SCHEDULE: Glazer Capital Reports 4.51% Stake in BTC Development

Glazer Capital, LLC and Paul J. Glazer have reported a 4.51% beneficial ownership stake in BTC Development Corp. as of December 31, 2025.

Summary

• Glazer Capital, LLC and Paul J. Glazer collectively reported beneficial ownership of 1,174,323 units of BTC Development Corp.
• This ownership represents 4.51% of the class of securities, which consists of units, each comprising one Class A ordinary share and one-fourth of one redeemable warrant.
• The reporting persons, Glazer Capital and Paul J. Glazer, share both voting and dispositive power over all 1,174,323 beneficially owned units.
• The filing is an Amendment No. 1 to a Schedule 13G, indicating an update to a previous beneficial ownership report.
• The securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this filing as neutral. It is a standard disclosure of beneficial ownership by a passive investor, reporting a stake below the 5% threshold, which does not inherently suggest positive or negative implications for the company's operations or valuation.

Future Outlook

NA

Management Comments

• "By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11."

Industry Context

StockSavvy.ai notes that Schedule 13G filings are routine disclosures for passive investors holding significant stakes, providing transparency on ownership structures but typically not indicating broader industry trends or competitive shifts.

Stakeholder Impact

• Shareholders: Provides transparency regarding a significant, albeit non-controlling, ownership stake by an investment manager, which can inform other investors about institutional interest.

Key Dates

Keywords

BTC Development Corp., Glazer Capital, Paul J. Glazer, Beneficial Ownership, Schedule 13G, Class A ordinary share, Redeemable warrant, Investment manager, Passive investor