<SEC-DOCUMENT>0001829126-25-008205.txt : 20251017
<SEC-HEADER>0001829126-25-008205.hdr.sgml : 20251017
<ACCEPTANCE-DATETIME>20251017170201
ACCESSION NUMBER:		0001829126-25-008205
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20251017
DATE AS OF CHANGE:		20251017

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CSLM Digital Asset Acquisition Corp III, Ltd
		CENTRAL INDEX KEY:			0002068454
		STANDARD INDUSTRIAL CLASSIFICATION:	BLANK CHECKS [6770]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		EIN:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-95275
		FILM NUMBER:		251401449

	BUSINESS ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		CASSIA COURT, CAMANA BAY SUITE 716
		STREET 2:		10 MARKET STREET
		CITY:			GRAND CAYMAN
		PROVINCE COUNTRY:   	E9
		ZIP:			KY1-9006
		BUSINESS PHONE:		212-207-0090

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		CASSIA COURT, CAMANA BAY SUITE 716
		STREET 2:		10 MARKET STREET
		CITY:			GRAND CAYMAN
		PROVINCE COUNTRY:   	E9
		ZIP:			KY1-9006

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CSLM Acquisition Corp II, Ltd
		DATE OF NAME CHANGE:	20250514

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CSLM Acquisition Sponsor II, Ltd
		CENTRAL INDEX KEY:			0002068453
		ORGANIZATION NAME:           	
		EIN:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G

	BUSINESS ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		CASSIA COURT, CAMANA BAY SUITE 716
		STREET 2:		10 MARKET STREET
		CITY:			GRAND CAYMAN
		PROVINCE COUNTRY:   	E9
		ZIP:			KY1-9006
		BUSINESS PHONE:		212-207-0090

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		CASSIA COURT, CAMANA BAY SUITE 716
		STREET 2:		10 MARKET STREET
		CITY:			GRAND CAYMAN
		PROVINCE COUNTRY:   	E9
		ZIP:			KY1-9006
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>SCHEDULE 13G</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <!-- Field: Pseudo-Tag; ID: Name; Data: CSLM Acquisition Sponsor II, Ltd -->
          <cik>0002068453</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>


