BTC Development Corp

BDCIFinancial·Shell Companies·USA·Small·NASD·Nov 11 • 3:57 PM ET

10.180.00 (0.00%)

2026-11-12 03:20 CET

Market cap

353.72 USD m

Revenue, TTM

0.00 USD m

Net income, TTM

7.54 USD m

Free cash flow, TTM

-1.90 USD m

EPS diluted, TTM

0.22

P/E

46.89

Compare

Price

BDCI against its 20, 50 and 200-day averages

2050200

0.8% under the 52-week high of 10.26 on 17 Oct 2025. 52-week low 9.96 on 23 Mar 2026. Last 15 sessions, 0.5% high to low

Volume 2.12× normal · the line is the 50-bar volume average

Profile

BDCI

52-week range, 92% of the way up

9.9610.20

BTC Development Corp. operates as a blank check company. It was formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The company was founded on April 3, 2023 and is headquartered in Philadelphia, PA.

Employees	2
IPO	Oct 16, 2025
Beta	0.05
ATR, 14d	0.01
Rel volume	2.12
Short float	0.01%
Insider own	25.00%
Inst own	66.69%

Snapshot

6 groups

Valuation

Index	-
Market Cap	353.72M
Enterprise Value	352.89M
Income	7.54M
Sales	0.00M
Book/sh	-0.29
Cash/sh	0.02
Dividend Est.	-
Dividend TTM	-
Dividend Ex-Date	-
Dividend Gr. 3/5Y	- -
Payout	0.00%
Employees	2
IPO	Oct 16, 2025

Ratios

P/E	46.89
Forward P/E	-
PEG	-
P/S	-
P/B	-
P/C	426.17
P/FCF	-
EV/EBITDA	-
EV/Sales	-
Quick Ratio	5.79
Current Ratio	5.79
Debt/Eq	-
LT Debt/Eq	-
Option/Short	No / Yes

Earnings

EPS (ttm)	0.22
EPS next Y	-
EPS next Q	-
EPS this Y	-
EPS next Y	-
EPS next 5Y	-
EPS past 3/5Y	- -
Sales past 3/5Y	- -
EPS Y/Y TTM	-
Sales Y/Y TTM	-
EPS Q/Q	-
Sales Q/Q	-
Earnings	-
EPS/Sales Surpr.	- -

Ownership

Insider Own	25.00%
Insider Trans	0.00%
Inst Own	66.69%
Inst Trans	-
ROA	5.62%
ROE	-
ROIC	-
Gross Margin	-
Oper. Margin	-
Profit Margin	-
SMA20	0.09%
SMA50	0.25%
SMA200	1.12%
Trades	-

Technical

Shs Outstand	26.06M
Shs Float	26.06M
Short Float	0.01%
Short Ratio	0.03
Short Interest	0.00M
52W High	10.20 -0.20%
52W Low	9.96 2.21%
Volatility	0.07% 0.12%
ATR (14)	0.01
RSI (14)	56.72
Beta	0.05
Rel Volume	2.12
Avg Volume	68.22K
Volume	144,690

Performance

Perf Week	-0.20%
Perf Month	0.20%
Perf Quarter	0.89%
Perf Half Y	1.50%
Perf YTD	1.70%
Perf Year	-0.20%
Perf 3Y	-
Perf 5Y	-
Perf 10Y	-
Recom	-
Target Price	-
Prev Close	10.18
Price	10.18
Change %	0.00%

Held by

AUM

Ticker	Company	AUM
SPAQ	Horizon Kinetics SPAC Active ETF	AUM: 9.03M
RNMN	RiverNorth Market Neutral ETF	AUM: 6.88M

Ticker

Company

AUM

SPAQ

Horizon Kinetics SPAC Active ETF

AUM: 9.03M

RNMN

RiverNorth Market Neutral ETF

AUM: 6.88M

Key figures

Revenue, TTM	0.00
Net income, TTM	7.54
EPS diluted, TTM	0.22
EBIT, TTM	-1.76
Free cash flow, TTM	-1.90
Gross margin	-%
Operating margin	-%
Net margin	-%
Market cap	353.72
P/E	46.89
Sales Y/Y, TTM	-

USD millions. TTM from the statement feed.

