Company: BDCIU
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001213900-25-109324
Chunk: 90

Company: BTC Development Corp.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 2
Chunk 90
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 company incorporated in the
Cayman Islands on April 3, 2023 formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase,
reorganization or other similar business combination involving one or more businesses or assets. We intend to effectuate our Business
Combination using cash derived from the proceeds of the Initial Public Offering and the sale of the Placement Units, our shares, debt
or a combination of cash, shares and debt.

We expect to incur significant costs in the pursuit
of our acquisition plans. We cannot assure you that our plans to complete a Business Combination will be successful.

Results of Operations

We have neither engaged in any operations nor
generated any revenues to date. Our only activities from April 3, 2023 (inception) through September 30, 2025 were organizational
activities and those necessary to prepare for the Initial Public Offering, described below. We do not expect to generate any operating
revenues until after the completion of our Business Combination. Subsequent to the Initial Public Offering, we generate non-operating
income in the form of interest income on marketable securities held in the Trust Account. We incur expenses as a result of being a 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. Simult