    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <securitiesClassTitle>Class A Ordinary Shares, par value $0.0001 per share</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>08/26/2025</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0002068454</issuerCik>
        <issuerName>CSLM Digital Asset Acquisition Corp III, Ltd</issuerName>
        <issuerCusip>G2584S101</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>2400 E. Commercial Boulevard, Suite 900</com:street1>
          <com:city>Ft. Lauderdale</com:city>
          <com:stateOrCountry>FL</com:stateOrCountry>
          <com:zipCode>33308</com:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(d)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>CSLM Acquisition Sponsor II, Ltd</reportingPersonName>
      <citizenshipOrOrganization>E9</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>8141667.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>8141667.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>8141667.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>25.8</classPercent>
      <typeOfReportingPerson>OO</typeOfReportingPerson>
      <comments>CSLM Acquisition Sponsor II, Ltd (the "Sponsor"), is the record holder of the 8,141,667 Ordinary Shares (defined below) reported in Items 5, 7 and 9 consisting of (a) 575,000 Class A ordinary shares, $0.0001 par value ("Class A Ordinary Shares") and (b) 7,566,667 Class B ordinary shares, $0.0001 par value ("Class B Ordinary Shares" and together with the Class A Ordinary Shares, the "Ordinary Shares"), which are convertible into Class A Ordinary Shares on a one-for-one basis upon the consummation of a business combination or earlier at the option of the holder, subject to adjustment as described in the Issuer's amended and restated memorandum and articles of association. The 575,000 Class A Ordinary Shares are included in units acquired pursuant to a Private Units Subscription Agreement, dated August 26, 2025, by and between the Sponsor and CSLM Digital Asset Acquisition Corp III, Ltd (the "Issuer"). Each unit consists of one Class A Ordinary Share and one-half of one redeemable warrant (each whole warrant entitles the holder thereof to purchase one Class A Ordinary Share at a price of $11.50 per share, subject to adjustment). Excludes the 287,500 Class A Ordinary Shares issuable upon exercise of the warrants that comprise the units.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Charles T. Cassel III</reportingPersonName>
      <citizenshipOrOrganization>X1</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>8141667.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>8141667.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>8141667.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>25.8</classPercent>
      <typeOfReportingPerson>IN</typeOfReportingPerson>
      <comments>CSLM Acquisition Sponsor II, Ltd (the "Sponsor"), is the record holder of the 8,141,667 Ordinary Shares (defined below) reported in Items 6, 8 and 9 consisting of (a) 575,000 Class A ordinary shares, $0.0001 par value ("Class A Ordinary Shares") and (b) 7,566,667 Class B ordinary shares, $0.0001 par value ("Class B Ordinary Shares" and together with the Class A Ordinary Shares, the "Ordinary Shares"), which are convertible into Class A Ordinary Shares on a one-for-one basis upon the consummation of a business combination or earlier at the option of the holder, subject to adjustment as described in the Issuer's amended and restated memorandum and articles of association. The 575,000 Class A Ordinary Shares are included in units acquired pursuant to a Private Units Subscription Agreement, dated August 26, 2025, by and between the Sponsor and the Issuer. Each unit consists of one Class A Ordinary Share and one-half of one redeemable warrant (each whole warrant entitles the holder thereof to purchase one Class A Ordinary Share at a price of $11.50 per share, subject to adjustment). Excludes the 287,500 Class A Ordinary Shares issuable upon exercise of the warrants that comprise the units. The legal and beneficial owners of the Sponsor are: (i) Consilium Investment Capital, Inc., which is owned and controlled by Charles T Cassel III and Jonathan M. Binder and (ii) Samara CSLM, LLC which is owned and controlled by Vikas Mittal. By virtue of their shared control over the manager of the Sponsor, Mr. Cassel, Mr. Binder, and Mr. Vittal may be deemed to beneficially own shares held by the Sponsor. Mr. Cassel disclaims any beneficial ownership of the securities held by the Sponsor other than to the extent of any pecuniary interest he may have therein, directly or indirectly.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Jonathan Binder</reportingPersonName>
      <citizenshipOrOrganization>X1</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>8141667.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>8141667.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>8141667.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>25.8</classPercent>
      <typeOfReportingPerson>IN</typeOfReportingPerson>
      <comments>CSLM Acquisition Sponsor II, Ltd (the "Sponsor"), is the record holder of the 8,141,667 Ordinary Shares (defined below) reported in Items 6, 8 and 9 consisting of (a) 575,000 Class A ordinary shares, $0.0001 par value ("Class A Ordinary Shares") and (b) 7,566,667 Class B ordinary shares, $0.0001 par value ("Class B Ordinary Shares" and together with the Class A Ordinary Shares, the "Ordinary Shares"), which are convertible into Class A Ordinary Shares on a one-for-one basis upon the consummation of a business combination or earlier at the option of the holder, subject to adjustment as described in the Issuer's amended and restated memorandum and articles of association. The 575,000 Class A Ordinary Shares are included in units acquired pursuant to a Private Units Subscription Agreement, dated August 26, 2025, by and between the Sponsor and the Issuer. Each unit consists of one Class A Ordinary Share and one-half of one redeemable warrant (each whole warrant entitles the holder thereof to purchase one Class A Ordinary Share at a price of $11.50 per share, subject to adjustment). Excludes the 287,500 Class A Ordinary Shares issuable upon exercise of the warrants that comprise the units. The legal and beneficial owners of the Sponsor are: (i) Consilium Investment Capital, Inc., which is owned and controlled by Charles T Cassel III and Jonathan M. Binder and (ii) Samara CSLM, LLC which is owned and controlled by Vikas Mittal. By virtue of their shared control over the manager of the Sponsor, Mr. Cassel, Mr. Binder, and Mr. Vittal may be deemed to beneficially own shares held by the Sponsor. Mr. Binder disclaims any beneficial ownership of the securities held by the Sponsor other than to the extent of any pecuniary interest he may have therein, directly or indirectly.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Vikas Mittal</reportingPersonName>
