BTC Development, a blank check company led by SPAC veteran Betsy Cohen targeting the Bitcoin ecosystem, raised $220 million by offering 22 million units at $10.00. Each unit consists of one share of common stock and one-quarter of one 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; +23% from $10 offer price) in August 2025.
BTC Development plans to list on the Nasdaq under the symbol BDCIU. Cohen & Company Securities and Keefe Bruyette Woods acted as joint bookrunners on the deal.
