BDCI
BTC Development Corp. Class A Ordinary SharesFinancial Services·Asset Management
$10.05
$349M market cap
Revenue
$0.0M
Free Cash Flow
$-0.8M
Rev Growth
+0.0%
FCF Margin
0.0%
P/FCF
--
EV/FCF
--
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
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.
2-Year Price History
$10.03-1.2%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2025-Q4 | 0.0 | -0.4 | -0.4 | 2.0 | -0.8 | -0.8 | -0.0 | 2.0 | 0.0 | 34.8 | -- | -- | -- |
Valuation & Metrics
Market Stats
Price$10.05
Market Cap$349M
Enterprise Value$347M
P/S Ratio0.0x
P/FCF--
EV/FCF--
FCF Margin (TTM)0.0%
FCF Yield-0.2%
Dividend Yield (TTM)--
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$0.0M
Net Income$2.0M
Free Cash Flow$-0.8M
Revenue Growth (YoY)+0.0%
EBITDA Margin0.0%
Net Margin0.0%
FCF Margin0.0%
CapEx % of Revenue0.0%
SBC % of Revenue0.0%
ROIC--
WC Change % Rev0.0%
Interest Coverage--
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares0.0M
Days to Cover1.0
Change (vs Prior)+28.4%
Need at least 2 settlement dates for chart
Cash Runway
31.9months
WATCH
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
57.4%(-6.2% YoY)
49 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
0.0%(+0.0% YoY)
0 filers
Vanguard, iShares, SPDR
Market makers
0.3%(-0.0% YoY)
2 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| TORONTO DOMINION BANK | $13.9M | $10.01 | +$624K | +$13.9M | -0.3% | $51.72B |
| GLAZER CAPITAL, LLC | $11.6M | $10.01 | −$111K | +$11.6M | +8.8% | $4.51B |
| LINDEN ADVISORS LP | $11.2M | $10.01 | +$0 | +$11.2M | -7.0% | $1.89B |
| TENOR CAPITAL MANAGEMENT Co., L.P. | $11.2M | $10.01 | +$0 | +$11.2M | +5.6% | $1.50B |
| LMR Partners LLP | $10.2M | $10.01 | +$0 | +$10.2M | -2.0% | $8.84B |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $10.0M | $10.01 | +$0 | +$10.0M | -0.1% | $64.61B |
| AQR Arbitrage LLC | $8.6M | $10.01 | −$264K | +$8.6M | -0.0% | $5.11B |
| Verition Fund Management LLC | $8.4M | $10.01 | +$210K | +$8.4M | -0.4% | $9.73B |
| Magnetar Financial LLC | $7.5M | $10.01 | +$0 | +$7.5M | -0.8% | $9.54B |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | $7.5M | $10.01 | +$0 | +$7.5M | -0.2% | $60.08B |
| Vivaldi Asset Management, LLC | $7.4M | $10.01 | −$111K | +$7.4M | +3.3% | $1.90B |
| Radcliffe Capital Management, L.P. | $6.5M | $10.01 | +$699K | +$6.5M | +3.9% | $1.33B |
| Alberta Investment Management Corp | $5.2M | $10.01 | +$0 | +$5.2M | -0.4% | $14.74B |
| Shaolin Capital Management LLC | $4.5M | $10.01 | +$526K | +$4.5M | +7.5% | $1.20B |
| PERISCOPE CAPITAL INC. | $4.5M | $10.01 | −$438K | +$4.5M | +1.7% | $559M |
| Saba Capital Management, L.P. | $4.0M | $10.01 | −$1.2M | +$4.0M | -4.4% | $3.09B |
| ARISTEIA CAPITAL LLC | $4.0M | $10.01 | +$0 | +$4.0M | +5.0% | $2.68B |
| MOORE CAPITAL MANAGEMENT, LP | $4.0M | $10.01 | +$0 | +$4.0M | +2.3% | $2.52B |
| Hudson Bay Capital Management LP | $4.0M | $10.01 | +$0 | +$4.0M | +1.9% | $15.12B |
| TWO SIGMA INVESTMENTS, LP | $4.0M | $10.01 | +$0 | +$4.0M | -0.9% | $117.03B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)NEUTRAL
Holders
+0.77%
avg per quarter
Holders (ex-self)
+0.77%
excl. this stock
Buyers (this Q)
-0.49%
17 buyers · $0.02B in
Sellers (this Q)
-0.06%
12 sellers · $0.01B out
alpha coverage: 100% of $ has a lifetime-alpha record
Holder behavior (holder profile)source: holder
On big dips (−10%+)
-5.1%
how holders react when this stock falls
On quiet Qs
-4.1%
−10% to +10% baseline
On rallies (+10%+)
-11.2%
how they react when this stock rises
Holders' portfolio flow this Q
+5.6%
inflows — adds are organic
Sellers' portfolio flow this Q
-12.1%
Sellers shed AUM broadly — partly forced.
Biggest decreases this quarter
METEORA CAPITAL, LLCexited−$18.3MHarraden Circle Investments, LLCexited−$6.7MFIFTH LANE CAPITAL, LPexited−$2.3MSaba Capital Management, L.P.−$1.2Mα-4.4DRIEHAUS CAPITAL MANAGEMENT LLCexited−$1.0MCANTOR FITZGERALD, L. P.exited−$981KStoneX Group Inc.exited−$526KPERISCOPE CAPITAL INC.−$438Kα+1.7AQR Arbitrage LLC−$264Kα-0.0Crossingbridge Advisors, LLCexited−$250K
Top-5 holders · 29.0%
TORONTO DOMINION BANK--
GLAZER CAPITAL, LLC--
LINDEN ADVISORS LP--
TENOR CAPITAL MANAGEMENT Co., L.P.--
LMR Partners LLP--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
METEORA CAPITAL, LLC—TORONTO DOMINION BANK1.4MGLAZER CAPITAL, LLC1.2MLINDEN ADVISORS LP1.1MTENOR CAPITAL MANAGEMENT Co., L.P.1.1MLMR Partners LLP1.0MADAGE CAPITAL PARTNERS GP, L.L.C.1.0MAQR Arbitrage LLC862KVerition Fund Management LLC840KMagnetar Financial LLC750KHEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND750K
Corporate
Order Flow (FINRA, ~3w lag)
0.5%retail-32.7pp
5.7%dark-2.5pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
BTC DEVELOPMENT CORP.: A Classic SPAC Wealth Transfer Vehicle with Affiliated Underwriting Conflicts
Overall Risk
6/10
Fraud
2/10
Dilution
9/10
Insolvency
3/10
Earnings Overstated
1/10
Hidden Liabilities
5/10
Legal
3/10
Audit Warnings
2/10
Hidden Upside
2/10
Contextually Acceptable
7/10