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

Company: BTC Development Corp.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 11
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 for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation
S-X of the SEC. Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP
have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do
not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash
flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of
a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for
the periods presented.

The accompanying unaudited
condensed financial statements should be read in conjunction with the Company’s prospectus for its Initial Public Offering as filed
with the SEC on September 29, 2025, as well as the Company’s Current Report on Form 8-K, as filed with the SEC on October 7, 2025.
The interim results for the three and nine months ended September 30, 2025, are not necessarily indicative of the results to be expected
for the year ending December 31, 2025 or for any future periods.

Liquidity

The Company’s liquidity needs up to September
30, 2025 had been satisfied through the advances from related party. At September 30, 2025 (unaudited), the Company had cash of $2,886,023
and a working capital deficit of $2,896,036.

In order to finance transaction costs in connection
with a Business Combination, the sponsors or any affiliate of the sponsors may, but is not obligated to, loan the Company additional funds
to fund the additional working capital requirements and transaction costs (“Working Capital Loans”). If the Company completes
a Business Combination, the Company may repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company.
Otherwise, the Working Capital Loans may be repaid only out of funds held outside the Trust Account. In the event that a Business Combination
does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds
held in the Trust Account would be used to repay the Working Capital Loans. The Working Capital Loans would either be repaid upon consummation
of a Business Combination, without interest, or, at the lender’s discretion, up to $2,