TLDR
- Glory Bank will merge with Digital Asset Acquisition Corporation to form OGB Financial Company.
- The new company plans to go public on Nasdaq under the ticker symbol OGB.
- The merger is expected to close by the end of the first quarter or early in the second quarter of 2026.
- Glory Bank aims to fully integrate crypto into daily banking operations.
- The bank plans to offer instant crypto-to-fiat conversion through its OGB Freedom Offramp system.
Glory Bank announced it will go public through a merger with Digital Asset Acquisition Corporation, forming OGB Financial Company. The newly-formed entity aims to list on Nasdaq under the ticker symbol OGB, pending regulatory and shareholder approval. The transaction is expected to close either at the end of Q1 or early Q2 2026.
Glory Bank Targets Nasdaq Through SPAC
Old Glory Bank and Digital Asset Acquisition Corporation issued a joint statement on Tuesday detailing their proposed business combination. The deal will create a Texas-based holding company called OGB Financial Company, aiming for a Nasdaq listing. The companies confirmed that the agreement remains subject to necessary shareholder and regulatory approvals.
Michael Shaw, Glory Bank’s co-founder and chief innovation officer, highlighted the company’s broader strategic goals in the release. “We intend for Old Glory Bank to be the first chartered bank to fully integrate crypto into daily banking,” Shaw said. He also emphasized the bank’s ambition to bridge crypto and fiat through their proprietary offramp tool.
The SPAC transaction aims to accelerate Glory Bank’s digital offerings and expand its services across multiple banking and crypto sectors. While finalization depends on compliance and review, both entities expressed confidence in the planned merger’s timeline. They also confirmed that further updates would follow as progress continues toward closure.
Banking Roots and Crypto Expansion
Founded over a century ago as First State Bank of Elmore City in Oklahoma, the bank rebranded following its acquisition in 2022. Old Glory Holding Company assumed control and later renamed the institution as Old Glory Bank, shifting its focus to digital-first services. The rebranded bank has since focused on enhancing user access to crypto-friendly tools.
Glory Bank positions itself as a pioneer in merging traditional banking with blockchain and crypto functionality. Shaw stated the bank’s tech platform would enable easy on-chain and off-chain movement of funds. He also introduced the “OGB Freedom Offramp,” describing it as a way to convert crypto into fiat for direct account deposits.
The company’s leadership continues to support a crypto-integrated banking ecosystem while complying with federal banking laws. The integration plan involves offering smooth transitions between digital and fiat currency for account holders. Its public debut will support further infrastructure development within its banking model.
Regulatory Momentum and Industry Movement
In December, the Office of the Comptroller of the Currency approved five charter applications for crypto-linked financial institutions. These included applications from Ripple Labs and Circle, both seeking greater regulatory clarity and formal banking access. The approvals indicate shifting regulatory approaches toward crypto-related banking models.
Separately, World Liberty Financial, connected to former U.S. President Donald Trump, submitted a trust banking charter application. CEO Zach Witkoff said the goal is to “accelerate issuance, custody, and conversion” of the firm’s stablecoin product. That filing occurred shortly before Glory Bank’s merger announcement.
The trend shows a growing number of financial institutions aligning banking operations with blockchain applications. While many await final approval, these developments suggest crypto-banking integrations are advancing. Glory Bank’s SPAC route is part of this broader move toward combining regulated banking and digital assets.
