FDUSD Issuer First Digital Plans Nasdaq Listing via $250M Valuation SPAC Deal, Expected to Close in H1 2027

Hong Kong-based digital asset company First Digital, issuer of FDUSD, has entered into a definitive merger agreement with Nasdaq-listed CSLM Digital Asset Acquisition Corp III, at a pre-transaction valuation of $250 million. Upon completion of the transaction, the parties expect to form a new holding company and list on Nasdaq, with completion expected in the first half of 2027, subject to regulatory approvals and other closing conditions. As of June 30, 2026, cumulative trading volume of FDUSD has exceeded $4.7 trillion. For the fiscal year ended June 30, 2025, the company generated revenue of approximately $87 million. First Digital stated that FDUSD reserve assets consist of cash and cash equivalents, held in segregated accounts and subject to monthly independent attestation. The company's Finance District platform has launched four products to date, but has not yet generated material revenue.