Old Glory Bank has announced plans to go public through a merger with special purpose acquisition company Digital Asset Acquisition Corp., valuing the overall deal at $250 million.
This crypto-friendly bank intends to list on Nasdaq under the ticker symbol "OGB." The transaction is expected to close by the end of Q1 or early Q2 of 2026.
01 Key Deal Details
The merger between Old Glory Bank and Digital Asset Acquisition Corp. has reached a substantive stage. The deal’s structure and funding arrangements are now clearly defined, providing the market with greater transparency.
According to the agreement, Digital Asset Acquisition Corp. currently holds $176 million in its trust account.
Both parties also plan to raise at least an additional $50 million through private investment in public equity (PIPE) or other means. The merged entity will be renamed OGB Financial Company and will be incorporated in Texas.
02 Bank Background and Distinctives
Old Glory Bank is not a startup, but a financial institution with deep roots in traditional banking. The bank underwent a rebranding in 2022, transforming itself into a digital bank.
As of December 31, 2025, the bank’s deposits had grown from an initial $10 million to over $245 million, marking an impressive growth rate.
What sets this bank apart is its distinct political stance and client focus. It openly opposes so-called "debanking" practices and has made clear its support for cryptocurrencies, firearms, oil and gas, and agriculture—industries that remain contentious in the United States.
03 Crypto Business Blueprint
For participants in the crypto industry, Old Glory Bank’s most notable feature is its roadmap for deeply integrating cryptocurrency with traditional banking services.
Michael Staw, the bank’s co-founder and Chief Innovation Officer, stated: "We intend to make Old Glory Bank the first licensed bank to fully integrate cryptocurrency into everyday banking."
The strategy includes developing proprietary technology that allows customers to seamlessly move funds on-chain and off-chain, and instantly convert crypto into fiat for deposit into their bank accounts.
Additionally, the bank plans to launch a self-service crypto lending platform for crypto holders, enabling customers to access liquidity without triggering taxable events.
04 Industry Convergence Trends
Old Glory Bank’s IPO plans are not an isolated event, but rather a prime example of the accelerating convergence between crypto and traditional finance.
In June 2025, stablecoin issuer Circle Internet Group went public through a traditional IPO, with its stock performing strongly on the first day—demonstrating market interest in digital asset-related businesses.
Recently, World Liberty Financial—a crypto company with former U.S. President Donald Trump as honorary co-founder—has also applied for a U.S. banking license for one of its entities, aiming to expand its $3 billion stablecoin USD1 business.
These developments indicate that, whether it’s traditional banks moving into crypto or crypto companies seeking banking licenses, both paths are driving the same trend: building bridges between traditional finance and the crypto economy.
05 Market Environment and Outlook
Old Glory Bank’s timing for going public coincides with signs of recovery in the U.S. IPO market. In 2025, there were about 340 IPOs in the U.S., up from roughly 240 the previous year.
Notably, the SPAC market rebounded in 2025, with around 140 SPAC IPOs this year compared to just 57 in 2024.
Against this backdrop, mergers between crypto companies and financial firms have become a major trend in the SPAC space.
Old Glory Bank’s IPO bid can be seen as a significant test amid a volatile crypto-related IPO market. Investors are closely watching the public listing progress of other crypto firms such as Kraken, Grayscale Investments, and BitGo.
06 Potential Impact and Challenges
If Old Glory Bank successfully lists, it could have a far-reaching impact on the crypto banking sector. As a licensed bank, it can offer services that pure crypto companies cannot.
For example, with a traditional banking license and FDIC insurance, Old Glory Bank can seamlessly integrate fiat and crypto assets within the same technology stack, including loan 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, real-time global payments across multiple blockchains.
However, the path forward is not without obstacles. The regulatory environment for crypto is still evolving, and the bank will need to navigate scrutiny from both federal and state regulators. Additionally, shifts in the political climate could affect the bank’s business positioning.
Future Outlook
As the listing process moves forward, Old Glory Bank plans to deploy its OGBUSD stablecoin across multiple blockchains, rather than relying on traditional Fedwire or SWIFT payment networks.
The bank maintains a physical branch in Elmore City, Oklahoma, but it is easily accessible via the I-35 corridor from Texas—symbolizing the bank’s unique position straddling both tradition and innovation.
Regardless of the outcome, the bank’s efforts have already provided a compelling case study in the convergence of crypto and traditional finance.
