Milestone in the integration of TradFi and crypto! Crypto-friendly bank Old Glory goes public via SPAC with a valuation of $250 million

The United States-based crypto-friendly bank Old Glory Bank announced it will go public through a merger with special purpose acquisition company (SPAC) Digital Asset Acquisition Corp., with a transaction valuation of $250 million, expected to be completed in the first half of 2026.

The bank claims to be the first chartered bank to fully integrate cryptocurrencies into everyday banking operations, serving over 80,000 accounts. This move is seen as another milestone in traditional banking institutions embracing the digital asset wave, as well as an important capitalization attempt for the “crypto-friendly” bank path amid tightening regulations.

Old Glory Bank SPAC Deal Details: Capital Deployment at a $250 Million Valuation

Recently, a major news emerged at the intersection of fintech and cryptocurrency: Old Glory Bank, headquartered in Oklahoma and known for conservative values and a crypto-friendly stance, has reached a definitive business merger agreement with SPAC Digital Asset Acquisition Corp. Upon completion, the newly formed holding entity, OGB Financial Co., will be listed on NASDAQ under the ticker “OGB.” This move not only opens the door for Old Glory Bank to access public capital markets but also injects crucial funding into its ambitious crypto integration plans.

The structure of this deal clearly reveals the flow of capital and the company’s valuation positioning. According to the agreement, the post-merger company will be valued at $250 million. The SPAC, Digital Asset Acquisition Corp., will contribute $176 million from its trust account. Additionally, the parties plan to raise at least $50 million through private placements (PIPE) or other means at the time of closing. This total funding, potentially exceeding $226 million, will serve as a powerful fuel for Old Glory Bank to accelerate expansion, especially in advancing its cryptocurrency-related product lines. The deal is expected to close by the end of Q1 or early Q2 of 2026, pending approval from shareholders and regulators.

From a market perspective, listing via SPAC rather than traditional IPO is not unique among crypto-related companies. This model offers more certain valuations and faster listing timelines, especially suitable for business models that are innovative and need to clearly communicate their crypto transformation story to investors. Old Glory Bank’s move is, within the framework of traditional banking, telling a new financial narrative of “freedom,” “anti-censorship,” and “crypto-native,” aiming to attract a specific ideological investor base.

Key Data on Old Glory Bank Transaction

Below are the core financial and structural details of this SPAC merger:

Company Valuation and Capital Composition

• Pre-transaction valuation: $250 million
• SPAC contribution (from trust): $176 million
• Additional PIPE/funding target: at least $50 million
• Expected total proceeds: no less than $226 million

Deal and Listing Arrangements

• Listing entity: OGB Financial Co. (Texas corporation)
• Target exchange: NASDAQ
• Reserved ticker: OGB
• Expected completion: end of Q1 / early Q2 2026

Bank Operational Data (as of end 2025)

• Total accounts: over 80,000 (covering all 50 US states)
• Total deposits: over $245 million (growth of over 2,000% since early stages)
• Number of shareholders: the holding company already has over 6,000 shareholders

In-Depth Analysis of Old Glory Bank’s Business Model: How a Bank Fully Integrates Crypto

Old Glory Bank is not a mere crypto concept stock emerging out of nowhere; its predecessor is a traditional community bank rooted in Oklahoma. In 2022, the bank completed a rebranding, shifting toward digital banking, and explicitly incorporated cryptocurrencies into its core strategies for loans, deposits, and investments. Co-founder and Chief Innovation Officer Michael Staw directly states its ultimate goal: “We plan to make Old Glory Bank the first chartered bank to fully integrate cryptocurrencies into daily banking operations.”

So, what does “full integration” specifically mean? According to official disclosures, its blueprint can be divided into several clear layers. The most basic is channel services. Old Glory Bank criticizes the current process of transferring funds from bank accounts to blockchain as “too chaotic, too slow, too difficult,” and plans to leverage its pending patent-pending “OGB Freedom Offramp” technology to enable customers to easily convert cryptocurrencies into fiat currency and deposit instantly into bank accounts, and vice versa, achieving seamless on-chain and off-chain fund flows.

Deeper integration manifests in lending products. The bank plans to leverage its low-cost funding advantage as a licensed bank to launch fast, self-service crypto loan services across all 50 states. This aims to meet the needs of clients holding cryptocurrencies but unwilling to sell to realize liquidity, thus avoiding taxable events (like receiving a 1099-DA form). These fiat loans collateralized by crypto assets serve as an important bridge between decentralized finance (DeFi) and traditional credit markets.

The most ambitious plan is issuing its own stablecoin. Old Glory Bank announced its intention to launch its payment stablecoin, OGBUSD, based on the ERC-20 standard. Unlike most current stablecoins, the bank emphasizes that OGBUSD will operate across various blockchains, not relying on Federal Reserve payment services, SWIFT network, or traditional card networks. Co-founder Bill Shine explains with ideological undertones: “Americans’ legitimate personal financial transactions should not be subject to censorship or tracking. Our clients’ funds are their own business!” This clearly positions the stablecoin as an anti-censorship payment tool, targeting customers with high demands for privacy and financial sovereignty.

