SPAC CSLM Raises $200 Million in IPO, Aiming for Strategic Blockchain Merger

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By BlockFlowAug 27, 2025

The company plans to target mergers with blockchain and digital asset firms building infrastructure and applications in frontier growth markets.

CSLM Digital Asset Acquisition Corp III, Ltd, a newly established special purpose acquisition company (SPAC) registered in the Cayman Islands, has priced its initial public offering at $200 million.

The company sold 20 million units at $10 each, with every unit consisting of one Class A ordinary share and half of a redeemable warrant. Each whole warrant allows investors to purchase one Class A share at $11.50. The units will begin trading on the Nasdaq Global Market on August 27 under the ticker “KOYNU.” Once separated, the shares will trade as “KOYN” and the warrants as “KOYNW.”

CSLM is led by Chairman and Chief Financial Officer Vik Mittal and Chief Executive Officer Charles T. Cassel III, supported by a board of directors with backgrounds in finance and technology.

The company intends to pursue mergers or acquisitions with firms operating in frontier growth markets, particularly those building infrastructure and applications in the blockchain and distributed ledger sector. Areas of focus include wallets, custody solutions, trading platforms, data protocols, tokenized financial products, and real-world applications such as payments, decentralized finance, and cross-border financial services.

The offering is expected to close on August 28, subject to customary conditions.

SPAC CSLM IPO Blockchain