Quarterly earnings

actual against estimate

Period	Reported	EPS act	EPS est	EPS rep	Sales act	Sales est	Analysts
No quarterly earnings.

Period

Reported

EPS act

EPS est

EPS rep

Sales act

Sales est

Analysts

No quarterly earnings.

Annual earnings

Period	EPS act	EPS est	EPS rep	Sales act	Sales est
No annual earnings.

Period

EPS act

EPS est

EPS rep

Sales act

Sales est

No annual earnings.

Estimate revisions

last 14 periods

Period	Type	Date	Estimates	Up	Down	Mean	Low	High
No estimate revisions.

Period

Type

Date

Estimates

Down

Mean

Low

High

No estimate revisions.

Estimate history

Period	2023	2024	2025	TTM
EPS, annual	-0.001	-0.001	0.054	0.2171
EPS, quarterly	0	-0.001	-0.001	-	0.057	0.049	0.054	0.058
Period	Q3 '24	Q4 '24	Q1 '25	Q3 '25	Q4 '25	Q1 '26	Q2 '26	Q3 '26
Sales, annual	0	0	0	0
Period	2023	2024	2025	TTM
Sales, quarterly	0	0	0	0	0	0	0	0
Period	Q3 '24	Q4 '24	Q1 '25	Q3 '25	Q4 '25	Q1 '26	Q2 '26	Q3 '26
Shares, annual	30.347	30.347	34.747	34.747
Period	2023	2024	2025	MRQ
Shares, quarterly	30.347	30.347	34.747	8.687	34.747	34.747	34.747	34.747
Period	Q3 '24	Q4 '24	Q1 '25	Q3 '25	Q4 '25	Q1 '26	Q2 '26	Q3 '26

Income statement, annual

Currency USD, millions
Metric	TTM	2025FY	2024FY	2023FY
Total Revenue	0.00	0.00	0.00	0.00
Cost of Goods Sold Incl. D&A	0.00	0.00	0.00	0.00
Gross Profit	0.00	0.00	0.00	0.00
Selling, General and Administrative Excl. Other	1.76	0.54	0.03	0.02
Other Operating Expense	0.00	0.00	0.00	0.00
Operating Income	-1.76	-0.54	-0.03	-0.02
Interest Expense	0.00	0.00	0.00	0.00
Unusual Expense	0.00	0.00	0.00	0.00
Net Income Before Taxes	7.54	1.87	-0.03	-0.02
Income Taxes	0.00	0.00	0.00	0.00
Consolidated Net Income	7.54	1.87	-0.03	-0.02
Net Income From Continuing Operations	7.54	1.87	-0.03	-0.02
Net Income	7.54	1.87	-0.03	-0.02
EPS (Recurring)	0.22	0.05	-0.00	-0.00
EPS (Basic, Before Extraordinaries)	0.22	0.05	-0.00	-0.00
EPS (Diluted)	0.22	0.05	-0.00	-0.00
EBITDA	-1.76	-0.54	-0.03	-0.02
Non-Operating Income (Expense)	9.30	2.41	0.00	0.00
Other After Tax Adjustments	0.00	0.00	0.00	0.00
Price To Earnings Ratio	46.89	46.89	-	-
Shares Outstanding	34.75	34.75	30.35	30.35
Market Capitalization	353.72	353.72	348.16	-

