First Digital Group
LOI (under discussion)Financials · stablecoin issuance and digital asset custody infrastructure · Hong Kong, Hong Kong · founded 2019
- What it is
- Stablecoin economics: yield on FDUSD's cash-and-equivalents reserve float plus fees from minting/redemption, custody/trust services, stablecoin-as-a-service for corporates, and payment/settlement APIs; expansion bet is agentic/AI payments (Prism) and a compliance-first DeFi ecosystem (Finance District).
- What it’s doing now
- Merging with CSLM Digital Asset Acquisition Corp III, Ltd (KOYN) — loi (under discussion), announced Dec 2, 2025.
- What you should know
- The headline revenue figure is a projection, not a reported actual.
The business, per its filings
SEC primaryFirst Digital Group Ltd. (founded 2019 out of Hong Kong trust/custody firm First Digital Trust; restructured under a Gibraltar holdco in 2022; operations centered in Hong Kong SAR) is the group behind FDUSD, self-described as the #3 most-traded stablecoin globally - USD-backed via a Hong Kong-registered bankruptcy-remote trust with segregated reserves at its licensed custodian affiliate and monthly attestations; FDUSD passed $1bn market cap within four months of launch, peaked above $4.4bn in circulation, and claims $2 trillion+ cumulative trading volume. Products beyond the coin: stablecoin-as-a-service, payment rails, custody, minting/redemption APIs, swap services, and a planned 'Finance District' DeFi ecosystem with 'Prism', an agentic AI-payments settlement layer on FDUSD. The company expects ~US$80-90M unaudited revenue for 2025. STATUS: this is a NON-BINDING LETTER OF INTENT ONLY (announced 2025-12-02 with CSLM Digital Asset Acquisition Corp III; no definitive agreement, no disclosed valuation as of 2026-08-15) - every First Digital figure was 'provided solely by First Digital and has not been independently verified by KOYN'. Overhang: First Digital sued Justin Sun for defamation in the HK High Court (writ 2025-04-03) over his public allegations against it (Sun had publicly attacked First Digital's solvency/reserve handling in the TUSD dispute in early 2025).
| Revenue | $85M (FY2025E company-expected unaudited (stated range US$80-90M; midpoint recorded)) projection |
Source: 425, accession 0001829126-26-006826 · as of Dec 2, 2025 · extraction confidence: low
What the company says about itself
Web research — not audited1stdigital.com maintains an IR-and-disclosures section hosting FDUSD reserve attestations and the Justin Sun litigation filings - unusual transparency infrastructure that exists precisely because the company fought a public solvency FUD battle in 2025.
- Markets:
- Centralized exchanges; institutional digital-asset users; corporates (stablecoin-as-a-service); cross-border payments/remittances; DeFi
- Products:
- FDUSD stablecoin; trust & custody; minting/redemption and commerce APIs; swap services; payment rails; Finance District / Prism (announced)
- Customers:
- Tier-1 exchange integrations cited without names in the PR (FDUSD's principal venue support is Binance per public record)
None assessable - all substantive figures on the SEC record are company-provided and expressly unverified by the SPAC.
Source: https://1stdigital.com/ir-and-disclosures · captured Aug 15, 2026 · marketing claims are reported as claims, never merged into the filed figures above.
The deal it’s entering
First Digital Group is merging with CSLM Digital Asset Acquisition Corp III, Ltd (KOYN), a $230M SPAC currently marked Deal announced and trading at $10.23 against $10.00 in trust per share.
| Headline equity value | — |
How to read these numbers: headline vs effective valuation · what a definitive agreement commits
What exactly is being valued, and at what
Was this deal done at an expensive or a cheap valuation?
SpacBrain’s read on the price
No multiple can be computed
No revenue multiple can be computed for First Digital Group Ltd. — no enterprise value to strike the multiple on.
No price has been announced for the deal, so there is no number to compare.
No announced deal value, so there is no price to divide.
Projection — a forecast the company made about itself, not money it has earned
FY2025E company-expected unaudited (stated range US$80-90M; midpoint recorded)
Not computable — no enterprise value to strike the multiple on.
$1 of their sales costs $1.63 on the open market. Median of 5 listed companies we judged a true comparable, which individually run from 0.15× to 6.37×. Their share prices are from 15 August 2026, not today.
What qualifies the figures above
- No announced deal value — nothing to strike a multiple on.
- BTGO, OWLS, OPY, GEMI, GPN, USDE, BTFT, SNEX, SDEV, SCHW have no revenue to divide by, so they are shown but left out of the peer median.