      <citizenshipOrOrganization>X1</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>8141667.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>8141667.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>8141667.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>25.8</classPercent>
      <typeOfReportingPerson>IN</typeOfReportingPerson>
      <comments>CSLM Acquisition Sponsor II, Ltd (the "Sponsor"), is the record holder of the 8,141,667 Ordinary Shares (defined below) reported in Items 6, 8 and 9 consisting of (a) 575,000 Class A ordinary shares, $0.0001 par value ("Class A Ordinary Shares") and (b) 7,566,667 Class B ordinary shares, $0.0001 par value ("Class B Ordinary Shares" and together with the Class A Ordinary Shares, the "Ordinary Shares"), which are convertible into Class A Ordinary Shares on a one-for-one basis upon the consummation of a business combination or earlier at the option of the holder, subject to adjustment as described in the Issuer's amended and restated memorandum and articles of association. The 575,000 Class A Ordinary Shares are included in units acquired pursuant to a Private Units Subscription Agreement, dated August 26, 2025, by and between the Sponsor and the Issuer. Each unit consists of one Class A Ordinary Share and one-half of one redeemable warrant (each whole warrant entitles the holder thereof to purchase one Class A Ordinary Share at a price of $11.50 per share, subject to adjustment). Excludes the 287,500 Class A Ordinary Shares issuable upon exercise of the warrants that comprise the units. The legal and beneficial owners of the Sponsor are: (i) Consilium Investment Capital, Inc., which is owned and controlled by Charles T Cassel III and Jonathan M. Binder and (ii) Samara CSLM, LLC which is owned and controlled by Vikas Mittal. By virtue of their shared control over the manager of the Sponsor, Mr. Cassel, Mr. Binder, and Mr. Vittal may be deemed to beneficially own shares held by the Sponsor. Mr. Mittal disclaims any beneficial ownership of the securities held by the Sponsor other than to the extent of any pecuniary interest he may have therein, directly or indirectly.</comments>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>CSLM Digital Asset Acquisition Corp III, Ltd</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>2400 E. Commercial Boulevard, Suite 900 Ft. Lauderdale, FL 33308</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>(i) CSLM Acquisition Sponsor II, Ltd (the "Sponsor"), Charles T. Cassel III, (ii) Jonathan Binder and (iii) Vikas Mittal. The Sponsor, Charles T. Cassel III, Jonathan Binder and Vikas Mittal have entered into a Joint Filing Agreement, dated the date hereof, pursuant to which the Sponsor,  Charles T. Cassel III, Jonathan Binder and Vikas Mittal have agreed to file this statement and any subsequent amendments hereto jointly in accordance with the provisions of Rule 13d-1(k)(1) under the Act. Any disclosures herein with respect to persons other than the Sponsor, Charles T. Cassel III, Jonathan Binder and Vikas Mittal are made on information and belief after making inquiry to the appropriate party. The filing of this statement should not be construed as an admission that any of the forgoing persons is, for the purposes of Section 13 of the Act, the beneficial owner of the Ordinary Shares reported herein.</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>c/o CSLM Acquisition Sponsor II, Ltd, 2400 E. Commercial Boulevard, Suite 900  Ft. Lauderdale, FL 33308</principalBusinessOfficeOrResidenceAddress>
        <citizenship>(i) CSLM Acquisition Sponsor II, Ltd - Cayman Islands
(ii) Charles T. Cassell III- United States
(iii) Jonatha Binder - United States
(iv) Vikas Mittal - United States</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>Y</notApplicableFlag>
      </item3>
      <item4>
        <amountBeneficiallyOwned>8,141,667 Ordinary Shares consisting of (i) 575,000 Class A Ordinary Shares and (ii) 7,566,667 Class B Ordinary Shares, which are convertible into Class A Ordinary Shares on a one-for-one basis upon the consummation of a business combination or earlier at the option of the holder, subject to adjustment as described in the Issuer's amended and restated memorandum and articles of association. Excludes the 287,500 Class A Ordinary Shares issuable upon exercise of the warrants that comprise the units owned of record by CSLM Acquisition Sponsor II, Ltd (the "Sponsor").  The Sponsor is the record holder of the Ordinary Shares reported herein. The legal and beneficial owners of the Sponsor are: (i) Consilium Investment Capital, Inc., which is owned and controlled by Charles T Cassel III and Jonathan M. Binder and (ii) Samara CSLM, LLC which is owned and controlled by Vikas Mittal. By virtue of their shared control over the manager of the Sponsor, Mr. Cassel, Mr. Binder, and Mr. Vittal may be deemed to beneficially own shares held by the Sponsor. Each of Charles T. Cassel III, Jonathan Binder and Vikas Mittal, disclaims any beneficial ownership of the securities held by the Sponsor other than to the extent of any pecuniary interest he may have therein, directly or indirectly.</amountBeneficiallyOwned>