Income statement, quarterly

Currency USD, millions
Metric	2026Q3	2026Q2	2026Q1	2025Q4	2025Q3	2025Q1	2024Q4	2024Q3
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cost of Goods Sold Incl. D&A	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Selling, General and Administrative Excl. Other	0.37	0.41	0.54	0.44	0.06	0.04	0.03	0.00
Other Operating Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Income	-0.37	-0.41	-0.54	-0.44	-0.06	-0.04	-0.03	-0.00
Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Unusual Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Income Before Taxes	2.00	1.87	1.70	1.97	-0.06	-0.04	-0.03	-0.00
Income Taxes	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Consolidated Net Income	2.00	1.87	1.70	1.97	-0.06	-0.04	-0.03	-0.00
Net Income From Continuing Operations	2.00	1.87	1.70	1.97	-0.06	-0.04	-0.03	-0.00
Net Income	2.00	1.87	1.70	1.97	-0.06	-0.04	-0.03	-0.00
EPS (Recurring)	0.06	0.05	0.05	0.06	-	-0.00	-0.00	-0.00
EPS (Basic, Before Extraordinaries)	0.06	0.05	0.05	0.06	-	-0.00	-0.00	0.00
EPS (Diluted)	0.06	0.05	0.05	0.06	-	-0.00	-0.00	0.00
EBITDA	-0.37	-0.41	-0.54	-0.44	-0.06	-0.04	-0.03	-0.00
Non-Operating Income (Expense)	2.37	2.28	2.24	2.41	0.00	0.00	0.00	0.00
Other After Tax Adjustments	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price To Earnings Ratio	46.89	-	-	-	-	-	-	-
Shares Outstanding	34.75	34.75	34.75	34.75	8.69	34.75	30.35	30.35
Market Capitalization	353.72	349.90	347.12	347.81	348.16	-	-	-

Balance sheet, annual

Currency USD, millions
Metric	2025FY	2024FY	2023FY
Cash & Short Term Investments	1.99	0.00	0.00
Short Term Receivables	0.00	0.00	0.00
Inventories	0.00	0.00	0.00
Other Current Assets	0.22	0.00	0.01
Total Current Assets	2.21	0.00	0.01
Net Property, Plant & Equipment	0.00	0.00	0.00
Total Investments and Advances	255.01	0.00	0.00
Intangible Assets	0.00	0.00	0.00
Other Assets	0.07	0.33	0.00
Total Assets	257.28	0.33	0.01
Short Term Debt Incl. Current Port. of LT Debt	0.00	0.00	0.00
Accounts Payable	0.00	0.00	0.00
Other Current Liabilities	0.10	0.38	0.03
Total Current Liabilities	0.10	0.38	0.03
Long Term Debt	0.00	0.00	0.00
Provision for Risks Charges	0.00	0.00	0.00
Other Liabilities	10.78	0.00	0.00
Total Liabilities	10.88	0.38	0.03
Non-Equity Reserves	255.01	0.00	0.00
Preferred Stock - Carrying Value	0.00	0.00	0.00
Common Equity	-8.61	-0.05	-0.02
Total Shareholders Equity	-8.61	-0.05	-0.02
Accumulated Minority Interest	0.00	0.00	0.00
Total Equity	-8.61	-0.05	-0.02
Total Liabilities & Stockholders Equity	257.28	0.33	0.01
Book Value Per Share	-0.25	-0.00	-0.00
Tangible Book Value Per Share	-0.25	-0.00	-0.00
Full-Time Employees	2	-	-
Price to Book Ratio	-35.65	-697.77	-
Return on Assets	1.45	-19.94	-
Quick Ratio	22.75	0.00	0.28
Current Ratio	22.75	0.00	0.28

Cash flow, annual

Currency USD, millions
Metric	TTM	2025FY	2024FY	2023FY
Net Income	7.54	1.87	-0.03	-0.02
Other Funds (Non Cash)	-9.30	-2.33	0.01	-
Funds from Operations	-1.76	-0.45	-0.03	0.00
Extraordinary Item	0.00	0.00	0.00	0.00
Changes in Working Capital	-0.14	-0.29	0.03	0.00
Cash from Operating Activities	-1.90	-0.75	0.00	0.00
Capital Expenditures	0.00	0.00	0.00	0.00
Net Assets From Acquisitions	0.00	0.00	0.00	0.00
Sale of Fixed Assets and Businesses	0.00	0.00	0.00	0.00
Purchase or Sale of Investments	-250.60	-252.60	0.00	0.00
Purchase of Investments	-251.00	-253.00	0.00	0.00
Sale Or Maturity of Investments	0.40	0.40	0.00	0.00
Other Uses	0.00	0.00	0.00	0.00
Other Sources	0.00	0.00	0.00	0.00
Cash from Investing Activities	-250.60	-252.60	0.00	0.00
Cash Dividends Paid	0.00	0.00	0.00	0.00
Change in Capital Stock	256.27	256.20	0.00	0.00
Repurchase of Common Pref Stock	0.00	0.00	0.00	0.00
Sale of Common Pref Stock	256.27	256.20	0.00	0.00
Proceedsfrom Stock Options	256.27	256.20	0.00	0.00
Issuance or Reduction of Debt, Net	0.00	0.00	0.00	0.00
Change in Long Term Debt	0.00	0.00	0.00	0.00
Issuance of Long Term Debt	5.20	5.20	0.00	0.00
Reduction of Long Term Debt	-5.20	-5.20	0.00	0.00
Net Financing Active Other Cash Flow	-5.83	-0.87	0.00	0.00
Other Financing Activities Uses	-0.63	-0.87	0.00	0.00
Cash from Financing Activities	250.45	255.33	0.00	0.00
Net Change in Cash	-2.05	1.99	0.00	0.00
Free Cash Flow	-1.90	-0.75	0.00	0.00
Preferred Dividends (Cash Flow)	-	0.00	0.00	0.00
Deferred Taxes & Investment Tax Credit	-	0.00	0.00	0.00

