FORM 10-K" This is an annual report filed by Digital Asset Acquisition Corp. with the Securities and Exchange Commission (SEC) for the fiscal year ended December 31, 2025.
The report is an annual report filed by Digital Asset Acquisition Corp. (DAAQ) with the Securities and Exchange Commission (SEC) for the fiscal year ended December 31, 2025. The report does not provide detailed financial information, but it does disclose that the company is a non-accelerated filer and a smaller reporting company. The report also states that the company’s aggregate market value of voting and non-voting common equity held by non-affiliates was $180,780,000 as of June 30, 2025. As of March 2, 2026, there were 17,250,000 shares of Class A ordinary shares and 5,750,000 shares of Class B ordinary shares issued and outstanding. The report does not include any financial statements or other detailed financial information.
Overview
This report provides a summary and analysis of the key financial information for a blank check company incorporated in the Cayman Islands on December 9, 2024. The company was formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.
Results of Operations
The company has not engaged in any operations or generated any revenues to date. Its activities have been limited to organizational activities, preparing for its initial public offering (IPO), and identifying a target company for a business combination. The company generated non-operating income in the form of interest income on assets held in its trust account and on cash equivalents. It has incurred expenses as a result of being a public company, as well as for due diligence expenses.
For the year ended December 31, 2025, the company had net income of $4,244,525, which resulted from earnings and realized gain on marketable securities held in the trust account and investment earnings on cash equivalents, offset by general and administrative expenses. For the year ended December 31, 2024, the company had a net loss of $5,112, which resulted from general and administrative expenses.
Liquidity, Capital Resources and Going Concern
The company’s initial public offering was completed on April 30, 2025, generating gross proceeds of $172,500,000. Simultaneously, the company sold 5,450,000 warrants at $1.00 per warrant, generating an additional $5,450,000. The net proceeds from the IPO and warrant sale were placed in a trust account.
The company intends to use the funds held in the trust account to complete its initial business combination. It may withdraw interest from the trust account to pay its taxes, if any. The company does not believe it will need to raise additional funds to meet the expenditures required for operating its business prior to the initial business combination. However, it may need to obtain additional financing to complete the business combination or if it becomes obligated to redeem a significant number of its public shares.
The company has determined that the mandatory liquidation requirement raises substantial doubt about its ability to continue as a going concern. Management continues to seek to complete the business combination prior to the mandatory liquidation date.
Off-Balance Sheet Arrangements and Contractual Obligations
As of December 31, 2025, the company did not have any off-balance sheet arrangements. The company has the following contractual obligations:
Registration Rights: The holders of certain securities, including the founder shares, private placement warrants, and warrants that may be issued upon conversion of working capital loans, have registration rights to require the company to register a sale of any of its securities held by them.
Promissory Notes - Related Party: The company had a promissory note with its sponsor to cover expenses related to the IPO, which was paid in full during 2025.
Underwriting Agreement: The underwriters of the IPO were entitled to an underwriting discount and a deferred fee, which will be payable from the trust account upon completion of a business combination.
Critical Accounting Estimates
The company has not identified any critical accounting estimates. The preparation of its financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and income and expenses.
Recent Accounting Standards
The company adopted Accounting Standards Update 2023-07, which requires additional segment reporting disclosures, on the date of its incorporation, December 9, 2024. The company’s management does not believe that any other recently issued, but not yet effective, accounting pronouncements would have a material effect on the company’s financial statements.
