CSLM Digital Asset Acquisition Corp III, Ltd (NASDAQ: KOYN) is a special purpose acquisition company (SPAC) incorporated in the Cayman Islands and headquartered in Fort Lauderdale, Florida. The company was formed to effect a merger, capital stock exchange, asset acquisition, stock purchase, or similar business combination. It completed its initial public offering in August 2025, raising $230 million to pursue business combinations in "new economy" sectors, with a specific mandate targeting digital asset infrastructure, blockchain-related businesses, and next-generation fintech. As a pre-deal shell company, CSLM Digital Asset Acquisition Corp III does not currently generate operating revenues and holds its IPO proceeds in an interest-bearing trust account while it evaluates potential targets. In December 2025, KOYN announced a non-binding letter of intent to merge with First Digital Group Ltd, the Hong Kong-based issuer of the FDUSD stablecoin and a provider of institutional digital asset custody services. If the transaction is finalized and the de-SPAC process is successfully completed, the combined entity is expected to operate as a publicly traded digital asset infrastructure and stablecoin company, leveraging the regulatory clarity and institutional demand for digital dollars.
