Digital Asset Acquisition Corp. Reports Q2 2026 Financial Results with Increased Net Income

Digital Asset Acquisition Corp. (DAAC) reported its financial results for the second quarter of 2026, revealing a net income of $1,345,315 for the three months ending June 30, 2026, compared to $1,029,308 for the same period in 2025. For the first half of 2026, the company recorded a net income of $2,384,004, significantly up from $974,692 in the prior year. The increase in net income was primarily driven by higher earnings on marketable securities held in the Trust Account, which amounted to $1,514,503 for the second quarter and $2,972,423 for the first half of 2026, compared to $1,147,520 for both periods in 2025. General and administrative expenses rose to $174,058 for the second quarter and $600,500 for the first half, reflecting increased operational costs following the company's Initial Public Offering (IPO).

The company’s total assets as of June 30, 2026, were reported at $180,606,950, a slight increase from $178,292,737 at the end of 2025. Cash and cash equivalents decreased to $455,351 from $1,060,921, while marketable securities held in the Trust Account increased to $180,097,053 from $177,124,457. Current liabilities also saw a reduction, dropping to $39,745 from $109,536, primarily due to a decrease in accrued expenses. However, the accumulated deficit widened to $(6,430,423) from $(5,841,831) as the company continues to incur operational costs without generating revenue from business operations.

Strategically, DAAC is in the process of completing a business combination with Old Glory Holding Company, a digital-first financial institution. This merger, which is expected to create OGB Financial Company, is set to be voted on by shareholders on August 14, 2026. The company has filed a definitive proxy statement with the SEC regarding this transaction. As part of the merger, DAAC will transition from a Cayman Islands exempted company to a Texas corporation, and shareholders will have the opportunity to redeem their Class A ordinary shares for a pro rata portion of the Trust Account, which is currently valued at approximately $10.44 per share.

Looking ahead, DAAC has until January 30, 2027, to complete the business combination, or it will face mandatory liquidation. The company has expressed confidence in its ability to finalize the merger, although it acknowledges the inherent risks associated with early-stage companies. As of June 30, 2026, DAAC had a working capital surplus of $470,152, but management has indicated that there is substantial doubt about its ability to continue as a going concern if the business combination is not completed within the specified timeframe. The company continues to evaluate its financial position and operational needs as it moves forward with the merger process.