GSR IV Acquisition Corp. (a SPAC) was incorporated on May 10, 2023, and has not yet commenced operations as of December 31, 2025, focusing solely on identifying a business combination target. The company completed its Initial Public Offering (IPO) on September 5, 2025, raising gross proceeds of $230,000,000 from the sale of 23,000,000 units at $10.00 per unit. A simultaneous private placement of 655,500 units generated an additional $6,555,000, with $6,550,000 deposited into the Trust Account. As of December 31, 2025, the Trust Account held $232,887,973, including interest and dividend income of $2,887,973 earned during the year. The company reported a net income of $2,320,989 for the year ended December 31, 2025, driven by non-operating income from the Trust Account, offset by operating losses of $567,012. Disclosure controls and procedures were deemed not effective as of December 31, 2025, due to inadequate segregation of duties and insufficient written policies for accounting, IT, and financial reporting. The company faces a mandatory liquidation if it does not complete a business combination within 18 to 21 months from the IPO closing (September 5, 2025), which raises substantial doubt about its ability to continue as a going concern.