Crypto-friendly bank to go public as Texas company via SPAC

Old Glory Bank, a crypto-friendly lender, said it will merge with Digital Asset Acquisition Corporation to form a Texas-based company listed on Nasdaq.

In a Tuesday notice, Old Glory and special purpose acquisition company Digital Asset Acquisition Corporation said they plan to form OGB Financial Company as part of an effort to go public under the ticker symbol OGB. The deal is expected to close “at the end of the first quarter or early in the second quarter of 2026,” subject to regulatory and shareholder approval.

“We intend for Old Glory Bank to be the first chartered bank to fully integrate crypto into daily banking,” said the bank’s co-founder and chief innovation officer, Michael Shaw, adding:  

“[W]We are confident that in the future, our customers will have the ability to easily transfer money on and off-chain, as well as instantly deposit crypto into their bank account, exchanging crypto to fiat using our patent-pending OGB Freedom Offramp.

Founded as the first state bank in Elmore City, Oklahoma more than 100 years ago, Old Glory Holding Company acquired the bank in 2022, renaming the combined entities as Old Glory Bank. The company said when the bank would “provide digital-first banking solutions”

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More Crypto Companies Encroaching on the Banking Industry

In December, the U.S. Office of the Comptroller of the Currency conditionally approved five national bank charter applications for companies related to the crypto industry, including Ripple Labs and Circle.

World Liberty Financial, the crypto company linked to US President Donald Trump and his family, also filed an application for a national trusted banking charter last week. The company’s CEO, Zach Witkoff, said the move was aimed at accelerating the “issuance, custody and conversion” of its stablecoin.