This series of plans distinguishes it from merely being a “friendly bank” providing basic accounts for crypto companies. Old Glory Bank aims to build a seamless ecosystem within a single tech stack, integrating fiat and crypto services—from deposits, payments, and loans to issuing its own assets. Its success will depend not only on technological implementation but also on navigating strict regulatory compliance.

Political Background of Old Glory Bank and Its Unique Position as a “Freedom Economy” Bank

Looking at the team roster and executive statements, a strong political undertone is one of its most distinctive labels, deeply shaping its “Freedom Economy” bank market positioning. The bank portrays itself as an opposition to mainstream “giant banks,” claiming to oppose “de-banking,” and explicitly supports “cryptocurrencies, guns, oil and gas, and agriculture,” which are politically controversial industries in the US.

Its board and founding team resemble a roster of conservative American political and media figures. Co-founder Larry Elder is a conservative radio and TV host who has publicly criticized the Biden administration. Another co-founder, Ben Carson, served as Secretary of Housing and Urban Development under Trump’s first term. Former White House Press Secretary and current TV host Sean Spicer is also on the board. Additionally, country music star John Rich, as a co-founder, adds cultural influence. This lineup naturally attracts a specific political spectrum audience, deeply tying the bank’s business to ideological identity.

The bank packages its products and services as practices of these values. For example, their “Old Glory Protect” program offers a $100,000 death benefit for law enforcement personnel opening free accounts. Its payment solution Old Glory Pay, cash deposit network Old Glory Cash-IN, and the crowdfunding platform Old Glory Alliance (explicitly accepting political campaigns) are all designed to serve the needs of its core user base.

In the crypto space, this positioning manifests as a public resistance to regulation. Bank President and CEO Mike Ring claims that during Biden’s administration, when many large banks retreated under government pressure and stopped serving crypto companies, Old Glory Bank was one of the few proud to continue providing services. “We’ve never bowed to the government,” Ring states. “Believe us, if big banks have retreated before, they will do so again once the political winds shift.” Such rhetoric directly places the bank’s business strategy within the narrative of US bipartisan political and regulatory battles.

This strong political branding is a double-edged sword. On one hand, it helps the bank quickly establish differentiation in a highly homogeneous financial market, building a loyal user base. On the other hand, it may invite stricter political scrutiny and potentially alienate neutral customers. Its future development will be closely tied to US political cycles and crypto regulation policies.

Market Impact and Future Outlook: A Disruptor of Traditional Banking in Crypto?

Old Glory Bank’s SPAC listing journey is a typical case study of how traditional financial institutions respond to the crypto wave. It is not an isolated example. Just last month, five crypto companies including Circle and Ripple received conditional approval from key banking regulators for their trust licenses. This indicates that, despite market volatility, the trend of institutions obtaining specific banking licenses or deep cooperation with licensed banks to access the traditional finance system in a compliant manner continues.

What makes Old Glory Bank’s model unique is that it is itself a full-fledged licensed bank, not an external company seeking cooperation. This grants it the legal right to directly conduct core banking activities such as deposits, loans, and stablecoin issuance, potentially offering a more seamless and integrated experience than partner models. If its “full crypto integration” vision is realized, it could open a relatively controlled, compliant gateway for retail consumers and small businesses into the crypto world.

However, the road ahead is fraught with challenges. The primary obstacle is regulatory uncertainty. US regulators are still evolving frameworks around banks involved in crypto activities, especially regarding holding customer crypto assets and issuing stablecoins. The attitudes of agencies like the Office of the Comptroller of the Currency and the Federal Reserve will directly influence whether products like OGBUSD can launch as planned. Second are technical and security risks. Building a bank system capable of securely and efficiently handling on-chain and off-chain asset conversions requires advanced technology and risk management; any vulnerabilities could lead to catastrophic consequences. Lastly, the scalability of its business model is uncertain. Its strong political branding may help attract customers but could also limit its user growth potential.

For the crypto market, more “bridge” institutions like Old Glory Bank could be beneficial in the long run. They can improve the efficiency of fiat-crypto conversions, lower barriers for ordinary users, and embed crypto financial tools more deeply into the real economy. If its plans for crypto loans and stablecoins succeed, it will provide new liquidity and use cases for the market.

Looking ahead to its 2026 listing, whether Old Glory Bank can truly evolve from a “freedom economy” top bank to a “crypto economy” top bank will depend on its ability to balance its distinctive ideological stance with universal financial service needs, and whether it can maintain compliance and security while innovating. Regardless of the outcome, its efforts will serve as a highly valuable case study for the integration of TradFi and crypto worlds.