The listed companies it is measured against
| Ticker | Company | Mkt cap | EV / revenue | EV / EBITDA | Why it’s comparable |
|---|---|---|---|---|---|
| CRCL | Circle Internet Group, Inc. | $19.5B | 5.7x | 72.0x | Circle Internet Group - the listed pure-play stablecoin issuer (USDC); the direct comparable for FDUSD reserve-float economics and the sector's valuation benchmark.more ▾less ▴ |
| BKKT | Bakkt, Inc. | $331M | 0.3x | — | Operational comp: Blockchain & Cryptocurrency (NEC); micro-cap ($256m); shares stablecoin, custody, agentic, payments, finance, via with the target's own description; forward EV/Sales 0.2x.more ▾less ▴ |
| COIN | Coinbase Global, Inc. | $39.2B | 6.4x | 55.0x | Coinbase - listed digital-asset infrastructure at scale with its own stablecoin economics (USDC revenue share); the institutional-crypto multiple anchor.more ▾less ▴ |
| BTGO | BitGo Holdings Inc | — | — | — | Operational comp: Transaction & Payment Services; shares custody, stablecoin, usd, apis, settlement, self with the target's own description; forward EV/Sales 4.6x.more ▾less ▴ |
| GLXY | Galaxy Digital Inc. | $12.8B | 0.1x | 0.1x | Galaxy Digital - diversified digital-asset financial infrastructure; comps the trust/custody/markets side of First Digital's stack. |
| OWLS | OBOOK Holdings Inc | $590M | — | — | Operational comp: Blockchain & Cryptocurrency (NEC); small-cap ($590m); shares stablecoin, coin, kong, hong, settlement, layer with the target's own description; forward EV/Sales 12.6x.more ▾less ▴ |
| PYPL | PayPal Holdings, Inc. | $53.2B | 1.6x | 8.6x | PayPal - incumbent payments network that issues its own stablecoin (PYUSD); the traditional-rails competitor for cross-border settlement. |
| OPY | Oppenheimer Holdings Inc. | $765M | — | — | Operational comp: Investment Banking & Brokerage Services (NEC); small-cap ($765m); shares kong, hong, trading, finance, trust, public with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| GEMI | Gemini Space Station Inc | $1.2B | — | — | Operational comp: Blockchain & Cryptocurrency (NEC); small-cap ($1.2bn); shares stablecoin, custody, digital, every, backed, globally with the target's own description; forward EV/Sales 4.2x.more ▾less ▴ |
| GPN | Global Payments Inc | $18.3B | — | — | Operational comp: Transaction & Payment Services; large-cap ($18.3bn); shares dispute, payments, settlement, payment, globally, digital with the target's own description; forward EV/Sales 3.5x.more ▾less ▴ |
| USDE | Stablecoinx Inc | $70M | — | — | Operational comp: Blockchain & Cryptocurrency (NEC); micro-cap ($70m); shares stablecoin, ecosystem, digital, infrastructure, asset, services with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| BTFT | Beta FinTech Holdings Ltd | — | — | — | Operational comp: Investment Banking & Brokerage Services (NEC); shares kong, hong, was, public, ltd, services with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| SNEX | StoneX Group Inc | $5.3B | — | — | Operational comp: Investment Banking & Brokerage Services (NEC); mid-cap ($5.3bn); shares swap, payments, ecosystem, trading, self, digital with the target's own description; forward EV/Sales 10.0x.more ▾less ▴ |
| SDEV | Stablecoin Development Corp | $711M | — | — | Operational comp: Blockchain & Cryptocurrency (NEC); small-cap ($711m); shares stablecoin, ecosystem, digital, backed, asset, public with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| SCHW | The Charles Schwab Corporation | $177.5B | — | — | Operational comp: Investment Banking & Brokerage Services (NEC); mega-cap ($177.5bn); shares custody, trust, registered, traded, trading, asset with the target's own description; forward EV/Sales 6.9x.more ▾less ▴ |
Which companies belong on this list is our judgement, and the sentence beside each one is the whole of our reasoning — disagree with it and the verdict above changes. Rows marked context only are shown because they are informative, but they are deliberately left out of the median. The multiples come from listed-company data priced Aug 15, 2026; a private target’s deal multiple (here struck on projected revenue) is not audited the way theirs are.
Common questions
Is First Digital Group going public?
First Digital Group has a signed merger with the SPAC CSLM Digital Asset Acquisition Corp III, Ltd (KOYN), announced Dec 2, 2025. Deal status: LOI (under discussion).
Was First Digital Group bought at an expensive or a cheap valuation?
No revenue multiple can be computed for First Digital Group Ltd. — no enterprise value to strike the multiple on.
Does First Digital Group have revenue?
The filings show a PROJECTED revenue figure of $85M (FY2025E company-expected unaudited (stated range US$80-90M; midpoint recorded)) — a forecast, not an audited actual.
Educational content, not investment advice.
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