S-K 1602, SPAC Registered Offerings

Nov. 12, 2025

USD ($)

SPAC Offering Prospectus Summary [Line Items]

SPAC Offering Forepart, Security Holders Have the Opportunity to Redeem Securities [Flag]

true

SPAC Offering Forepart, Security Holder Redemptions Subject to Limitations [Flag]

true

SPAC Offering Forepart, De-SPAC Consummation Timeframe Description [Text Block]

If we have not completed our initial business combination within 24 months from the closing of this offering (as may be extended by shareholder approval to amend our amended and restated memorandum and articles of association in order to extend the date by which we must consummate our initial business combination)

SPAC Offering Forepart, De-SPAC Consummation Timeframe

24 months

SPAC Offering Forepart, Sponsor Compensation Material Dilution [Flag]

true

SPAC Registered Offering Prospectus Summary, Identify and Evaluate Potential Business Combination Candidates, Manner [Text Block]

Business Combination Criteria

Within the crypto and digital asset ecosystem, we will focus our search on operating companies including those providing services such as analytics, custodian services, exchanges and market makers, asset tokenization and decentralized finance (DeFi). We expect to seek to identify companies globally that have compelling growth potential and a combination of the following characteristics. We will use these criteria and guidelines in evaluating acquisition opportunities, but we may decide to enter into our initial business combination with a target business that does not meet these criteria and guidelines. We expect that no individual criteria will entirely determine a decision to pursue a particular economy. We intend to seek to acquire companies that we believe:

• can utilize the extensive network, relationships and experience of our founder and management team to propel growth;

• possess disruptive technology and/or business models with strong and sustainable growth potential;

• have defensible market positions with sustainable competitive advantages;

• have dislocated valuations with fundamentally sound business models and sector, and a need for capital;

• own durable or established IP (e.g., contents, brands) with scalable monetization potential;

• are managed by experienced management team with the ability to oversee a larger organization;

• established an entrepreneurial culture of disruption, and adaptability to changing sector dynamics;

• have ability to scale and enhance growth with further merger and acquisition (“M&A”) roll-up; and

• can benefit from being a publicly traded company with access to broader capital markets.

These criteria are not intended to be exhaustive. Any evaluation of the merits of a particular initial business combination may be based, to the extent relevant, on these general guidelines as well as other considerations, factors and criteria that our management team may deem relevant. In the event that we decide to enter into our initial business combination with a target business that does not meet the above criteria and guidelines, we will disclose that the target business does not meet the above criteria in our shareholder communications related to our initial business combination, which, as discussed in this prospectus, would be in the form of tender offer documents or proxy solicitation materials that we would file with the SEC.

De-SPAC Consummation Timeframe Extension, Security Holders Voting or Redemption Rights [Flag]

true

SPAC, Trust or Escrow Account, Material Terms [Text Block]

Nasdaq rules provide that at least 90% of the gross proceeds from this offering and any sale of equity securities of the Company in a concurrent private placement be deposited in a trust account. Of the $100,000,000 in proceeds we will receive from this offering, or $115,000,000 if the underwriters’ over-allotment option is exercised in full, $90,000,000 ($9.00 per unit), or $103,500,000 ($9.00 per unit) if the underwriters’ over-allotment option is exercised in full will be deposited into a U.S.-based cash trust account with Efficiency acting as trustee. We intend to use interest earned on funds held in the cash trust account to purchase additional bitcoin or bitcoin-linked products and to pay our tax obligations, if any. The funds in the cash trust account will be invested or held only in either (i) U.S. government treasury bills with a maturity of 185 days or less or in money market funds investing solely in U.S. Treasuries, (ii) uninvested cash, or (iii) an interest-bearing bank demand deposit account or other accounts at a bank. To mitigate the risk that we might be deemed to be an investment company for purposes of the Investment Company Act, which risk increases the longer we hold investments in the cash trust account, we may, at any time (and will no later than 24 months from the closing of this offering) instruct the trustee to liquidate the investments held in the cash trust account and instead to hold the funds in the cash trust account in cash or in

an interest bearing demand deposit account. For more information about the risk of the company being considered to be operating as an unregistered investment company, see “Risk Factors — Risks Relating to our Search for, Consummation of, or Inability to Consummate, a Business Combination and Post-Business Combination Risks — If we are deemed to be an investment company under the Investment Company Act, we may be required to institute burdensome compliance requirements and our activities may be restricted, which may make it difficult for us to complete our initial business combination.” The proceeds to be placed in the trust accounts include $3,500,000 (or up to $4,025,000 if the underwriters’ over-allotment option is exercised in full) in deferred underwriting commissions.

