CSLM Digital Asset Acquisition III Corp Ltd (KOYN) is a blank-check special purpose acquisition company incorporated in the Cayman Islands on July 26, 2024, that targets an initial business combination in the digital asset sector. It generates no operating revenue. Capital raised through its IPO and concurrent private placement is held in a Trust Account, with funds outside the Trust used to cover operating expenses and acquisition search costs. The company has disclosed substantial doubt about its ability to continue as a going concern, as noted in the audited financial statements for the year ended December 31, 2025, filed March 19, 2026. Co-Chief Executive Officers and Co-Chief Investment Officers Ryan Gentry and a co-CEO lead the company, supported by directors with backgrounds in digital asset markets, traditional banking, and financial regulation. The company is classified as an emerging growth company and a smaller reporting company under SEC rules.

Revenue model

No operating revenue. The company holds IPO and private placement proceeds in a Trust Account. Cash outside the Trust funds acquisition search activities, due diligence, and operating expenses until a business combination is consummated.

Products and services

Blank-check SPAC vehicle seeking an initial business combination with a target in the digital asset sector.

Customers and end markets

No customers or end markets as of December 31, 2025. Target acquisition candidates are expected to be in the digital asset sector.

Value-chain role

Acquisition vehicle. Identifies, evaluates, and negotiates an initial business combination with a private target company, then takes that target public through the merger.

Geographic exposure

Incorporated in the Cayman Islands and administered from outside the United States. A majority of assets are located within the United States, per the 10-K filed March 19, 2026.

Source: SEC 10-K, filed 2026-03-19

Industry: Blank Checks