Crypto-friendly bank Old Glory plans to go public via SPAC, with a valuation of $250 million

Old Glory Bank announces its plan to go public through a merger with special purpose acquisition company Digital Asset Acquisition Corp., with an overall valuation of $250 million.

This crypto-friendly bank plans to list on NASDAQ under the ticker symbol “OGB.” The transaction is expected to be completed by the end of Q1 or early Q2 of 2026.

01 Key Transaction Details

The merger between Old Glory Bank and Digital Asset Acquisition Corp. has entered a substantive stage. The structure and funding arrangements of the deal are now clear, providing the market with transparent expectations.

According to the agreement, the special purpose acquisition company Digital Asset Acquisition Corp. currently holds $176 million in its trust account.

Both parties also plan to raise at least $50 million through private investment in public equity (PIPE) or other means. The combined entity will be renamed OGB Financial Company, registered in Texas.

02 Bank Background and Features

Old Glory Bank is not a startup but a financial institution with deep roots in traditional banking. The bank completed a rebranding in 2022, transforming into a digital bank.

As of December 31, 2025, the bank’s deposits grew from an initial $10 million to over $245 million, with remarkable growth.

What makes this bank unique is its distinct political stance and customer positioning. It openly opposes the so-called “debanking” practices and explicitly supports industries such as cryptocurrency, firearms, oil and gas, and agriculture, which are controversial in the U.S.

03 Crypto Business Blueprint

For participants in the crypto industry, Old Glory Bank’s most notable feature is its roadmap for deeply integrating cryptocurrencies with traditional banking services.

Co-founder and Chief Innovation Officer Michael Staw explicitly stated: “We intend for Old Glory Bank to become the first licensed bank to fully incorporate cryptocurrencies into everyday banking operations.”

The specific implementation path includes developing patented technology that allows customers to easily transfer funds on-chain and off-chain, and instantly convert cryptocurrencies into fiat currency deposited into bank accounts.

Additionally, the bank plans to launch self-service crypto lending services for crypto holders, enabling clients to access liquidity without triggering taxable events.

04 Industry Integration Trends

Old Glory Bank’s listing plan is not an isolated event but a typical example of the accelerated integration of cryptocurrencies with traditional financial systems.

In June 2025, stablecoin issuer Circle Internet Group went public via a traditional IPO, with a strong first-day stock performance, indicating market interest in digital asset-related businesses.

Recently, crypto firm World Liberty Financial, with former U.S. President Donald Trump as honorary co-founder, is also applying for a U.S. banking license for one of its entities, aiming to expand its USD1 stablecoin business, valued at $3 billion.

These developments demonstrate that whether traditional banks are expanding into crypto or crypto companies are seeking banking licenses, both paths are driving the same trend: building bridges connecting traditional finance and the crypto economy.

05 Market Environment and Outlook

Old Glory Bank’s decision to go public now coincides with signs of recovery in the U.S. IPO market. In 2025, approximately 340 IPOs were conducted in the U.S., up from about 240 in the previous year.

Notably, the SPAC market rebounded in 2025, with about 140 SPAC IPOs this year, compared to only 57 in 2024.

Against this backdrop, mergers between crypto companies and financial firms have become one of the main trends in the SPAC space.

Old Glory Bank’s attempt to go public can be seen as a significant test amid the volatility of the crypto-related IPO market. Investors are closely watching the progress of other crypto firms like Kraken, Grayscale Investments, and BitGo.

06 Potential Impact and Challenges

If Old Glory Bank successfully goes public, it could have a profound impact on the crypto banking industry. As a licensed bank, it can offer many services that pure crypto companies cannot.

For example, with a traditional banking license and FDIC insurance, Old Glory Bank can achieve seamless integration of fiat and crypto assets within the same technological infrastructure, including lending products.

The bank also plans to issue its own payment-stablecoin, OGBUSD, based on the ERC-20 standard, aiming to enable customers to make secure, instant global payments across multiple blockchains.

However, this path is fraught with challenges. The regulatory environment for crypto remains evolving, and banks need to navigate scrutiny from federal and state regulators. Additionally, political shifts could influence the bank’s business positioning.

Future Outlook

As the listing process advances, Old Glory Bank plans to deploy its OGBUSD stablecoin on multiple blockchains, rather than relying solely on traditional systems like Fedwire or SWIFT.

The bank maintains a physical branch in Elmore, Oklahoma, but it is easily accessible from Texas along I-35, symbolizing its footing in both tradition and innovation.

Regardless of the outcome, this bank’s efforts have already provided a compelling case study for the integration of crypto and traditional finance.