First Digital, the Hong Kong digital asset company behind the FDUSD stablecoin, has entered into a definitive merger agreement with Nasdaq-listed CSLM Digital Asset Acquisition Corp III. The deal values First Digital at $250 million before the transaction. After closing, the two sides expect to form a new holding company that will be listed on Nasdaq.
The transaction is expected to close in the first half of 2027, subject to regulatory approvals and other closing conditions. First Digital also disclosed several operating figures alongside the announcement. As of June 30, 2026, cumulative trading volume for FDUSD had exceeded $4.7 trillion. For the fiscal year ended June 30, 2025, the company reported about $87 million in revenue.
The company said FDUSD reserves consist of cash and cash equivalents held in segregated accounts, with monthly attestations conducted by an independent firm. It also said its Finance District platform has launched four products so far, though those offerings have not yet generated material revenue.
According to BlockBeats, on Oct. 8, First Digital, a Hong Kong digital asset company and the issuer of FDUSD, signed a definitive merger agreement with Nasdaq-listed CSLM Digital Asset Acquisition Corp III. The company was valued at $250 million before the transaction.
Once the deal closes, the parties expect to establish a new holding company and list it on Nasdaq. The transaction is expected to be completed in the first half of 2027, subject to regulatory approval and other closing conditions.
Operating figures disclosed by the company
As of June 30, 2026, cumulative trading volume for FDUSD had exceeded $4.7 trillion. For the fiscal year ended June 30, 2025, the company reported about $87 million in revenue.
First Digital said FDUSD reserves are made up of cash and cash equivalents and are held in segregated accounts. The reserves are attested monthly by an independent firm.
Finance District platform
The company said its Finance District platform has launched four products, but those products have not yet generated material revenue.
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