SEC Filing●Major⚠ 5
BDCI: 10-Q · periodic report
BTC Development Corp., a pre-deal blank check company, reported net income of $1,868,465 for the three months ended June 30, 2026 and $3,570,013 for the six months, driven by $4,519,381 of interest earned on its trust account and partially offset by $949,368 of formation, general and administrative costs. Basic and diluted EPS was $0.05 for the quarter and $0.10 for the six-month period.
The trust account stood at $259,531,936 at quarter-end, while cash held outside the trust fell to $1,124,620 from $1,985,699 at year-end 2025. The company has no operations or revenues and is still searching for a business combination target roughly ten months after its $253,000,000 IPO, which closed October 1, 2025.
Management disclosed substantial doubt about the company's ability to continue as a going concern, stating it will need additional capital from its sponsor, shareholders, officers, directors or third parties to fund working capital, with no further permitted trust withdrawals available until October 1, 2026.
The company must complete a business combination within 24 months of the IPO closing, or approximately October 2027, or it will cease operations, redeem public shares from the trust, and liquidate. There has been no announced target, and the deferred $10,780,000 underwriting fee remains payable only upon a completed deal.
SEC 10-Q•2mo ago
