Company: BDCIU
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001213900-25-109324
Chunk: 94

Company: BTC Development Corp.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 2
Chunk 94
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 assumptions about the likelihood of
future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.

Changes in Internal Control over Financial
Reporting

There was no change in our internal control over
financial reporting that occurred during the fiscal quarter of 2025 covered by this Quarterly Report that has materially affected, or
is reasonably likely to materially affect, our internal control over financial reporting.

17

PART II - OTHER INFORMATION

Item 1. Legal Proceedings

None

Item 1A. Risk Factors

Factors that could cause our actual results to
differ materially from those in this Quarterly Report include the risk factors described in our final prospectus for the Initial Public
Offering filed with the SEC. As of the date of this Quarterly Report, there have been no material changes to the risk factors disclosed
in our final prospectus for the Initial Public Offering filed with the SEC.

Item 2. Unregistered Sales of Equity Securities
and Use of Proceeds.

On April 4, 2023, BTC Development Sponsor LLC
(f/k/a Cohen Circle Sponsor II, LLC) paid $25,000 to cover certain offering costs of the Company and became a holder of 1 Founder Share.
On August 11, 2025, the Company cancelled the one Founder Share and issued 8,686,667 Founder Shares to BTC Development Sponsor LLC. The
foregoing issuance was made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act.

Subsequent to the quarterly period covered by
this Quarterly Report, on October 1, 2025, the Company consummated the Initial Public Offering of 25,300,000 Units, which included the
full exercise by the underwriters of their over-allotment option in the amount of 3,300,000 Units, at $10.00 per Unit, generating gross
proceeds of $253,000,000. The securities sold in the Initial Public Offering were registered under the Securities Act on a registration
statement on Form S-1 (No. 333-289705). The SEC declared the registration statement effective on September 29, 2025. Cohen &
Company Capital Markets, a division of Cohen & Company Securities, LLC, and Keefe, Bruyette & Woods, Inc. served as the joint
book-running managers for the Initial Public Offering.

Simultaneously with the closing of the Initial
Public Offering, the Company