Another crypto-friendly financial institution is preparing to go public. According to reports, Old Glory Bank, a lending institution focused on serving the cryptocurrency sector, is advancing its IPO plans by merging with special purpose acquisition company Digital Asset Acquisition Corp. to enter the capital markets.

How is the deal size? The entire transaction values Old Glory at $250 million, with the SPAC promising to invest $176 million, along with at least $50 million in private placement financing to complete the deal. After the merger, the new company will be renamed OGB Financial Co.

This reflects a trend: the pace of integration between traditional financial institutions and the crypto ecosystem is accelerating. As regulatory frameworks gradually improve, more financial platforms serving crypto users are seeking formal status, gaining broader capital support and market recognition through listings and other means. Such financing and M&A events are positive signals for the compliant development of the entire crypto financial ecosystem.