BDCIU

BTC Development Corp. Units consist of one share of common stock and a fraction of one redeemable warrant bundled together in a single security. These units were issued in the SPAC's initial public offering and represent a packaged offering that provides investors with both base equity ownership and additional upside exposure through warrant coverage. The unit structure is common in SPAC offerings, giving investors immediate exposure to the trust account value through the stock component plus potential leveraged returns through the warrant component. Each unit typically includes one share of BTC Development Corp. common stock plus a fractional warrant (the exact fraction specified in offering documents). The common stock provides voting rights on the proposed business combination and the ability to redeem for cash from the trust account if shareholders disagree with the transaction. The warrant component gives holders the right to purchase additional common stock at a predetermined exercise price (typically $11.50) after the SPAC completes its business combination, providing additional upside if the combined company's stock appreciates. After a specified period following the IPO (often 52 days), units separate into their constituent components, with the common stock and warrants beginning to trade independently under separate ticker symbols. This allows investors to maintain exposure to both components or trade them separately based on their investment strategy and outlook. The unit structure provides a convenient way for investors to gain exposure to the SPAC opportunity with both the downside protection of the trust account (via the stock) and the upside leverage of the warrants. Units' value reflects the combined value of the underlying common stock and fractional warrant.