Crypto-friendly Old Glory Bank plans Nasdaq listing through SPAC

Old Glory Bank, a federally chartered and highly publicized financial institution known for its crypto-friendly policies and emphasis on ‘free speech’ banking, has announced plans to go public via a merger with a Special Purpose Acquisition Company (SPAC). This strategic maneuver will facilitate the bank’s listing on the Nasdaq Stock Market, aiming to raise significant capital to fund its aggressive expansion into the digital assets sector.

Old Glory Bank, primarily based in Tennessee and Texas, gained prominence by catering to customers and businesses often shunned by larger, traditional banking institutions due to their involvement with cryptocurrencies or perceived political affiliations. The bank currently offers FDIC-insured deposit accounts while actively integrating digital asset services, positioning itself as a vital bridge between regulated finance and the decentralized economy.

The SPAC transaction involves the merger of Old Glory Bank’s parent company, Old Glory Holdings Inc., with the shell corporation. While specific financial details regarding valuation and the name of the merging SPAC were not immediately made public, the move underscores a growing trend where regulated entities focused on digital asset compatibility seek public funding. The capital infusion from the listing is expected to accelerate technological development, expand its stablecoin and custodial offerings, and increase market reach across the United States. This listing is seen by analysts as a key validation of Old Glory Bank’s unique business model and its ability to operate successfully within the stringent US regulatory framework while actively supporting the crypto community.

Source: Crypto-friendly Old Glory Bank plans Nasdaq listing through SPAC