        <classPercent>25.8% (based on 31,557,917 Ordinary Shares outstanding as reported in the Issuer's final prospectus dated August 27, 2025).</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>CSLM Acquisition Sponsor II, Ltd (the "Sponsor"), is the record holder of the 8,141,667 Ordinary Shares reported herein consisting of (i) 575,000 Class A Ordinary Shares and (ii) 7,566,667 Class B Ordinary Shares, which are convertible into Class A Ordinary Shares on a one-for-one basis upon the consummation of a business combination or earlier at the option of the holder, subject to adjustment as described in the Issuer's amended and restated memorandum and articles of association. Excludes the 287,500 Class A Ordinary Shares issuable upon exercise of the warrants that comprise the units owned of record by the Sponsor. The legal and beneficial owners of the Sponsor are: (i) Consilium Investment Capital, Inc., which is owned and controlled by Charles T Cassel III and Jonathan M. Binder and (ii) Samara CSLM, LLC which is owned and controlled by Vikas Mittal. By virtue of their shared control over the manager of the Sponsor, Mr. Cassel, Mr. Binder, and Mr. Vittal may be deemed to beneficially own shares held by the Sponsor.  Each of Charles T. Cassel III, Jonathan Binder and Vikas Mittal, disclaims any beneficial ownership of the securities held by the Sponsor other than to the extent of any pecuniary interest he may have therein, directly or indirectly.</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>CSLM Acquisition Sponsor II, Ltd (the "Sponsor"), is the record holder of the 8,141,667 Ordinary Shares reported herein consisting of (i) 575,000 Class A Ordinary Shares and (ii) 7,566,667 Class B Ordinary Shares, which are convertible into Class A Ordinary Shares on a one-for-one basis upon the consummation of a business combination or earlier at the option of the holder, subject to adjustment as described in the Issuer's amended and restated memorandum and articles of association. Excludes the 287,500 Class A Ordinary Shares issuable upon exercise of the warrants that comprise the units owned of record by the Sponsor. The legal and beneficial owners of the Sponsor are: (i) Consilium Investment Capital, Inc., which is owned and controlled by Charles T Cassel III and Jonathan M. Binder and (ii) Samara CSLM, LLC which is owned and controlled by Vikas Mittal. By virtue of their shared control over the manager of the Sponsor, Mr. Cassel, Mr. Binder, and Mr. Vittal may be deemed to beneficially own shares held by the Sponsor.  Each of Charles T. Cassel III, Jonathan Binder and Vikas Mittal, disclaims any beneficial ownership of the securities held by the Sponsor other than to the extent of any pecuniary interest he may have therein, directly or indirectly.</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>CSLM Acquisition Sponsor II, Ltd (the "Sponsor"), is the record holder of the 8,141,667 Ordinary Shares reported herein consisting of (i) 575,000 Class A Ordinary Shares and (ii) 7,566,667 Class B Ordinary Shares, which are convertible into Class A Ordinary Shares on a one-for-one basis upon the consummation of a business combination or earlier at the option of the holder, subject to adjustment as described in the Issuer's amended and restated memorandum and articles of association. Excludes the 287,500 Class A Ordinary Shares issuable upon exercise of the warrants that comprise the units owned of record by the Sponsor. The legal and beneficial owners of the Sponsor are: (i) Consilium Investment Capital, Inc., which is owned and controlled by Charles T Cassel III and Jonathan M. Binder and (ii) Samara CSLM, LLC which is owned and controlled by Vikas Mittal. By virtue of their shared control over the manager of the Sponsor, Mr. Cassel, Mr. Binder, and Mr. Vittal may be deemed to beneficially own shares held by the Sponsor.  Each of Charles T. Cassel III, Jonathan Binder and Vikas Mittal, disclaims any beneficial ownership of the securities held by the Sponsor other than to the extent of any pecuniary interest he may have therein, directly or indirectly.</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>CSLM Acquisition Sponsor II, Ltd (the "Sponsor"), is the record holder of the 8,141,667 Ordinary Shares reported herein consisting of (i) 575,000 Class A Ordinary Shares and (ii) 7,566,667 Class B Ordinary Shares, which are convertible into Class A Ordinary Shares on a one-for-one basis upon the consummation of a business combination or earlier at the option of the holder, subject to adjustment as described in the Issuer's amended and restated memorandum and articles of association. Excludes the 287,500 Class A Ordinary Shares issuable upon exercise of the warrants that comprise the units owned of record by the Sponsor. The legal and beneficial owners of the Sponsor are: (i) Consilium Investment Capital, Inc., which is owned and controlled by Charles T Cassel III and Jonathan M. Binder and (ii) Samara CSLM, LLC which is owned and controlled by Vikas Mittal. By virtue of their shared control over the manager of the Sponsor, Mr. Cassel, Mr. Binder, and Mr. Vittal may be deemed to beneficially own shares held by the Sponsor.  Each of Charles T. Cassel III, Jonathan Binder and Vikas Mittal, disclaims any beneficial ownership of the securities held by the Sponsor other than to the extent of any pecuniary interest he may have therein, directly or indirectly.</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
      </item5>
      <item6>
        <notApplicableFlag>Y</notApplicableFlag>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>Y</notApplicableFlag>
      </item10>
    </items>
    <exhibitInfo>Exhibit 1. Joint Filing Agreement pursuant to Rule 13d-1(k)</exhibitInfo>
    <signatureInformation>
      <reportingPersonName>CSLM Acquisition Sponsor II, Ltd</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Vikas Mittal</signature>
        <title>Director</title>
        <date>10/17/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Charles T. Cassel III</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Charles T. Cassel III</signature>
        <title>Charles T. Cassel III</title>
        <date>10/17/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Jonathan Binder</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Jonathan Binder</signature>
        <title>Jonathan Binder</title>
        <date>10/17/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Vikas Mittal</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Vikas Mittal</signature>
        <title>Vikas Mittal</title>
        <date>10/17/2025</date>
      </signatureDetails>
    </signatureInformation>
  </formData>

