CSLM Digital Asset Acquisition Corp III Raises $200 Million in IPO

CSLM Digital Asset Acquisition Corp III raised $200 million through its initial public offering (IPO), priced at $10 per unit for a total of 20 million units [1]. The offering, launched on August 21, 2025, began trading on Nasdaq under the ticker symbol "KOYNU" on August 27 [3]. Each unit consists of one share of common stock and one-half of a warrant, offering investors a combination of equity and potential upside through warrants [3]. The IPO was led by Charles T. Cassel III, CEO, and Vik Mittal, Chairman, who bring extensive experience in digital asset management and blockchain infrastructure from prior ventures [2].

The offering was executed with strong institutional backing, with Cohen & Company Securities acting as the bookrunner [3]. The firm’s focus is on acquiring businesses within the blockchain infrastructure, decentralized finance (DeFi), and digital asset sectors. As a special purpose acquisition company (SPAC), CSLM Digital Asset Acquisition Corp III raises capital upfront and holds it in trust until a target acquisition is identified, reducing the uncertainty typically associated with traditional IPOs [3].

The IPO reflects the increasing mainstream interest in digital assets and blockchain infrastructure. Traditional financial institutions and investors are beginning to treat digital assets as a legitimate asset class, with more capital being allocated to the sector. The move also aligns with broader trends of SPAC activity in the fintech and digital asset industries, which have seen significant investor demand [3].

Although the IPO has not yet had an immediate impact on major cryptocurrencies like Bitcoin or Ethereum, it is expected to contribute to the expansion of the blockchain infrastructure sector. The company’s leadership has expressed confidence in the long-term potential of the digital asset space and aims to capitalize on the current favorable market conditions [2]. The firm’s strategic focus on “Frontier Growth Markets” suggests an intent to target innovative, high-growth companies within the digital economy [1].

As with other SPACs in the sector, CSLM Digital Asset Acquisition Corp III’s success will depend largely on its ability to identify and execute a merger or acquisition in the coming months. The market will closely monitor its progress as it seeks to consolidate a fragmented industry that is undergoing rapid technological and regulatory evolution [3].

Source:

[1] CSLM Digital Asset Acquisition Corp III, Ltd $200 Million ...

https://www.stocktitan.net/news/KOYNU/cslm-digital-asset-acquisition-corp-iii-ltd-200-million-initial-9czblmihd6oi.html

[2] IFR US ECM PRICINGS

https://www.ifre.com/equities/2303757/ifr-us-ecm-pricings

[3] CSLM Digital Asset Corp Raises $200 Million in IPO

https://coincu.com/news/cslm-raises-200m-ipo-nasdaq/