Old Glory Bank, known for its cryptocurrency-friendly approach, is aiming to make its mark on the Nasdaq through a strategic merger with Digital Asset Acquisition Corporation. This move will result in the formation of a new entity, OGB Financial Company, based in Texas and set to trade under the symbol OGB. The transaction is anticipated to be completed by late Q1 or early Q2 of 2026, pending necessary approvals from regulators and shareholders.
Michael Shaw, co-founder and chief innovation officer of Old Glory Bank, expressed the bank's pioneering ambition to be the first chartered bank seamlessly integrating cryptocurrency with everyday banking operations. He highlighted plans for enabling customers to effortlessly transfer funds on and off blockchain networks and convert cryptocurrencies into fiat currency using the bank's innovative OGB Freedom Offramp.
Old Glory Bank traces its roots back over a century to its original establishment as the First State Bank of Elmore City in Oklahoma. The rebranding to Old Glory Bank took place in 2022 following its acquisition by Old Glory Holding Company, shifting its focus towards providing advanced digital banking services.
The move by Old Glory Bank is part of a broader trend of crypto companies venturing into the banking sector. Notably, the U.S. Office of the Comptroller of the Currency conditionally approved national bank charters for several crypto-related firms, including Ripple Labs and Circle, in December. Additionally, World Liberty Financial, linked to former President Donald Trump, recently sought a national trust banking charter, aiming to enhance its stablecoin operations.
This development reflects the evolving landscape of the financial industry as cryptocurrency continues to intersect with traditional banking models, heralding new opportunities and challenges.