# First Digital Targets Nasdaq Listing at $250 Million Valuation

By John Kim

Canonical URL: https://www.tokenpost.com/news/business/27720
Published: 2026-10-08T02:54:25.000Z
Updated: 2026-10-08T02:54:25.000Z
Section: Business

> The FDUSD issuer plans to complete a reverse merger with Nasdaq-listed CSLM Digital Asset Acquisition Corp III in the first half of 2027, pending approvals.

First Digital, the Hong Kong-based issuer of First Digital USD (FDUSD), plans to enter the Nasdaq market through a reverse merger valuing the company at $250 million before the transaction.

The company has reached a definitive merger agreement with Nasdaq-listed CSLM Digital Asset Acquisition Corp III. The deal is expected to create a new holding company, with completion targeted for the first half of 2027.

The transaction still requires regulatory approvals and must satisfy other closing conditions. The companies did not indicate that the listing has been completed.

FDUSD had processed more than $4.7 trillion in cumulative trading volume as of June 30, 2026. First Digital generated about $87 million in revenue during the fiscal year ended June 30, 2025.

The issuer’s reserves consist of cash and cash equivalents held in segregated accounts, with monthly attestations by an independent institution. Its Finance District platform has launched four products, but those products have not generated significant revenue.

The proposed combination is expected to proceed toward a Nasdaq listing in the first half of 2027, subject to the required approvals and closing conditions.