[SCHEDULE 13G] BTC Development Corp. Passive Investment Disclosure (>5%)
BTC Development Corp. reports 5.75% passive stake
BTC Development Corp. (BDCI) reports that Wolverine Asset Management, LLC, Wolverine Holdings, LLC, Christopher L. Gust, and Robert R. Bellick may each be deemed beneficial owners of 1,498,805 Class A ordinary shares, or 5.75% of the class.
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BTC Development Corp. (BDCI) reports that Wolverine Asset Management, LLC, Wolverine Holdings, LLC, Christopher L. Gust, and Robert R. Bellick may each be deemed beneficial owners of 1,498,805 Class A ordinary shares, or 5.75% of the class. Each is reported to have shared voting and dispositive power over the same share block.
Wolverine Asset Management is an investment adviser; Wolverine Holdings is its sole member and manager; and Gust and Bellick are managers of Wolverine Holdings who may be deemed to control it. Wolverine Flagship Fund Trading Limited is identified as having the right to receive dividends or sale proceeds from the shares covered by the statement attributed to Wolverine Asset Management. The percentage calculation uses 26,060,000 Class A ordinary shares outstanding as of August 10, 2026.
Key Figures
Beneficially owned shares:1,498,805 Class A ordinary sharesBeneficial ownership percentage:5.75%Class A ordinary shares outstanding:26,060,000 shares
3 metrics
Beneficially owned shares1,498,805 Class A ordinary sharesThe same share block is reported for each of the four reporting persons.
Beneficial ownership percentage5.75%Each reporting person may be deemed the beneficial owner of this percentage of the class.
Class A ordinary shares outstanding26,060,000 sharesAs of August 10, 2026; used in the ownership percentage calculation.
Key Terms
beneficial owner, Shared power to vote or to direct the vote, Shared power to dispose or to direct the disposition
3 terms
beneficial ownerregulatory
"may be deemed the beneficial owner of 5.75%"
A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.
Shared power to vote or to direct the voteregulatory
"Shared power to vote or to direct the vote of 1,498,805"
Shared power to dispose or to direct the dispositionregulatory
"Shared power to dispose or to direct the disposition of 1,498,805"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How many BDCI shares do the reporting persons beneficially own?
Wolverine Asset Management, LLC, Wolverine Holdings, LLC, Christopher L. Gust, and Robert R. Bellick may each be deemed to beneficially own 1,498,805 Class A ordinary shares, or 5.75% of the class. Each is reported to have shared voting and dispositive power over the same share block.
Who receives dividends or sale proceeds from the BDCI shares reported by Wolverine Asset Management?
Wolverine Flagship Fund Trading Limited is identified as having the right to receive dividends or proceeds from the sale of the shares covered by the statement that may be deemed beneficially owned by Wolverine Asset Management.
What share count was used to calculate the BDCI ownership percentage?
The calculation used 26,060,000 Class A ordinary shares outstanding as of August 10, 2026, according to BTC Development Corp.'s Form 10-Q filed that day.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
BTC Development Corp.
(Name of Issuer)
Class A ordinary shares, $0.0001 par value
(Title of Class of Securities)
G0701G109
(CUSIP Number)
09/30/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
G0701G109
1
Names of Reporting Persons
Wolverine Asset Management, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
ILLINOIS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,498,805.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,498,805.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,498,805.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.75 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
CUSIP Number(s):
G0701G109
1
Names of Reporting Persons
Wolverine Holdings, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,498,805.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,498,805.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,498,805.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.75 %
12
Type of Reporting Person (See Instructions)
HC
SCHEDULE 13G
CUSIP Number(s):
G0701G109
1
Names of Reporting Persons
Christopher L. Gust
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
ILLINOIS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,498,805.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,498,805.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,498,805.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.75 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
CUSIP Number(s):
G0701G109
1
Names of Reporting Persons
Robert R. Bellick
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
ILLINOIS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,498,805.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,498,805.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,498,805.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.75 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
BTC Development Corp.
(b)
Address of issuer's principal executive offices:
2929 Arch Street, Suite 1703, Philadelphia, PA 19104
Item 2.
(a)
Name of person filing:
Wolverine Asset Management, LLC
Wolverine Holdings, LLC
Christopher L. Gust
Robert R. Bellick
(b)
Address or principal business office or, if none, residence:
c/o Wolverine Asset Management, LLC
175 West Jackson Boulevard, Suite 340
Chicago, IL 60604
(c)
Citizenship:
Wolverine Asset Management, LLC - Illinois
Wolverine Holdings, LLC - Delaware
Christopher L. Gust - U.S. Citizen
Robert R. Bellick - U.S. Citizen
(d)
Title of class of securities:
Class A ordinary shares, $0.0001 par value
(e)
CUSIP Number(s):
G0701G109
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
Wolverine Asset Management, LLC ("WAM") is an investment adviser and has voting and dispositive power over 1,498,805 Class A ordinary shares of the Issuer. The sole member and manager of WAM is Wolverine Holdings, LLC ("Wolverine Holdings"). Robert R. Bellick and Christopher L. Gust, may be deemed to control Wolverine Holdings in their roles as Managers of Wolverine Holdings. Each of Wolverine Holdings, Mr. Bellick, and Mr. Gust have voting and dispositive power over 1,498,805 Class A ordinary shares of the Issuer.
(b)
Percent of class:
WAM may be deemed the beneficial owner of 5.75 % of the Issuer's outstanding Ordinary Shares and each of Wolverine Holdings, Mr. Bellick, and Mr. Gust may be deemed the beneficial owner of 5.75 % of the Issuer's outstanding Ordinary Shares. Percentages were calculated by dividing the number of shares deemed beneficially owned by each reporting person by 26,060,000 (the number of Class A ordinary shares outstanding as of August 10, 2026 according to the Issuer's Form 10-Q filed August 10, 2026).
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
0
(ii) Shared power to vote or to direct the vote:
WAM has shared power to vote or direct the vote of 1,498,805 Class A ordinary shares of the Issuer, and each of Wolverine Holdings, Mr. Bellick, and Mr. Gust has shared power to vote or direct the vote of 1,498,805 Class A ordinary shares of the Issuer, in each case as set forth in Item4(a) above.
(iii) Sole power to dispose or to direct the disposition of:
0
(iv) Shared power to dispose or to direct the disposition of:
WAM has shared power to dispose or direct the disposition of 1,498,805 Class A ordinary shares of the Issuer, and each of Wolverine Holdings, Mr. Bellick, and Mr. Gust has shared power to dispose or direct the disposition of 1,498,805 Class A ordinary shares of the Issuer, in each case as set forth in Item4(a) above.
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
Wolverine Flagship Fund Trading Limited is known to have the right to receive the receipt of dividends from, or the proceeds from the sale of, the shares of the Issuer's Ordinary Shares covered by this statement that may be deemed to be beneficially owned by WAM.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
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.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