Balance sheet, quarterly

Currency USD, millions
Metric	2026Q3	2026Q2	2026Q1	2025Q4	2025Q3	2025Q1
Cash & Short Term Investments	0.83	1.12	1.45	1.99	2.89	-
Short Term Receivables	0.00	0.00	0.00	0.00	0.00	-
Inventories	0.00	0.00	0.00	0.00	0.00	-
Other Current Assets	0.20	0.23	0.27	0.22	0.00	-
Total Current Assets	1.04	1.36	1.72	2.21	2.89	-
Net Property, Plant & Equipment	0.00	0.00	0.00	0.00	0.00	-
Total Investments and Advances	261.90	259.53	257.25	255.01	2.00	-
Intangible Assets	0.00	0.00	0.00	0.00	0.00	-
Other Assets	0.00	0.02	0.04	0.07	0.77	-
Total Assets	262.94	260.91	259.01	257.28	5.66	-
Short Term Debt Incl. Current Port. of LT Debt	0.00	0.00	0.00	0.00	0.00	-
Accounts Payable	0.00	0.00	0.00	0.00	0.00	-
Other Current Liabilities	0.18	0.16	0.13	0.10	5.78	-
Total Current Liabilities	0.18	0.16	0.13	0.10	5.78	-
Long Term Debt	0.00	0.00	0.00	0.00	0.00	-
Provision for Risks Charges	0.00	0.00	0.00	0.00	0.00	-
Other Liabilities	10.78	10.78	10.78	10.78	0.00	-
Total Liabilities	10.96	10.94	10.91	10.88	5.78	-
Non-Equity Reserves	261.90	259.53	257.25	255.01	0.00	-
Preferred Stock - Carrying Value	0.00	0.00	0.00	0.00	0.00	-
Common Equity	-9.92	-9.55	-9.15	-8.61	-0.12	-
Total Shareholders Equity	-9.92	-9.55	-9.15	-8.61	-0.12	-
Accumulated Minority Interest	0.00	0.00	0.00	0.00	0.00	-
Total Equity	-9.92	-9.55	-9.15	-8.61	-0.12	-
Total Liabilities & Stockholders Equity	262.94	260.91	259.01	257.28	5.66	-
Book Value Per Share	-0.29	-0.27	-0.26	-0.25	-0.01	-
Tangible Book Value Per Share	-0.29	-0.27	-0.26	-0.25	-0.01	-
Full-Time Employees	-	-	-	2	-	-
Price to Book Ratio	-35.65	-38.26	-40.34	-697.08	-697.77	-
Return on Assets	5.62	-	-	-	-	-
Quick Ratio	5.79	8.73	13.70	22.75	0.50	-
Current Ratio	5.79	8.73	13.70	22.75	0.50	-

