Key Highlights

  • CSLM Digital Asset Acquisition Corp III (NASDAQ:KOYN) signed a Business combination agreement on October 6, 2026 with First Digital Group at a USD 250 million pre-money Equity valuation, subject to adjustment.
  • First Digital issues the FDUSD stablecoin, which launched in 2023 and peaked at more than USD 4.4 billion in circulation in April 2024, and the company reported Revenue of about USD 87 million for the year ended June 30, 2025.
  • Closing is expected in the first half of 2027, subject to approval by shareholders of KOYN and First Digital, regulatory approvals, an effective Form F-4 and Nasdaq listing approval.
  • The agreement has no minimum cash condition, can be terminated if the deal is not completed within six months, about April 6, 2027, and gives founder Vincent Chok 5,000,000 Class B shares.

The Deal

CSLM Digital Asset Acquisition Corp III, a Nasdaq-listed blank-check company trading as KOYN, agreed on October 6, 2026 to combine with First Digital Group, a Gibraltar-based Stablecoin and digital asset infrastructure provider. The structure re-domiciles First Digital to the Cayman Islands and merges KOYN into a new holding company. First Digital is valued at USD 250 million on a pre-money equity basis, subject to adjustment. Shareholders receive Class A shares with one vote each, while founder Vincent Chok receives 5,000,000 Class B shares with ten votes each. The listed company ticker has not been specified. Vik Mittal is chairman and chief executive of KOYN (NASDAQ:KOYN).

What First Digital Brings

First Digital's FDUSD stablecoin launched in 2023 and reached USD 1 billion of Market Value within four months, peaking above USD 4.4 billion in circulation in April 2024. The company reports about USD 87 million of revenue for the year ended June 30, 2025. At the USD 250 million valuation, that is about 2.9 times that older revenue figure, simple arithmetic on two reported numbers. The release also gave trading Volume figures of USD 4 trillion and USD 4.7 trillion in different places, an inconsistency that is why volume is not relied on here. Stablecoin issuers typically earn income on reserves backing tokens, which depends on interest rates, though the release did not itemize it.

Risks and What to Watch

SPAC mergers can suffer high redemptions, though there is no minimum cash condition here. Approvals from regulators, shareholders and Nasdaq are required, and the F-4 must become effective. Stablecoin regulation, reserve quality, banking relationships and competition from larger issuers are further risks. The sponsor will forfeit 1,891,667 shares for a Warrant and place another 1,891,667 In Escrow for milestones, with lock-ups of generally 180 days. Watch KOYN (NASDAQ:KOYN) filings for the F-4, trust size and redemptions, the audited financials of First Digital, the final listed company ticker and any Shareholder vote date. Disclosure on reserve custody and regulatory licensing will also matter. This is not Investment advice.

Where Things Stand

A USD 250 million stablecoin firm is merging with KOYN (NASDAQ:KOYN) because a SPAC Merger offers First Digital a route to a Nasdaq listing without a traditional IPO. The valuation looks modest next to the company's reported USD 87 million of fiscal 2025 revenue, but that figure is older and the issuer's circulation has changed since its 2024 peak. The deal is far from complete, with closing targeted for the first half of 2027. The next catalyst is the F-4 filing.