Company: BDCIU
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001213900-25-109324
Chunk: 16

Company: BTC Development Corp.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 16
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 have been subject to forfeiture
had the over-allotment option not been exercised by the underwriters (see Note 7). For the nine months ended September 30, 2025 and
2024, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into ordinary
shares and then share in the earnings of the Company. As a result, diluted loss per ordinary share is the same as basic loss per ordinary
share for the periods presented.

Fair Value of Financial Instruments

The fair value of the Company’s assets and
liabilities, which qualify as financial instruments under ASC 820, “Fair Value Measurement,” approximates the carrying
amounts represented in the condensed balance sheets, primarily due to their short-term nature.

Warrant Instruments

The Company accounts for
the Public and Placement Warrants issued in connection with the Initial Public Offering and the private placement in accordance with the
guidance contained in FASB ASC Topic 815, “Derivatives and Hedging”, whereby under that provision, the warrants that
do not meet the criteria for equity treatment must be recorded as liability. Accordingly, the Company evaluated and classified the warrant
instruments under equity treatment at their assigned values. There were no Public Warrants or Placement Warrants outstanding as of September
30, 2025 and December 31, 2024.

Recent Accounting Pronouncements

In November 2023, the FASB
issued Accounting Standards Update (“ASU”) 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment
Disclosures.” The amendments in this ASU require disclosures, on an annual and interim basis, of significant segment expenses that
are regularly provided to the chief operating decision maker (“CODM”), as well as the aggregate amount of other segment items
included in the reported measure of segment profit or loss. The ASU requires that a public entity disclose the title and position of the
CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding
how to allocate resources. Public entities will be required to provide all annual disclosures currently required by Topic 280 in interim
periods, and entities with a single reportable segment are required to provide all the disclosures required by the amendments in this
ASU and existing segment disclosures in Topic 280. This ASU is effective for fiscal years beginning after December 15, 2023, and interim