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:
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.
FAQ ⏰ 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.
