---
schema_version: "secwatch.filing_event.v1"
accession: "0001829126-25-009580"
form_type: "8-K"
ticker: "KOYN"
cik: "0002068454"
company_name: "CSLM Digital Asset Acquisition Corp III, Ltd"
filed_at: "2025-12-02T23:59:59+00:00"
generated_at: "2026-05-16T15:48:06.664929+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "medium"
source: SEC EDGAR
---

# SPAC KOYN signs non-binding LOI to combine with stablecoin issuer First Digital Group

## Summary
- KOYN (CSLM Digital Asset Acquisition Corp III) and First Digital Group Ltd. entered a non-binding LOI for a potential business combination.
- First Digital issues FDUSD stablecoin (third most traded on exchanges, >$2T cumulative volume).
- First Digital expects unaudited 2025 revenue of ~$80-90M; holds 7 licenses/registrations globally.
- The deal is subject to due diligence, definitive agreement, board and shareholder approvals, and regulatory clearances.
- First Digital is also pursuing a defamation action against Justin Sun in Hong Kong court.

## SEC filing metadata
- accession: 0001829126-25-009580
- form_type: 8-K
- ticker: KOYN
- cik: 0002068454
- company_name: CSLM Digital Asset Acquisition Corp III, Ltd
- filed_at: 2025-12-02T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: medium
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/2068454/000182912625009580/0001829126-25-009580-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/2068454/000182912625009580/cslmacq3_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001829126-25-009580
- JSON: https://secwatch.observer/filing/0001829126-25-009580.json
- Plain text: https://secwatch.observer/filing/0001829126-25-009580.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.