BTC Development Corp. filed its Form 10-Q for the quarter ended September 30, 2026, with the SEC on November 10, 2026, reporting net income of $2,004,449 for the three-month period driven by interest earned on marketable securities held in its Trust Account.

Key Highlights

  • Trust Account balance: Marketable securities held in the Trust Account totaled $261,903,379 as of September 30, 2026, up from $255,012,555 at December 31, 2025.
  • Q3 net income: The company reported net income of $2,004,449 for the three months ended September 30, 2026, compared to a net loss of $58,813 in the same period of 2025.
  • Nine-month net income: Net income for the nine months ended September 30, 2026 was $5,574,462, versus a net loss of $98,107 for the same period in 2025.
  • Redemption value: Class A ordinary shares subject to possible redemption were valued at $10.35 per share as of September 30, 2026, compared to $10.08 per share at December 31, 2025.
  • Shares outstanding: As of November 10, 2026, there were 26,060,000 Class A ordinary shares and 8,686,667 Class B ordinary shares issued and outstanding.
  • Shareholders' deficit: Total shareholders' deficit was $(9,921,563) as of September 30, 2026, compared to $(8,605,201) at December 31, 2025.
  • Operating cash use: Net cash used in operating activities for the nine months ended September 30, 2026 was $(1,151,312).

BTC Development Corp. Reports Q3 2026 Financial Results as SPAC Holds $261.9M in Trust

BTC Development Corp. (NASDAQ:BDCI), a blank check company incorporated in the Cayman Islands, disclosed its unaudited financial results for the three and nine months ended September 30, 2026 in its quarterly filing. The company, which is classified as a shell company under SEC rules, reported that interest earned on marketable securities held in its Trust Account was the primary source of income, totaling $2,371,443 for the third quarter and $6,890,824 for the nine-month period, according to the filing.

Formation, general and administrative costs for the three months ended September 30, 2026 were $366,994, compared to $58,813 in the prior-year period. For the nine months ended September 30, 2026, those costs totaled $1,316,362, up from $98,107 in the same period of 2025. The company reported a loss from operations of $(366,994) for Q3 2026, with net income turning positive due to trust interest income, the filing disclosed.

The balance sheet as of September 30, 2026 showed total assets of $262,940,933, of which $261,903,379 was held in the Trust Account. Total liabilities were $10,959,117, which included a deferred underwriting fee payable of $10,780,000. Cash on hand decreased to $834,387 from $1,985,699 at December 31, 2025. The 25,300,000 Class A ordinary shares subject to possible redemption were carried at a redemption value of $10.35 per share. The company's accumulated deficit stood at $(9,922,508) as of September 30, 2026, according to the filing.

What Was Disclosed

BTC Development Corp. filed its Q3 2026 Form 10-Q covering the period ended September 30, 2026, disclosing trust account growth to $261,903,379, net income of $2,004,449 for the quarter, a redemption value of $10.35 per share, and a total shareholders' deficit of $(9,921,563).