Company: BDCIU
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001213900-25-109324
Chunk: 49

Company: BTC Development Corp.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 8
Chunk 49
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i) U.S. government securities, within
the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less or in money
market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act, which invest only in direct U.S. government
treasury obligations, (ii) as uninvested cash, or (iii) an interest bearing bank demand deposit account or other accounts at
a bank, until the earlier of (i) the completion of a Business Combination and (ii) the distribution of the funds held in the
Trust Account as described below.

The Company will provide
the holders of the outstanding Public Shares (the “Public Shareholders”) with the opportunity to redeem all or a portion of
their Public Shares upon the completion of a Business Combination either (i) in connection with a general meeting called to approve
the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval
of a Business Combination or conduct a tender offer will be made by the Company. The Public Shareholders will be entitled to redeem their
Public Shares for a pro rata portion of the amount then in the Trust Account (initially $10.00 per Public Share, plus any pro rata interest
then in the Trust Account, net of permitted withdrawals). There will be no redemption rights upon the completion of a Business Combination
with respect to the Company’s warrants. The Public Shares subject to redemption were recorded at a redemption value and classified
as temporary equity upon the completion of the Initial Public Offering in accordance with Accounting Standards Codification (“ASC”)
Topic 480, “Distinguishing Liabilities from Equity.”

5

BTC DEVELOPMENT CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

SEPTEMBER 30, 2025

(UNAUDITED) 

NOTE 1. DESCRIPTION OF
ORGANIZATION AND BUSINESS OPERATIONS (cont.)

If the Company seeks shareholder
approval, it will proceed with a Business Combination only if it obtains the approval of an ordinary resolution under Cayman Islands law,
being the affirmative vote of the holders of a majority of the issued ordinary shares who, being present and entitled to vote at a general
meeting of the Company, vote at a general meeting of the Company. If a shareholder vote is not required by applicable law or stock exchange
listing requirements and