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CSLM Digital Asset Acquisition Corp III, Ltd is a Cayman Islands-based SPAC focused on digital assets, Web3, financial infrastructure and frontier growth markets. It completed an IPO on August 28, 2025, selling 23,000,000 units at $10.00 each for gross proceeds of $230,000,000, plus a private placement of 891,250 units for $8,912,500.
As of December 31, 2025, $230,000,000 of IPO and private placement proceeds were placed in a trust account, which had grown to $233,253,391, invested mainly in U.S. government securities and money market funds. The company has not begun operations and generated net income of $1,847,947 in 2025, driven by interest on trust investments, while incurring formation and public-company costs.
The SPAC has 24 months from the IPO closing, with potential shareholder-approved extensions up to 36 months, to complete an initial business combination or redeem public shares and liquidate. On December 2, 2025, it signed a non-binding letter of intent with First Digital Group Ltd. for a potential business combination, but there is no assurance that a definitive deal will be reached or completed. Management highlights substantial doubt about the company’s ability to continue as a going concern if no transaction is consummated within the required timeframe.
Verition Fund Management LLC and Nicholas Maounis report a 5.1% passive stake in Digital Asset Acquisition Corp III, Ltd. They may be deemed to beneficially own 1,222,466 Class A ordinary shares as of December 31, 2025, held for Verition Multi-Strategy Master Fund Ltd.
All 1,222,466 shares are reported with shared voting and dispositive power and no sole power. The ownership percentage is based on 23,891,250 Class A ordinary shares outstanding as of November 12, 2025. Warrants are excluded because they are not exercisable within 60 days.
The filers certify the shares were acquired and are held in the ordinary course of business, without the purpose or effect of changing or influencing control of the company.
Glazer Capital, LLC and Paul J. Glazer report a 5.02% beneficial stake in Digital Asset Acquisition Corp III, Ltd’s Class A ordinary shares. They disclose beneficial ownership of 1,200,000 shares, with shared power to vote and dispose and no sole voting or dispositive power.
The shares are held through funds and managed accounts advised by Glazer Capital. The reporting persons state the holdings are acquired and held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.