CSLM Digital Asset Acquisition Corp III, Ltd. (Nasdaq: KOYN) entered into a definitive business combination agreement on October 6, 2026, with First Digital Group Ltd. to take the company public. The agreement values First Digital at $250 million on a pre-money equity basis. Upon closing, the combined entity is expected to become a Nasdaq-listed company.
First Digital is the group behind FDUSD, a USD-referenced stablecoin launched in 2023. As of June 30, 2026, FDUSD had recorded more than $4 trillion in cumulative trading volume and a peak circulation of more than $4.4 billion. The stablecoin is backed by cash and cash equivalents, including short-dated US Treasury bills, held in segregated accounts by First Digital Trust Limited.
First Digital also develops Finance District, an ecosystem for the agentic economy. The ecosystem is live with four products: District Pass, Agent Wallet, Prism, and an AI assistant. The company generated approximately $87 million in revenue in the fiscal year ended June 30, 2025.
The transaction structure involves First Digital redomiciling from Gibraltar to the Cayman Islands. Following the redomiciliation, CSLM III will merge with the new Cayman holding company, and a subsidiary of the holding company will merge with First Digital. Upon closing, shareholders of CSLM III and First Digital will exchange their equity interests for securities of the listed company. Mr. Vincent Chok, First Digital’s Founder and CEO, will receive Class B ordinary shares carrying ten votes per share, while other shareholders will receive Class A ordinary shares with one vote per share.
Closing of the transaction is expected in the first half of 2027, subject to regulatory approvals, shareholder approvals, and customary closing conditions. The boards of directors of both CSLM III and First Digital have approved the agreement.
