BTC Development, a blank check company led by SPAC veteran Betsy Cohen targeting the Bitcoin ecosystem, filed on Tuesday with the SEC to raise up to $220 million in an initial public offering.
The Philadelphia, PA-based company plans to raise $220 million by offering 22 million units at $10. Each unit contains one share of common stock and one-fourth of a warrant, exercisable at $11.50.
The SPAC is led by Chairman Betsy Cohen, the General Partner of venture fund Cohen Circle FinTech Ventures and impact investment fund Radiate Capital Fund, and CEO Bracebridge Young, the Vice Chairman of hedge fund Bracebridge Capital. It plans to target companies in the Bitcoin ecosystem or those that it believes have the potential to integrate Bitcoin into their capital structures, balance sheets, and/or operations.
Betsy Cohen has previously led several SPACs. The most recent to complete a combination, Cohen Circle Acquisition I merged with Ukranian telecommunications company Kyivstar (KYIV; +35% from $10 offer price) earlier this month.
BTC Development was founded in 2023 and plans to list on the Nasdaq under the symbol BDCIU. Cohen & Company Securities and Keefe Bruyette Woods are the joint bookrunners on the deal.
