Company: BDCIU
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001213900-25-109324
Chunk: 47

Company: BTC Development Corp.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 8
Chunk 47
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BTC DEVELOPMENT CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

SEPTEMBER 30, 2025

(UNAUDITED) 

NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS
OPERATIONS

BTC Development Corp. (the
“Company”) was incorporated in the Cayman Islands on April 3, 2023 under the name ‘Cohen Circle Acquisition Corp.
II.’ The name was changed to ‘Emerald Acquisition Corp. II’ on November 6, 2024 and then to ‘BTC Development Corp.’
on December 16, 2024. The Company was incorporated 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 (the “Business Combination”).
The Company is not limited to a particular industry or sector for purposes of consummating a Business Combination. The Company is an early
stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth
companies.

As of September 30, 2025,
the Company had not commenced any operations. All activity for the period from April 3, 2023 (inception) through September 30, 2025
relates to the Company’s formation and the initial public offering (“Initial Public Offering”), which is described below.
The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest.
The Company will generate non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering.
The Company has selected December 31 as its fiscal year end.

The registration statement
for the Company’s Initial Public Offering was declared effective on September 29, 2025. On October 1, 2025, the Company consummated
the Initial Public Offering of 25,300,000 units (the “Units” and, with respect to the Class A ordinary shares included
in the Units offered, the “Public Shares”) at $10.00 per Unit, which is discussed in Note 3, 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 units (