Company: BDCIU
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001213900-25-109324
Chunk: 17

Company: BTC Development Corp.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 17
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periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company adopted ASU 2023-07 as required
for the year ended December 31, 2024. The adoption requires the Company to provide additional disclosures, but otherwise it does not materially
impact the unaudited condensed financial statements.

Management does not believe
that any other recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the
Company’s unaudited condensed financial statements.

NOTE 3. INITIAL PUBLIC OFFERING

Pursuant to the Initial Public
Offering, on October 1, 2025, the Company sold 25,300,000 Units, which includes the full exercise of the underwriters’ over-allotment
option in the amount of 3,300,000 Units, at a price of $10.00 per Unit for a total of $253,000,000. Each Unit consists of one Class A
ordinary share and one-fourth of one redeemable warrant (“Public Warrant”). Each whole Public Warrant entitles the holder
to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment (see Note 7).

NOTE 4. PRIVATE PLACEMENT

Simultaneously with the closing
of the Initial Public Offering, BTC Development Sponsor LLC, CCM and KBW purchased an aggregate of 760,000 Placement Units (at a
price of $10.00 per Placement Unit, for an aggregate purchase price of $7,600,000, of which 512,500 Placement Units were purchased
by BTC Development Sponsor LLC, 173,250 Placement Units were purchased by CCM and 74,250 Placement Units were purchased by KBW.
Each Placement Unit consists of one Class A ordinary share (“Placement Share” or, collectively, “Placement Shares”)
and one-fourth of one warrant (each, a “Placement Warrant”). Each whole Placement Warrant is exercisable to purchase one Class A
ordinary share at a price of $11.50 per share, subject to adjustment (see Note 7). If the Company does not complete a Business Combination
within the Combination Period, the proceeds from the sale of the Placement Units will be used to fund the redemption of the Public
Shares (subject to the requirements of applicable law), and the Placement Units and all underlying securities will expire worthless.