TFTC: A Bitcoin Podcast #676: Building the First Bitcoin-Focused SPAC on NASDAQ with Andrew Hohns & Jonathan Kirkwood
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Oct 27, 2025 Marty hosts Andrew Hohns, founder of BTC Development Co., and Jonathan Kirkwood, partner at 1031, to discuss their innovative NASDAQ-listed SPAC. They explore the strategic benefits of adding Bitcoin as digital capital for companies looking to enhance their balance sheets. Learn about the implications of holding Bitcoin for employee motivation, brand recognition, and operational security. The duo outlines ideal characteristics for target companies and how Bitcoin adoption fosters network effects across industries. An insightful conversation on the future of Bitcoin in business!
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Ringing The NASDAQ Bell Twice
- Andrew and Jonathan attended NASDAQ bell ceremonies earlier this year including Fold's listing and the new BTC Development Co. launch.
- Being present at those ceremonies signaled growing mainstream acceptance of Bitcoin-linked public companies.
SPAC To Recapitalize Companies With Bitcoin
- BTC Development Co. will merge with private companies and use much of the proceeds to add Bitcoin to their balance sheets.
- That recapitalization aims to create digital capital that strengthens growth and public listing prospects.
Small Allocations Yield Big Ranking Effects
- 153 public companies hold Bitcoin; the 100th holds only 126 BTC, so modest allocations place firms in the top holders list.
- A $200M Bitcoin allocation could add ~2,000 BTC to a company's treasury, materially increasing enterprise value.