Company: BDCIU
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001213900-25-109324
Chunk: 167

Company: BTC Development Corp.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part II, Item 2
Chunk 167
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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 consummated the sale of 760,000 Placement Units at a price of $10.00 per Placement Unit in a private
placement to the sponsors, and the representatives of the underwriters, generating gross proceeds of $7,600,000. Of those 760,000 Placement
Units, BTC Development Sponsor LLC purchased 512,500 Placement Units, CCM purchased 173,250 Placement Units and KBW purchased
74,250 Placement Units. The foregoing issuance was made pursuant to the exemption from registration contained in Section 4(a)(2) of the
Securities Act.

The Placement Units are identical to the Units
sold in the Initial Public Offering, except that the Placement Units are not transferable, assignable or salable until after the completion
of a Business Combination, subject to certain limited exceptions.

Of the gross proceeds received from the Initial
Public Offering and the sale of the Placement Units, an