CSLM Digital Asset Acquisition IPOs $200 Million on Nasdaq

CSLM Digital Asset Acquisition Corp III has completed a $200 million initial public offering (IPO), with 20 million units priced at $10 each [1]. The company began trading on Nasdaq under the ticker symbol "KOYNU" on August 27, 2025, following the launch of the offering on August 21 [3]. Each unit comprises one share of common stock and one-half of a warrant, offering investors a blend of equity and potential upside through the attached warrants [3].

The offering is led by Charles T. Cassel III, CEO, and Vik Mittal, Chairman, both of whom bring substantial experience in blockchain infrastructure and digital asset management [2]. The SPAC is backed by Cohen & Company Securities, which acted as the bookrunner, underscoring the growing institutional confidence in the digital asset space [3]. The company aims to consolidate fragmented blockchain infrastructure and digital asset firms through strategic acquisitions [2].

As a special purpose acquisition company (SPAC), CSLM Digital Asset Acquisition Corp III raised capital upfront and is now seeking a suitable target in blockchain infrastructure, decentralized finance (DeFi), and digital asset sectors [3]. This structure provides a more predictable investment path compared to traditional IPOs, and aligns with the broader trend of SPACs being used to finance digital asset companies.

The IPO reflects the maturing interest from traditional investors in the digital asset space, as digital assets are increasingly viewed as a legitimate and expanding asset class [3]. The digital asset industry is currently seeing a surge in SPAC activity, fueled by strong investor demand and favorable market conditions [2]. While the IPO has not yet triggered noticeable price movements in major cryptocurrencies like Bitcoin or Ethereum, it is expected to contribute to the long-term development and consolidation of the blockchain infrastructure sector [2].

The success of the SPAC will ultimately depend on its ability to identify and execute a strategic acquisition in the near future. The company has expressed confidence in the long-term potential of the digital asset space and is positioning itself to capitalize on the current favorable environment [2]. The firm’s focus on "Frontier Growth Markets" indicates an intent to target innovative, high-growth companies that are shaping the digital economy [1].

Market observers are closely monitoring the SPAC’s progress as it operates in a rapidly evolving industry. The offering represents a key milestone in the broader maturation of the digital asset sector and highlights the increasing entry of institutional capital into the space [3]. As blockchain technology continues to develop and regulatory clarity improves, SPACs like CSLM Digital Asset Acquisition Corp III are expected to play a significant role in shaping the future of digital finance.

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/