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<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>2
<FILENAME>cslmacq3_ex1.htm
<DESCRIPTION>EXHIBIT 1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>JOINT FILING AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In accordance with Rule 13d-1(k)
under the Securities Exchange Act of 1934, as amended, the undersigned agree to the joint filing on behalf of each of them of a Statement
on Schedule 13G (including any and all amendments thereto) with respect to the ordinary shares, par value $0.0001 per share, of Blue Water
Acquisition Corp. III, a Cayman Islands exempted company, and further agree that this Joint Filing Agreement shall be included as an Exhibit
to such joint filings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned further agree
that each party hereto is responsible for the timely filing of such Statement on Schedule 13G and any amendments thereto, and for the
accuracy and completeness of the information concerning such party contained therein; provided, however, that no party is responsible
for the accuracy or completeness of the information concerning any other party, unless such party knows or has reason to believe that
such information is inaccurate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Joint Filing Agreement
may be signed in counterparts with the same effect as if the signature on each counterpart were upon the same instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">IN WITNESS WHEREOF, the undersigned
have executed this agreement as of October 17, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CSLM Acquisition Sponsor II, Ltd</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Vikas Mittal</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vikas Mittal</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Jonathan Binder</FONT></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jonathan Binder</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Vikas Mittal</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vikas Mittal</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Charles T. Cassel III</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Charles T. Cassel III</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
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