Cash flow, quarterly

Currency USD, millions
Metric	2026Q3	2026Q2	2026Q1	2025Q4	2025Q3	2025Q1
Net Income	2.00	1.87	1.70	1.97	-	-0.04
Other Funds (Non Cash)	-2.37	-2.28	-2.24	-2.41	-	0.03
Funds from Operations	-0.37	-0.41	-0.54	-0.44	-	-0.01
Extraordinary Item	0.00	0.00	0.00	0.00	-	0.00
Changes in Working Capital	0.08	0.08	0.00	-0.30	-	0.01
Cash from Operating Activities	-0.29	-0.32	-0.54	-0.75	-	0.00
Capital Expenditures	0.00	0.00	0.00	0.00	-	0.00
Net Assets From Acquisitions	0.00	0.00	0.00	0.00	-	0.00
Sale of Fixed Assets and Businesses	0.00	0.00	0.00	0.00	-	0.00
Purchase or Sale of Investments	0.00	0.00	0.00	-250.60	-	0.00
Purchase of Investments	0.00	0.00	0.00	-251.00	-	0.00
Sale Or Maturity of Investments	0.00	0.00	0.00	0.40	-	0.00
Other Uses	0.00	0.00	0.00	0.00	-	0.00
Other Sources	0.00	0.00	0.00	0.00	-	0.00
Cash from Investing Activities	0.00	0.00	0.00	-250.60	-	0.00
Cash Dividends Paid	0.00	0.00	0.00	0.00	-	0.00
Preferred Dividends (Cash Flow)	0.00	0.00	0.00	0.00	-	0.00
Change in Capital Stock	0.00	0.00	0.00	256.27	-	0.00
Repurchase of Common Pref Stock	0.00	0.00	0.00	0.00	-	0.00
Sale of Common Pref Stock	0.00	0.00	0.00	256.27	-	0.00
Proceedsfrom Stock Options	0.00	0.00	0.00	256.27	-	0.00
Issuance or Reduction of Debt, Net	0.00	0.00	0.00	0.00	-	0.00
Change in Long Term Debt	0.00	0.00	0.00	0.00	-	0.00
Issuance of Long Term Debt	0.00	0.00	0.00	5.20	-	0.00
Reduction of Long Term Debt	0.00	0.00	0.00	-5.20	-	0.00
Net Financing Active Other Cash Flow	0.00	0.00	0.00	-5.83	-	0.00
Other Financing Activities Uses	0.00	0.00	0.00	-0.63	-	0.00
Cash from Financing Activities	0.00	0.00	0.00	250.45	-	0.00
Net Change in Cash	-0.29	-0.32	-0.54	-0.90	-	0.00
Free Cash Flow	-0.29	-0.32	-0.54	-0.75	-	0.00

Revenue breakdown

Revenue split	-

Short interest

shares short against float, oldest to newest

Settlement	Of float	Shares short	Float	Avg volume
2026-10-30	0.01%	0.0M	26.1M	72.62K
2026-10-15	0.01%	0.0M	26.1M	47.09K
2026-09-30	0.01%	0.0M	26.1M	38.85K
2026-09-15	0.01%	0.0M	26.1M	62.36K
2026-08-31	0.01%	0.0M	26.1M	62.39K
2026-08-14	0.01%	0.0M	26.1M	69.88K
2026-07-31	0.01%	0.0M	26.1M	66.56K
2026-07-15	0.01%	0.0M	26.1M	58.61K
2026-06-30	0.01%	0.0M	26.1M	50.04K
2026-06-15	0.01%	0.0M	25.3M	34.42K
2026-05-29	0.02%	0.0M	26.1M	34.31K
2026-05-15	0.01%	0.0M	26.1M	29.75K
2026-04-30	0.01%	0.0M	26.1M	29.36K
2026-04-15	0.01%	0.0M	26.1M	44.98K
2026-03-31	0.01%	0.0M	26.1M	87.50K
2026-03-13	0.01%	0.0M	26.1M	85.90K
2026-02-27	0.01%	0.0M	26.1M	84.43K
2026-02-13	0.00%	0.0M	26.1M	83.15K
2026-01-30	0.02%	0.0M	26.1M	119.83K
2026-01-15	0.01%	0.0M	26.1M	146.02K

Option chain

expiry 2026-11-11

Type	Strike	Bid	Ask	Last	IV	Open int	Volume	Delta	Theta	Vega
No option chain for this symbol.

