Company: BDCIU
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001213900-25-109324
Chunk: 61

Company: BTC Development Corp.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 8
Chunk 61
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 support services.
As of September 30, 2025 (unaudited) and December 31, 2024, the Company incurred $2,000 and $0, respectively, of administrative services
fees which were included in accrued expenses in the accompanying condensed balance sheets.

Advance from Related Party

Starting in 2023, an affiliate
of the Company advanced the Company funds for working capital purposes. This amount is reflected on the condensed balance sheets as advance
from related party. As of September 30, 2025 (unaudited), the Company repaid the outstanding balance amounting to $239,077. As of December
31, 2024, an affiliate of the Company had advanced $48,387 as presented on the condensed balance sheet.

Due to Sponsor

As of September 30, 2025 (unaudited), the Company
had $5,200,000 due to sponsor, representing proceeds received in advance from the sponsor in connection with the private placement consummated
simultaneously with the Initial Public Offering. Of this amount, $3,200,000, a portion of which was subsequently used to pay offering
costs and advance from related party, and $2,000,000 was presented as cash and cash held in Trust Account, respectively.

Promissory Note

On July 27, 2025, BTC Development
Sponsor LLC agreed to loan the Company an aggregate of up to $500,000 to cover expenses related to the Initial Public Offering pursuant
to a promissory note (the “Note”). This loan is non-interest bearing and payable on the earlier of April 27, 2026 or the completion
of the Initial Public Offering. As of September 30, 2025, the Company had no borrowings under the Note and borrowings under the Note are
no longer available.

Service Agreement

The Company has agreed, commencing
on the effective date of the Initial Public Offering through the earlier of the Company’s consummation of a Business Combination
or its liquidation, to pay its Chief Financial Officer, R. Maxwell Smeal, up to $12,500 per month. As of September 30, 2025 (unaudited)
and December 31, 2024, the Company incurred $833 and $0, respectively, of administrative services fees which were included in accrued
expenses in the accompanying condensed balance sheets.

10

BTC DEVELOPMENT CORP.

NOTES TO COND