Company: BDCIU
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001213900-25-109324
Chunk: 69

Company: BTC Development Corp.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 8
Chunk 69
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 required adjustment
or disclosure in the unaudited condensed financial statements.

On October 1, 2025, the Company consummated the
Initial Public Offering of 25,300,000 Units at $10.00 per Unit, which includes the full exercise of the underwriters’ over-allotment
option of 3,300,000 Units, generating gross proceeds of $253,000,000.

Simultaneously with the closing of the Initial
Public Offering, the Company consummated the sale of 760,000 Placement Units at a price of $10.00 per Placement Unit in a private placement
to BTC Development Sponsor LLC, CCM and KBW, generating gross proceeds of $7,600,000. Of those 760,000 Placement Units, BTC Development
Sponsor LLC purchased 512,500 Placement Units, CCM purchased 173,250 Placement Units and KBW purchased 74,250 Placement Units.

14

Item 2. Management’s Discussion and Analysis
of Financial Condition and Results of Operations

References in this report (the “Quarterly
Report”) to “we,” “us” or the “Company” refer to BTC Development Corp. References to our “management”
or our “management team” refer to our officers and directors, and references to the “Sponsors” refer to BTC Development
Sponsor LLC and BTC Development Advisors LLC. The following discussion and analysis of the Company’s financial condition and results
of operations should be read in conjunction with the financial statements and the notes thereto contained elsewhere in this Quarterly
Report. Certain information contained in the discussion and analysis set forth below includes forward-looking statements that involve
risks and uncertainties.

Special Note Regarding Forward-Looking Statements

This Quarterly Report includes “forward-looking
statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act that are not historical
facts and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. All
statements, other than statements of historical fact included in this Form 10-Q including, without limitation, statements in this “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” regarding the Company’s financial position, business
strategy and the plans and objectives of management for future operations, are forward-looking statements. Words such as “expect,”
“believe,” “anticipate,” “intend,” “estimate,” “seek” and variations and similar
words and expressions are