Detailed financial statements for BTC Development Corp. Unit (BDCIU): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
BTC Development Corp. functions as a special purpose acquisition company (SPAC). Its core mission is to complete a strategic business combination—such as a merger, amalgamation, share or asset acquisition, or reorganization—with one or more existing enterprises. The company was established on April 3, 2023, and maintains its principal office in Philadelphia, Pennsylvania.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $10.21, BDCIU trades at a P/E of 189.78 and an ROE of -14.63%. Market capitalisation stands at $266M.
Balance sheet quality for BDCIU: current ratio of 0.0. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2024 |
|---|---|
| Revenue | 0 |
| Cost of Revenue | 0 |
| Gross Profit | 0 |
| Research & Development | 0 |
| Selling, General & Admin | $33592 |
| Operating Expenses | $33592 |
| Operating Income | 0 |
| EBITDA | -$33592 |
| Interest Expense | 0 |
| Pre-tax Income | -$33592 |
| Income Tax | 0 |
| Net Income | -$33592 |
| EPS | $0.00 |
| EPS (Diluted) | $0.00 |
| Shares Outstanding (Diluted) | 0 |
Income Statement (Quarterly)
| Year | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | 0 | 0 |
| Operating Income | 0 | 0 | 0 | 0 |
| EBITDA | -$33100 | -$35626 | -$3668 | 0 |
| Net Income | -$33100 | -$35626 | -$3668 | $1.4M |
| EPS | $0.00 | $0.00 | $0.00 | $0.05 |
| EPS (Diluted) | $0.00 | $0.00 | $0.00 | $0.05 |
Balance Sheet (Quarterly)
| Year | 2026-Q2 |
|---|---|
| Cash & Equivalents | $1.1M |
| Total Assets | $260.9M |
| Total Liabilities | $10.9M |
| Total Equity | -$9.6M |
| Total Debt | 0 |
Cash Flow (Quarterly)
| Year | 2026-Q2 |
|---|---|
| Operating Cash Flow | -$323729 |
| Capital Expenditure | 0 |
| Free Cash Flow | -$323729 |
| Dividends Paid | 0 |
| Stock-based Compensation | 0 |
Growth & Margins (10y)
| Year | 2024 |
|---|---|
| Effective Tax Rate | -0.0% |
What to look at in Financial Services
Asset managers, brokers, fintech, exchanges. They are not banks — look at AUM, fees and FCF quality.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — Good asset managers have >30% margins thanks to scalability
- ROE — Quality financial services have a consistent ROE >15%
- FCF / Net Income — Earnings quality — >90% expected in capital-light businesses
- Debt / Equity — Fintech and brokers with high D/E are time bombs in crises
- P/E vs own 5y — Asset managers have stable multiples in well-known ranges
- Dividend yield + buybacks — These businesses return a lot of capital — look at total yield (div + buybacks)
Profitability
| Return on Equity | -14.63% |
| Return on Invested Capital | 0.00% |
| Return on Assets | 0.54% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 8.73 |
Key Ratios (10y)
| Year | 2024 |
|---|---|
| P/E | 0.00 |
| P/B | 0.00 |
| P/S | 0.00 |
| Gross Margin | 0.0% |
| Operating Margin | 0.0% |
| Net Margin | 0.0% |
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