BTC DEV CORP

Ticker: BDCIU CUSIP: G0701G125 Class: UNIT 09/11/2030

Holders for Q4 2025 Position Changes for Q4 2025

Note: Option positions (PUT/CALL) are excluded.

New Positions (3)

STIFEL FINANCIAL CORP

Value ($000) $753 Shares 74,250

CITADEL ADVISORS LLC

Value ($000) $102 Shares 10,073

Value ($000) $0 Shares 25

Institution	Shares	Value ($000)
STIFEL FINANCIAL CORP	74,250	$753
CITADEL ADVISORS LLC	10,073	$102
UBS Group AG	25	$0

Increased Positions (1)

TORONTO DOMINION BANK

Value ($000) $3,164 (+25.3%) Shares 312,010 (+24.8%)

Institution	Prev Shares	Curr Shares	Change
TORONTO DOMINION BANK	250,000	312,010	+62,010 (+24.8%)

Decreased Positions (7)

METEORA CAPITAL, LLC

Value ($000) $1,292 (-94.2%) Shares 127,420 (-94.2%)

Sandia Investment Management LP

Value ($000) $152 (-24.8%) Shares 15,000 (-25.0%)

SCOGGIN MANAGEMENT LP

Value ($000) $203 (-59.8%) Shares 20,000 (-60.0%)

Clear Street Group Inc.

Value ($000) $900 (-74.5%) Shares 88,760 (-74.6%)

Value ($000) $152 (-24.7%) Shares 15,000 (-25.0%)

MILLENNIUM MANAGEMENT LLC

Value ($000) $991 (-72.6%) Shares 97,752 (-72.7%)

Karpus Management, Inc.

Value ($000) $1,487 (-1.8%) Shares 146,650 (-2.2%)

Institution	Prev Shares	Curr Shares	Change
METEORA CAPITAL, LLC	2,200,000	127,420	-2,072,580 (-94.2%)
Sandia Investment Management LP	20,000	15,000	-5,000 (-25.0%)
SCOGGIN MANAGEMENT LP	50,000	20,000	-30,000 (-60.0%)
Clear Street Group Inc.	350,000	88,760	-261,240 (-74.6%)
Quarry LP	20,000	15,000	-5,000 (-25.0%)
MILLENNIUM MANAGEMENT LLC	358,500	97,752	-260,748 (-72.7%)
Karpus Management, Inc.	150,000	146,650	-3,350 (-2.2%)

Exited Positions (48)

Decagon Asset Management LLP

Value ($000) $5,050 Shares 500,000

FIFTH LANE CAPITAL, LP

Value ($000) $2,525 Shares 250,000

Harraden Circle Investments, LLC

Value ($000) $7,323 Shares 725,000

Wealthspring Capital LLC

Value ($000) $3,506 Shares 347,120

Periscope Capital Inc.

Value ($000) $5,136 Shares 508,500

First Trust Capital Management L.P.

Value ($000) $7,575 Shares 750,000

Value ($000) $7,150 Shares 707,880

GLAZER CAPITAL, LLC

Value ($000) $15 Shares 1,525,554

AQR Arbitrage LLC

Value ($000) $11,250 Shares 1,125,000

K2 PRINCIPAL FUND, L.P.

Value ($000) $3,030 Shares 300,000

Shaolin Capital Management LLC

Value ($000) $4,540 Shares 449,480

TENOR CAPITAL MANAGEMENT Co., L.P.

Value ($000) $11,363 Shares 1,125,000

Crossingbridge Advisors, LLC

Value ($000) $505 Shares 50,000

HIGHBRIDGE CAPITAL MANAGEMENT LLC

Value ($000) $4,040 Shares 400,000

Saba Capital Management, L.P.

Value ($000) $5,303 Shares 525,000

Governors Lane LP

Value ($000) $2,020 Shares 200,000

Mint Tower Capital Management B.V.

Value ($000) $2 Shares 200,000

Context Capital Management, LLC

Value ($000) $3,535 Shares 350,000

ARISTEIA CAPITAL, L.L.C.

Value ($000) $4,040 Shares 400,000

LINDEN ADVISORS LP

Value ($000) $11,363 Shares 1,125,000

Institution	Prev Shares	Prev Value ($000)
Decagon Asset Management LLP	500,000	$5,050
FIFTH LANE CAPITAL, LP	250,000	$2,525
Harraden Circle Investments, LLC	725,000	$7,323
Wealthspring Capital LLC	347,120	$3,506
Periscope Capital Inc.	508,500	$5,136
First Trust Capital Management L.P.	750,000	$7,575
CSS LLC/IL	707,880	$7,150
GLAZER CAPITAL, LLC	1,525,554	$15
AQR Arbitrage LLC	1,125,000	$11,250
K2 PRINCIPAL FUND, L.P.	300,000	$3,030
Shaolin Capital Management LLC	449,480	$4,540
TENOR CAPITAL MANAGEMENT Co., L.P.	1,125,000	$11,363
Crossingbridge Advisors, LLC	50,000	$505
HIGHBRIDGE CAPITAL MANAGEMENT LLC	400,000	$4,040
Saba Capital Management, L.P.	525,000	$5,303
Governors Lane LP	200,000	$2,020
Mint Tower Capital Management B.V.	200,000	$2
Context Capital Management, LLC	350,000	$3,535
ARISTEIA CAPITAL, L.L.C.	400,000	$4,040
LINDEN ADVISORS LP	1,125,000	$11,363