listed-on-Nasdaq