Digital Asset Acquisition Corp. Reports Q1 2026 Financial Results with Net Income Turnaround

Digital Asset Acquisition Corp. (DAAC) reported its financial results for the first quarter of 2026, revealing a net income of $1,038,689, a significant turnaround from a net loss of $54,616 in the same period of the previous year. The increase in profitability was primarily driven by net earnings of $1,457,920 from marketable securities held in the Trust Account, alongside $7,211 from cash equivalents. However, general and administrative expenses surged to $426,442, up from $54,616 in the prior year, reflecting increased operational costs associated with the company's activities following its Initial Public Offering (IPO).

As of March 31, 2026, DAAC's total assets amounted to $179.3 million, a slight increase from $178.3 million at the end of 2025. The company's cash and cash equivalents decreased to $614,066 from $1,060,921, while marketable securities held in the Trust Account rose to $178.6 million from $177.1 million. Current liabilities also decreased to $65,678 from $109,536, indicating improved financial management. The company reported an accumulated deficit of $6.3 million, up from $5.8 million at the end of the previous fiscal year.

Strategically, DAAC has entered into a definitive business combination agreement with Old Glory Bank, aiming to create OGB Financial Company, which will focus on personal and small-business banking services. This transaction is expected to close in the second quarter of 2026, pending shareholder and regulatory approvals. The deal will be financed through a combination of funds from the Trust Account and anticipated public investment in private equity, with existing Old Glory Bank investors rolling over 100% of their equity.

Operationally, DAAC has not yet commenced any revenue-generating activities, as its focus remains on completing the business combination. The company has maintained a working capital surplus of $634,013, which it plans to utilize for operational expenses until the business combination is finalized. The company has also indicated that it may need to raise additional funds if the costs associated with identifying a target business exceed current estimates. The management has expressed confidence in completing the business combination before the mandatory liquidation date of January 30, 2027, although there remains substantial doubt about the company's ability to continue as a going concern if the transaction does not proceed as planned.