A new banking and crypto-focused public company is taking shape through a special purpose acquisition transaction. Pro-America digital lender Old Glory Bank and Digital Asset Acquisition Corporation (Nasdaq: DAAQ) announced on Jan. 16 that they entered a business combination agreement focused on crypto-integrated banking and public markets access.
The agreement outlines a merger between Old Glory Bank’s bank holding company and Digital Asset Acquisition Corp. to form OGB Financial Company, a Texas corporation expected to list on Nasdaq under the reserved ticker symbol “OGB.” Michael Staw, co-founder and chief innovation officer of Old Glory Bank, stated:
“We intend for Old Glory Bank to be the first chartered bank to fully integrate crypto into daily banking.”
“Today, it’s too confusing, slow, and difficult for regular Americans to move money from a bank account to the blockchain,” the executive added. “At Old Glory Bank, we are an actual bank, so we are confident that, in the future, our customers will have the ability to easily move money on and off chain, as well as instantly deposit crypto into their bank account, by exchanging crypto into fiat utilizing our patent-pending OGB Freedom Offramp.”
The transaction is expected to close near the end of the first quarter or early in the second quarter of 2026, subject to shareholder approval and customary regulatory conditions. DAAQ holds approximately $176 million in its trust account while Old Glory Bank carries a $250 million pre-money valuation, with the parties planning to secure at least $50 million in additional PIPE or related financing.
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Old Glory Bank operates as a full-service, digital-first, FDIC-insured institution with more than 80,000 personal and business accounts across all 50 states and several countries, alongside a physical branch in Elmore City, Oklahoma. Since launching online banking in April 2023, the bank expanded deposits from $10 million to more than $245 million as of Dec. 31, 2025. Leadership figures, including Dr. Ben Carson, Larry Elder, Sean Spicer, John Rich, and Bill Shine, have emphasized opposition to debanking and continued support for industries such as crypto, firearms, oil and gas, and agriculture.
Detailing additional product plans tied to blockchain integration, Staw explained:
“Old Glory Bank intends to offer fast and easy self-service crypto loans for our great customers who do not want to sell crypto, receive a 1099-DA, and potentially be subject to tax.”
“Again, because we are a bank, and we have one of the lowest costs of funds in the industry, we will be able to make consumer crypto loans in all 50 states, with fair interest rates and no garbage fees,” he clarified. The executive continued: “We won’t stop there, and Old Glory Bank intends to issue its own payment stablecoin, OGBUSD, on the ERC-20 standard so that our freedom-loving customers will have the ability to make payments around the world instantly and securely on various blockchains.”
- What is the Old Glory Bank and DAAQ merger aiming to create?
The deal plans to form OGB Financial Company, a Nasdaq-listed bank focused on crypto-integrated banking. - When is the Old Glory Bank SPAC transaction expected to close?
The transaction is expected to close near the end of the first quarter or early in the second quarter of 2026. - How much capital is involved in the Old Glory Bank and DAAQ deal?
DAAQ holds about $176 million in trust, with plans for at least $50 million in additional financing. - What crypto products does Old Glory Bank plan to offer?
The bank plans crypto on- and off-ramps, self-service crypto loans, and a payment stablecoin called OGBUSD.
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