Old Glory Bank goes public on NASDAQ through SPAC! The first full-featured crypto bank valued at 250 million

Old Glory Bank and SPAC merged to form OGB Financial, listed on NASDAQ under the ticker “OGB”. Valued at $250 million, including $176 million in SPAC funds and $50 million PIPE. Patented Freedom Offramp enables instant crypto deposits into banks. Founded in 1922, transformed into a crypto bank in 2022.

SPAC Path and Strategic Choice of $250 Million Valuation

Old Glory Bank announced it will merge with Digital Asset Acquisition Corporation to establish a company headquartered in Texas and listed on NASDAQ. On Tuesday, Old Glory and special purpose acquisition company (SPAC) Digital Asset Acquisition Corporation issued a statement that they plan to create OGB Financial Company, which will go public under the stock ticker “OGB”. The transaction is expected to be completed by “Q1 or early Q2 2026,” pending regulatory and shareholder approval.

The SPAC route is a fast track for crypto companies to enter the capital markets. Compared to traditional IPOs, which require 6 to 12 months of preparation and roadshows, SPAC mergers typically close within 3 to 6 months. Since SPACs are already publicly listed entities, crypto companies can simply merge with them to “go public via shell,” bypassing the lengthy IPO process. For emerging banks like Old Glory Bank, which lack long-term profitability records, the SPAC path lowers the barriers to listing.

How is the $250 million valuation composed? The deal includes $176 million in SPAC funds raised during its IPO and at least $50 million in private investment in public equity (PIPE). SPAC funds come from cash raised by Digital Asset Acquisition Corporation during its IPO, while PIPE funds are additional capital committed by investors before the merger completes. This dual financing structure provides Old Glory with ample operational and expansion capital.

Three Key Terms of the Old Glory Bank SPAC Deal

Valuation of $250 million: comprising $176 million SPAC funds + $50 million PIPE investment

Stock ticker OGB: listed on NASDAQ, expected to complete by late Q1 2026

Requires dual approval: both federal banking regulators and SPAC shareholders must approve

However, SPAC deals carry risks. SPAC shareholders have the right to redeem their shares before the merger; if many choose to do so, the actual funds received by Old Glory could be significantly less than $176 million. Additionally, SPACs experienced a bubble in 2021-2022, damaging their reputation, with many post-merger companies’ stock prices plummeting. Investor caution toward SPACs has increased, and Old Glory needs to demonstrate the sustainability of its business model to gain market confidence.

Revolutionary Breakthrough of Freedom Offramp Patent Technology

“We aim for Old Glory Bank to become the first chartered bank fully integrating cryptocurrencies into everyday banking,” said Michael Shaw, co-founder and Chief Innovation Officer, adding, “We believe that in the future, our customers will be able to easily transfer funds on-chain and off-chain, and through our patent-pending OGB Freedom Offramp, convert cryptocurrencies into fiat currency to deposit instantly into their bank accounts.”

Freedom Offramp is the core competitive advantage of Old Glory Bank. Currently, converting crypto to fiat typically involves multiple steps: transferring from wallet to exchange, selling on the exchange, and withdrawing to a bank account, which can take hours or days. Freedom Offramp promises to compress this process into real-time, allowing users to sell crypto directly within the bank app, with funds immediately arriving in their bank accounts.

This seamless integration involves high technical complexity. It requires real-time connection between banking systems and blockchain nodes, automated compliance checks, and risk management for price volatility. Old Glory is applying for patents on this technology, highlighting its uniqueness and commercial value. If granted, Old Glory will establish a technological moat in the crypto banking space, making it difficult for competitors to replicate.

Old Glory’s goal is to fully integrate crypto assets into traditional banking services. This includes not only Freedom Offramp but also crypto-backed loans, stablecoin accounts, on-chain payments, and more. If realized, Old Glory could become a truly “crypto-native bank,” rather than just a “crypto-friendly traditional bank.” This positioning could command a significant valuation premium.

Texas Advantage and Crypto Bank Licensing Race

Old Glory Holdings was founded over 100 years ago in Elmore, Oklahoma, originally as Elmore City First State Bank. In 2022, the company acquired that bank and rebranded the combined entity as Old Glory Bank. The company stated at the time that the bank would “provide digitally-led banking solutions.” Moving headquarters to Texas is no coincidence; Texas is known for its pro-business environment and crypto-friendly stance, offering Old Glory a more relaxed regulatory environment.

Other crypto firms are encroaching on banking. In December last year, the OCC conditionally approved national bank charters for five crypto-related companies, including Ripple Labs and Circle. This regulatory openness creates institutional opportunities for the rise of crypto banks. Related to President Trump and his family, the crypto company World Liberty Financial also applied for a national trust bank license last week, with its CEO stating this aims to accelerate issuance, custody, and transfer of its stablecoins.

The competition for crypto bank licenses has intensified. Companies like Ripple, Circle, World Liberty Financial, and Old Glory Bank are vying for the title of “first full-service crypto bank.” This title not only enhances brand value but also confers first-mover advantage and market share. Traditional banks remain cautious or even hostile toward crypto clients; whoever can provide comprehensive crypto banking services first will attract the large customer base rejected by traditional banks.

Old Glory Bank’s advantage lies in already being a licensed bank, not starting from scratch to apply for a license. It obtained its banking license through acquiring a century-old bank and then transforming into a crypto bank. This “license first, then transform” approach is faster than directly applying for a crypto bank license. Moreover, Old Glory has been operating for years, accumulating a customer base and operational experience, giving it an edge over newer applicants like Ripple and Circle.