BTC Development Corp.

BDCIdata completeness 50%2 fiscal years on file

i. The business — what you’d actually own

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?

Moat signal · return on equity

— avg · 2y

Not enough data in the filings for a return-on-capital reading.

Management signal · capital allocation

— shares · 2y

Not enough history to read capital allocation.

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.5.0

not applicable

only 0 years of FCF (need ≥3) — model not applicable

not applicable

only 0 years of FCF (need ≥3) — model not applicable

not applicable

only 2 years of net income (need ≥3)

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts