- Business
- CSLM Digital Asset Acquisition Corp III, Ltd operates as a blank check company, or special purpose acquisition company (SPAC), whose principal business activity is to effect a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. The company targets opportunities in new economy sectors encompassing technology; financial services, including crypto, digital assets, blockchain infrastructure such as wallets, custody solutions, exchanges, data protocols, tokenized financial instruments, payments, decentralized finance, and cross-border finance; and media, with a focus on companies located in frontier growth markets, particularly those demonstrating strong local execution and global scalability. Incorporated in 2024 under Cayman Islands law and headquartered at 2400 E. Commercial Boulevard, Suite 900, Fort Lauderdale, Florida, United States, CSLM Digital Asset Acquisition Corp III, Ltd completed its initial public offering of 20,000,000 units at $10.00 per unit in August 2025, listing its units (KOYNU), Class A ordinary shares (KOYN), and warrants (KOYNW) on Nasdaq; its sponsor, CSLM Acquisition Sponsor II, Ltd., an affiliate of Consilium Investment Management LLC and Meteora Capital, LLC, holds founder shares representing approximately 25% ownership on an as-converted basis, while private units were issued to the sponsor and underwriter Cohen & Company Capital Markets. In December 2025, the company entered into a non-binding letter of intent for a proposed business combination with First Digital Group Ltd., a compliance-first regulated digital asset firm offering stablecoin-as-a-service solutions for corporates; global stablecoin payment rails with real-time settlement; on-chain and off-chain APIs for commerce; swap services; custody, minting, and redemption; merchant tools; and infrastructure supporting cross-border settlement, remittances, and DeFi integrations, with the transaction subject to due diligence, definitive agreements, board and shareholder approvals, regulatory clearances, and other customary conditions.