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First Digital to List on Nasdaq via SPAC Deal at $250m Valuation

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First Digital to List on Nasdaq via SPAC Deal at $250m Valuation

The company reported approximately $87 million in revenue for the fiscal year ended 30 June 2025. FDUSD, launched in 2023 with early adoption driven by its integration on Binance, has recorded more than $4.7 trillion in cumulative trading volume as of 30 June 2026 and reached a peak circulation above $4.4 billion in April 2024. Reserves are held in cash equivalents and short-dated US Treasury bills through First Digital Trust Limited, with independent monthly attestations.

Institutional investors have already purchased $20 million of KOYN Class A ordinary shares at $10.60 per share from existing KOYN holders. Separately, First Digital has signed a non-binding term sheet with Millennial Trading for a $25 million convertible note carrying a zero coupon and a $12.00 conversion price; the release cautions that definitive agreements may not be reached. The transaction contains no minimum cash condition. Upon closing, founder and chief executive Vincent Chok will hold Class B ordinary shares carrying ten votes per share, preserving founder control over the listed entity.

Cohen & Company Capital Markets is acting as capital markets and M&A adviser to First Digital. DLA Piper is serving as legal counsel to First Digital, with Loeb & Loeb advising KOYN.

Vincent Chok said: “The next thing is Finance District: which we believe provides the infrastructure that people and their AI agents will need as commerce becomes agentic.



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