Company: BDCIU
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001213900-25-109324
Chunk: 29

Company: BTC Development Corp.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 29
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 public
company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses.

For the three months ended September 30, 2025,
we had a net loss of $58,813, which consisted of formation, general and administrative costs.

For the nine months ended September 30, 2025,
we had a net loss $98,107, which consisted of formation, general and administrative costs.

For the three and nine months ended September
30, 2024, we had a net loss $492, which consisted of formation, general and administrative costs.

Liquidity and Capital Resources

Until the consummation of the Initial Public Offering,
our only source of liquidity was an initial purchase of shares of Class B ordinary shares, par value $0.0001 per share, by the sponsors
and loans and advances from the sponsors.

Subsequent to the quarterly period covered by
this Quarterly Report, on October 1, 2025, we 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, we consummated the sale of an aggregate of 760,000 Placement Units at a price of
$10.00 per Placement Unit in a private placement to the sponsors and the representatives of the underwriters of the Initial Public Offering,
generating gross proceeds of $7,600,000.

15

Following the Initial Public Offering, the full
exercise of the over-allotment option, and the sale of the Placement Units, a total of $253,000,000 was placed in the Trust Account. We
incurred $16,037,284 of transaction costs, consisting of $4,400,000 of cash underwriting fee, $10,780,000 of deferred underwriting fee,
and $857,284 of other offering costs.

We intend to use substantially all of the funds
held in the Trust Account, including any amounts representing interest earned on the Trust Account (less permitted withdrawals), to complete
our Business Combination. To the extent that our share capital or debt is used, in whole or in part, as consideration to complete our
Business Combination, the remaining proceeds held in the Trust Account will be used as working capital to