Digital Asset Acquisition Merges with Old Glory Bank, Valued at $250M

Written by Emily J. Thompson, Senior Investment Analyst

Source: seekingalpha

Updated: Jan 13 2026

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Source: seekingalpha

Merger Announcement: Digital Asset Acquisition Corp (DAAQ) has announced a business combination with online banking platform Old Glory Bank, expected to close by the end of Q1 or early Q2 2026, marking a strategic expansion in the fintech sector.
Valuation Highlight: Old Glory Bank's pre-money valuation stands at $250 million, laying the groundwork for its listing on Nasdaq and enhancing its market competitiveness while attracting investor interest.
Funding Plan: The two companies intend to arrange a PIPE (private investment in public equity) or other proceeds of at least $50 million to support the merger transaction, ensuring sufficient capital for future growth.
Innovative Vision: Michael Staw, co-founder and Chief Innovation Officer of Old Glory Bank, stated the goal is to become the first chartered bank to fully integrate cryptocurrency into daily banking, aiming to enhance customer banking experiences and drive digital transformation in financial services.

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About DAAQ

Digital Asset Acquisition Corp. is a blank check company. The Company is formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company may pursue an initial business combination in any business or industry, but expect to target opportunities and companies that are in the digital asset, blockchain and cryptocurrency sectors. The Company has not generated any operating revenues.

About the author

Emily J. Thompson

Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.

Old Glory Bank Appoints New Independent Directors

4 hours agoNewsfilter

New Board Members: Old Glory Bank has announced the appointment of seasoned finance and crypto executives Peter Ort and Michael Sonnenshein as Independent Directors, aiming to enhance the company's strategic capabilities in integrating crypto products, which is expected to boost customer trust in banking services.
Business Combination Agreement: Old Glory Bank has entered into a business combination agreement with Digital Asset Acquisition Corp (DAAQ), planning to create OGB Financial Company and list on Nasdaq by January 13, 2026, marking a significant advancement in the fintech sector.
Innovative Product Integration: The addition of new directors will drive Old Glory Bank to integrate its innovative crypto product suite into its digital banking services, which is anticipated to provide customers with easier access to crypto asset transactions and loans, further expanding market share.
Regulatory Approval Process: All board members require approval from the Federal Reserve, and Old Glory Bank has submitted its application, with successful approval laying a foundation for future business expansion and competitive strength in the market.

Old Glory Bank Appoints New Independent Directors

4 hours agoBusinesswire

New Board Members: Old Glory Bank announces the appointment of Peter Ort and Michael Sonnenshein as Independent Directors of OGB Financial Company, aiming to integrate its innovative crypto product suite to enhance its competitive digital banking services.
Business Combination Agreement: Old Glory Bank has entered into a business combination agreement with Digital Asset Acquisition Corp (DAAQ), set to close on January 13, 2026, with plans to list under the ticker symbol 'OGB' on Nasdaq, thereby expanding its market influence.
Industry Leaders Joining: Both Peter Ort and Michael Sonnenshein are respected figures in finance and crypto, with Ort bringing extensive banking and venture capital experience, while Sonnenshein has played a crucial role in legitimizing Bitcoin and digital asset investment products.
Innovative Banking Services: Old Glory Bank is committed to providing FDIC-insured banking services to American consumers, integrating the use of crypto assets, and bridging traditional banking with the crypto ecosystem to meet the urgent market demand for innovative financial services.

Old Glory Bank and DAAQ Merge, Valuation Reaches $250 Million

Jan 13 2026Newsfilter

Merger Agreement: Old Glory Bank has signed a definitive business combination agreement with DAAQ, expected to close by the end of Q1 or early Q2 2026, marking a significant step towards its listing on Nasdaq as OGB Financial Company.
Funding Assurance: DAAQ currently holds $176 million in its trust account, with Old Glory Bank's pre-money valuation set at $250 million, and both parties plan to arrange at least $50 million in PIPE financing to ensure the merger's success.
Customer Base Expansion: Old Glory Bank serves over 80,000 personal and business accounts across all 50 states, and the merger will further enhance its market position in the Freedom Economy and DeFi sectors.
Innovative Financial Products: Old Glory Bank intends to launch the OGBUSD stablecoin and self-service crypto loans, aiming to provide customers with a seamless integration of fiat and cryptocurrency, thereby solidifying its leadership in the crypto economy.