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PHILADELPHIA - BTC Development Corp. (NASDAQ:BDCIU) announced Friday it has completed its initial public offering, raising $253 million by selling 25.3 million units priced at $10 each, including the full exercise of underwriters’ over-allotment option. The stock currently trades at $10.23, showing stable performance with an InvestingPro Financial Health score of 2.69, labeled as "GOOD."
The company’s units, which began trading on the Nasdaq Global Market on September 30, consist of one Class A ordinary share and one-fourth of a redeemable warrant. Each whole warrant allows holders to purchase one Class A ordinary share at $11.50 per share. With average daily trading volume of 2.86M USD, InvestingPro analysis reveals the stock generally trades with low price volatility, one of several key insights available to subscribers.
Once the securities begin separate trading, the Class A ordinary shares and warrants are expected to list on Nasdaq under the symbols "BDCI" and "BDCIW," respectively.
BTC Development Corp. is a blank check company, also known as a special purpose acquisition company (SPAC), formed to complete a business combination with one or more businesses. According to the press release, the company intends to focus on identifying acquisition targets in the bitcoin ecosystem or companies that could potentially integrate bitcoin into their operations or balance sheets.
The management team is led by President and CEO Bracebridge H. Young, Jr., Board Chairman Betsy Z. Cohen, and Board Vice-Chairman Jonathan Kirkwood.
Cohen & Company Capital Markets and Keefe, Bruyette & Woods served as joint book-running managers for the offering.
The entire proceeds from the IPO have been placed in a trust account for the benefit of the company’s public shareholders, the company stated in its release.
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