CSLM Digital Asset Acquisition Corp III is a SPAC (blank check company) that raised $230M in an IPO in August 2025 at $10.00 per unit, with proceeds held in a trust account. CSLM III has no operations or revenues — its sole purpose is to identify and merge with a private company, taking that company public on Nasdaq. CSLM III is focused on targets in digital assets, Web3, blockchain, and financial services infrastructure, with an emphasis on emerging and frontier markets. As of December 2025, CSLM III had announced a non-binding letter of intent with First Digital Group, a stablecoin and digital asset infrastructure provider, as a potential merger target, though no definitive agreement had been signed. The sponsor and management receive founder shares at nominal cost that only become valuable if a deal closes, aligning their incentives with completing a business combination. If no deal closes within 24 months, public shareholders can redeem shares for approximately $10.00 plus interest. The sponsor is affiliated with Consilium Investment Management, an SEC-registered investment manager focused on emerging and frontier markets, and Meteora, a SPAC-specialist adviser — both providing advisory support on deal sourcing and execution, though neither is formally contracted or compensated by CSLM III.