Crypto-friendly bank Old Glory goes public via SPAC, valued at $250 million, with deposits increasing by over 2000%

Old Glory Bank and Digital Asset Acquisition Corp have reached a definitive merger agreement, marking the entry of a crypto-friendly financial institution into the publicly traded company arena. According to the latest news, the merged OGB Financial Company is expected to go public on Nasdaq in the first or early second quarter of 2026, with the stock ticker OGB. This listing is not only a financial transaction but also reflects a new trend of integration between traditional finance and the crypto industry.

Key Terms of the Transaction

The scale and structure of this SPAC merger are noteworthy:

DAAQ’s $176 million in trust funds provide a solid foundation for the deal, while the planned minimum $50 million raise indicates that the transaction parties have clear growth expectations for Old Glory Bank.

Old Glory Bank’s Unique Positioning

This bank’s growth trajectory is quite representative. Old Glory Bank has a strong traditional lending presence in Oklahoma but underwent a rebranding in 2022, transforming from a traditional bank into a digital bank with a clear focus on being crypto-friendly.

The most telling data of its growth is in deposits. By the end of 2025, deposits reached $245 million, representing an increase of over 2000%. Such rapid growth is rare in traditional banking and reflects genuine market demand for crypto-friendly financial services.

Clear Product Planning

Old Glory Bank is not simply “friendly” toward cryptocurrencies but plans to fully integrate crypto into its daily banking operations. According to the plan, the bank will launch:

• Crypto loan products
• Self-developed ERC-20 stablecoin OGBUSD
• Integration of cryptocurrencies into deposit and investment products

This level of integration is still in the exploratory stage among licensed banks, and Old Glory Bank’s efforts could serve as a reference case for the industry.

Industry Significance and Reflection

This listing reflects several noteworthy trends. First, crypto-friendly financial institutions are moving from the periphery to mainstream financing channels. Through the relatively quick SPAC listing method, Old Glory Bank has gained recognition in the public markets, setting an example for similar institutions.

Second, while a $250 million valuation is not huge in the fintech sector, for a bank focused on crypto integration, this valuation indicates that the market has formed a consensus on the pricing of such institutions.

From a personal perspective, what’s most worth noting is Old Glory Bank’s plan to launch its own stablecoin, OGBUSD. As the stablecoin ecosystem matures, a licensed bank launching its own stablecoin could change traditional financial institutions’ attitudes toward stablecoins.

Points to Watch Moving Forward

Going public is just the beginning. Future concerns include: when will OGBUSD be officially launched, and how will it compete with existing stablecoins; the specific design and risk control system of crypto loan products; whether post-listing fundraising will accelerate the launch of these products.

Summary

Old Glory Bank’s SPAC listing is a concrete example of the integration between the crypto industry and traditional finance. With deposits of $245 million and over 2000% growth, it demonstrates that there is genuine market demand for crypto-friendly financial services. This listing provides us with an observational window: how traditional licensed financial institutions will find their place within the crypto ecosystem. Moving forward, how this bank advances plans for stablecoins and crypto loans could influence the development trajectory of the entire industry.