Type

Strike

Bid

Ask

Last

Open int

Volume

Delta

Theta

Vega

No option chain for this symbol.

Latest SEC filings

Filed	Form	Description	Period	Link
2026-11-10	10-Q	Quarterly report pursuant to Section 13 or 15(d)	2026-09-30	SEC
2026-10-07	SCHEDULE 13G			SEC
2026-08-14	SCHEDULE 13G/A			SEC
2026-08-10	10-Q	Quarterly report pursuant to Section 13 or 15(d)	2026-06-30	SEC
2026-05-15	SCHEDULE 13G			SEC
2026-05-15	SCHEDULE 13G/A			SEC
2026-05-15	SCHEDULE 13G/A			SEC
2026-05-12	SCHEDULE 13G			SEC
2026-05-12	10-Q	Quarterly report pursuant to Section 13 or 15(d)	2026-03-31	SEC
2026-03-24	10-K	Annual report pursuant to Section 13 or 15(d)	2025-12-31	SEC
2026-02-24	8-K	Current report	2026-02-24	SEC
2026-02-13	SCHEDULE 13G			SEC
2026-02-13	SCHEDULE 13G			SEC
2026-02-12	SCHEDULE 13G/A			SEC
2025-11-13	SCHEDULE 13G			SEC
2025-11-12	10-Q	Quarterly report pursuant to Section 13 or 15(d)	2025-09-30	SEC
2025-10-07	8-K	Current report	2025-10-01	SEC
2025-10-06	SCHEDULE 13D			SEC
2025-10-06	SCHEDULE 13D			SEC
2025-10-03	8-K	Current report	2025-09-29	SEC
2025-09-30	424B4			SEC
2025-09-30	424B4			SEC
2025-09-30	3	Initial statement of beneficial ownership of securities	2025-09-29	SEC
2025-09-30	3	Initial statement of beneficial ownership of securities	2025-09-29	SEC
2025-09-30	3	Initial statement of beneficial ownership of securities	2025-09-29	SEC
2025-09-30	3	Initial statement of beneficial ownership of securities	2025-09-29	SEC
2025-09-30	3	Initial statement of beneficial ownership of securities	2025-09-29	SEC
2025-09-30	3	Initial statement of beneficial ownership of securities	2025-09-29	SEC
2025-09-30	3	Initial statement of beneficial ownership of securities	2025-09-29	SEC
2025-09-30	3	Initial statement of beneficial ownership of securities	2025-09-29	SEC

Insider activity by month

Month	Bought	Buys	Sold	Sells
2026-11	0	0	0	0
2026-10	0	0	0	0
2026-09	0	0	0	0
2026-08	0	0	0	0
2026-07	0	0	0	0
2026-06	0	0	0	0
2026-05	0	0	0	0
2026-04	0	0	0	0
2026-03	0	0	0	0
2026-02	0	0	0	0
2026-01	0	0	0	0
2025-12	0	0	0	0
2025-11	0	0	0	0

Institutional holders

Manager	% owned
METEORA CAPITAL, LLC	5.64%
WOLVERINE ASSET MANAGEMENT LLC	4.31%
GLAZER CAPITAL, LLC	3.35%
TORONTO DOMINION BANK	3.27%
LINDEN ADVISORS LP	3.24%
TENOR CAPITAL MANAGEMENT Co., L.P.	3.24%
LMR Partners LLP	2.95%
ADAGE CAPITAL PARTNERS GP, L.L.C.	2.88%
AQR Arbitrage LLC	2.53%
Verition Fund Management LLC	2.42%

Funds

Fund	% owned
First Trust Merger Arbitrage Fund	1.83%
First Trust Multi-Strategy Fund	0.28%
RiverNorth Opportunities Fund Inc.	0.14%
First Trust Alternative Opportunities Fund	0.14%
Horizon Kinetics SPAC Active ETF	0.07%
Fidelity Nasdaq Composite Index Fund	0.03%
Global Multi-Strategy Fund	0.02%
Rivernorth Enhanced Pre-Merger SPAC ETF	0.01%

OakChart. BDCI. Cached 15 minutes.

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