$XRP Old Glory Bank has agreed to merge with Digital Asset Acquisition Corp. (Nasdaq: DAAQ) — a special purpose acquisition company (SPAC) — to take the bank public. The combined company will be renamed OGB Financial Company and list on the Nasdaq under the ticker OGB. The deal is expected to close late Q1 to early Q2 2026, subject to shareholder and regulatory approvals.
📊 Key Points of the Deal
Pre-money valuation: About $250 million for Old Glory Bank.
SPAC cash trust: DAAQ holds roughly $176 million to support the merger.
The bank has rapidly grown deposits from $10 M to ~$245 M since 2023.
Old Glory plans to integrate cryptocurrency services into everyday banking — a distinctive feature of its future business model.
📈 Why It Matters
➡️ Alternative to a traditional IPO: SPAC deals offer a faster route to public markets, giving investors early access to a growth-stage bank.
➡️ Growth trajectory: The bank’s steep deposit growth and niche positioning (digital-first, crypto-friendly) may appeal to certain investor segments, though it also carries execution and regulatory risks.
➡️ Strategic positioning: By combining traditional banking with crypto integration plans, Old Glory aims to differentiate itself in the competitive fintech and banking landscape.
📉 Considerations & Risks
SPAC vehicles often carry valuation and volatility risks compared with traditional IPOs.
Regulatory scrutiny is higher for crypto-linked banking services.
Success depends on execution of both banking operations and crypto inte
