First Digital Trust, the company behind the FDUSD stablecoin, announced a business‑combination agreement that will take it public, with a closing expected in 2027. A key feature of the deal is a warrant held by Alphanest Holdings, a Binance‑related entity, which could be exercised to give Alphanest roughly one‑quarter of the combined company’s equity.

Binance‑linked warrant could translate into a sizable equity position

According to Protos, Alphanest Holdings is owned by Binance Holdings (IE) Limited and was previously controlled by Binance founder Changpeng Zhao. If the warrant is exercised after the merger, Alphanest would own about 25% of First Digital Trust’s equity, positioning Binance to become a major shareholder in a publicly listed stablecoin issuer.

FDUSD’s market‑cap collapse and concentration of holdings

FDUSD’s market capitalisation has declined by over $4 billion since its peak in April 2024, and the token’s supply fell by roughly $50 million after June 30, 2025. Protos estimates that around 80% of all FDUSD tokens are held in Binance‑labeled wallets, including about $170 million on Ethereum and $43 million on the Sui chain.

First Digital Trust reported $87 million in revenue for fiscal year 2025 and an estimated $27 million for the unaudited FY 2026 period, with net revenue turning negative in the latter year. Adjusted operating losses rose from $17 million to $19 million. The firm also disclosed a defamation lawsuit filed against Justin Sun, who accused First Digital of being insolvent and unable to meet redemptions. The company maintains that FDUSD is fully backed 1:1 by cash and cash equivalents.

What to watch next

Investors and regulators will monitor the execution of the warrant and the final valuation of the merger, which is set at a $250 million pre‑money figure. Further scrutiny is likely on the concentration of FDUSD holdings in Binance‑controlled addresses and the outcome of the ongoing lawsuits involving Justin Sun and former TrueUSD operators.