# CSLM Digital Asset Acquisition Corp III

CSLM Digital Asset Acquisition Corp III is an Asset Manager.

## Overview

- **Organization type:** Asset Manager
- **Assets under management:** Undisclosed

## Regulatory record

- **Reports private funds:** No

## About

The entity is a special purpose acquisition company — a blank-check firm that raises capital through an initial public offering with the sole purpose of merging with a private operating business, taking it public in the process. The name follows the convention established by its predecessors, CSLM Acquisition Corp and CSLM Acquisition Corp II, both of which have completed business combinations with companies operating at the intersection of decentralized technology and traditional financial services. The vehicle is structured to identify and merge with a target in the digital asset, blockchain, or cryptocurrency infrastructure space. SPACs in this category typically evaluate companies involved in exchanges, custody, staking, mining, payments, decentralized finance protocols, or enterprise blockchain services. The sponsor, CSLM, derives its name from the initial four managing partners — Charlie Chan, Simon Leung, Larry Leung and Ming Wong — a group of Hong Kong-based finance professionals with backgrounds in Asian capital markets and institutional brokerage. Their prior vehicles, including the first CSLM Corp, completed a business combination with Fusang Corp, a digital exchange and tokenization platform focused on Asia. This model relies on institutional investors funding the IPO and trust account, with redemption rights that allow shareholders to withdraw their capital before a merger vote. The capital in trust is typically held in short-term Treasuries or money-market funds, earning a risk-free yield while the sponsor searches for a target within the 18-to-24-month deadline prescribed by most SPAC charters. What distinguishes this serial-SPAC architecture is its narrow sector mandate applied across multiple iterations rather than a one-off opportunistic raise. The numerical sequencing forces a cadence: each vehicle must consummate a deal or return capital before the next fully deploys, creating a track record accessible to subsequent IPO investors. The series also implies a dedicated sponsor capital pool that can fund at-risk expenses during each search phase independently of the trust account, insulating public shareholders from operating costs, SPAC structural convention).

## Sectors

- Digital Assets

## Questions

### What is the investment mandate of CSLM Digital Asset Acquisition Corp III?

The vehicle is a special purpose acquisition company formed to merge with a private operating business in the digital asset, blockchain, or cryptocurrency infrastructure sector. The sponsor targets companies involved in exchanges, custody technology, staking infrastructure, digital payments, decentralized finance, and enterprise blockchain services. The mandate follows the same digital-asset focus as its predecessor vehicles.

### Who sponsors CSLM Digital Asset Acquisition Corp III?

The sponsor group is CSLM, named after its founding partners Charlie Chan, Simon Leung, Larry Leung and Ming Wong. They are Hong Kong-based finance professionals with backgrounds in Asian capital markets, institutional brokerage, and financial services. Prior CSLM-sponsored vehicles include the original CSLM Acquisition Corp, which completed a business combination with Fusang Corp, a digital exchange and tokenization platform.

### How is the trust account capital protected during the target search?

The capital raised in the IPO is held in a trust account invested in short-term U.S. Treasury securities or qualifying money-market funds until a business combination is completed. Public shareholders retain redemption rights allowing them to withdraw their pro-rata share of the trust account before any merger vote. The sponsor covers operating and search expenses from its own at-risk capital, not from the trust corpus.

### What differentiates a serial-SPAC structure from a single-vehicle sponsor?

A serial-SPAC structure like CSLM's numbered series creates a repeatable underwriting signal for institutional investors. Each vehicle must find a target and consummate a merger or return capital before the next vehicle in the sequence fully deploys, generating a track record that is observable before subsequent IPO subscriptions. This contrasts with a single-vehicle sponsor, where the track record is binary and there is no follow-on vehicle to monitor.

## Related profiles

- [Perimeter Acquisition Corp. I](https://altss.com/profile/perimeter-acquisition-corp-i)
- [Tenax Therapeutics](https://altss.com/profile/tenax-therapeutics-inc)

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Last updated: 2026-08-11T02:43:31.692Z

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