Except with respect to interest earned on the funds held in the cash trust account that may be released to us to purchase additional bitcoin and bitcoin-linked products and to pay our taxes, the proceeds from this offering and the private placement will not be released from the trust accounts until the earliest of (i) the completion of our initial business combination, (ii) the redemption of any public shares properly tendered in connection with a shareholder vote in favor of amending our amended and restated memorandum and articles of association (A) to modify the substance or timing of our obligation to allow redemption in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination within the completion window or (B) with respect to any other material provisions relating to the rights of holders of Class A ordinary shares or pre-business combination activity and (iii) the redemption of all of our public shares if we are unable to complete our initial business combination within the completion window, subject to applicable law. The proceeds deposited in the trust account could become subject to the claims of our creditors, if any, which could have priority over the claims of our public shareholders.

SPAC, Trust or Escrow Account, Gross Offering Proceeds Placed, Amount

$ 100,000,000

SPAC, Actual or Potential Material Conflict of Interest, Prospectus Summary [Text Block]

Conflicts of Interest

Under Cayman Islands law, directors and officers owe the following fiduciary duties:

• duty to act in good faith in what the director or officer believes to be in the best interests of the company as a whole;

• duty to exercise powers for the purposes for which those powers were conferred and not for a collateral purpose;

• duty to not improperly fetter the exercise of future discretion;

• duty to exercise powers fairly as between different sections of shareholders;

• duty not to put themselves in a position in which there is a conflict between their duty to the company and their personal interests; and

• duty to exercise independent judgment.

In addition to the above, directors also owe a duty of care which is not fiduciary in nature. This duty has been defined as a requirement to act as a reasonably diligent person having both the general knowledge, skill and experience that may reasonably be expected of a person carrying out the same functions as are carried out by that director in relation to the company and the general knowledge, skill and experience which that director has.

As set out above, directors have a duty not to put themselves in a position of conflict and this includes a duty not to engage in self-dealing, or to otherwise benefit as a result of their position. However, in some instances what would otherwise be a breach of this duty can be forgiven and/or authorized in advance by the shareholders provided that there is full disclosure by the directors. This can be done by way of permission granted in the amended and restated memorandum and articles of association or alternatively by shareholder approval at general meetings.

In addition, members of our management team and our board of directors will directly or indirectly own founder shares and/or placement units following this offering, as set forth in “Principal Shareholders,” and, accordingly, may have a conflict of interest in determining whether a particular target business is an appropriate business with which to effectuate our initial business combination.

Each of our directors and officers presently has, and in the future any of our directors and our officers may have additional, fiduciary or contractual obligations to other entities pursuant to which such officer or director is or will be required to present acquisition opportunities to such entity. Accordingly, subject to his or her fiduciary duties under Cayman Islands law, if any of our officers or directors becomes aware of an acquisition opportunity which is suitable for an entity to which he or she has then current fiduciary or contractual obligations, he or she may need to honor his or her fiduciary or contractual obligations to present such acquisition opportunity to such entity. Our amended and restated memorandum and articles of association provide that, to the fullest extent permitted by applicable law: (i) no individual serving as a director or an officer shall have any duty, except and to the extent expressly assumed by contract, to refrain from engaging directly or indirectly in the same or similar business activities or lines of business as us; and (ii) we renounce any interest or expectancy in, or in being offered an opportunity to participate in, any potential transaction or matter which (a) may be a corporate opportunity for any director or officer, on the one hand, and us, on the other unless such opportunity is expressly offered to such director or officer in their capacity as a

director or officer of the company and the opportunity is one the company is legally and contractually permitted to undertake and would otherwise be reasonable for the company to pursue or (b) the presentation of which would breach an existing legal obligation of a director or officer to any other entity. Our directors and officers are also not required to commit any specified amount of time to our affairs, and, accordingly, will have conflicts of interest in allocating management time among various business activities, including identifying potential business combinations and monitoring the related due diligence. See “Risk Factors — Risks Relating to our Sponsor and Management Team — Our officers and directors have pre-existing fiduciary and contractual obligations and accordingly, may have conflicts of interest in determining to which entity a particular business opportunity should be presented.” Accordingly, if any of the above directors or officers become aware of a business combination opportunity which is suitable for any of the above entities to which he or she has then-current fiduciary or contractual obligations, he or she may need to honor his or her fiduciary or contractual obligations to present such business combination opportunity to such entity. We do not believe, however, that any fiduciary duties or contractual obligations of our directors or officers would materially undermine our ability to complete our business combination.

Potential investors should also be aware of the following other potential conflicts of interest:

• None of our officers or directors is required to commit his or her full time to our affairs and, accordingly, may have conflicts of interest in allocating his or her time among various business activities.

• In the course of their other business activities, our officers and directors may become aware of investment and business opportunities which may be appropriate for presentation to us as well as the other entities with which they are affiliated. Our management may have conflicts of interest in determining to which entity a particular business opportunity should be presented. For a complete description of our management’s other affiliations, see “— Directors and Officers.”

• Each of the holders of the founder shares and placement units has agreed that his, her or its founder shares and placement shares, as applicable, will be subject to transfer restrictions and that he, she or it will not sell or transfer such shares until the applicable forfeiture provisions no longer apply. Holders of founder shares and placement shares have agreed to waive their redemption rights with respect to their founder shares and placement shares, as applicable, (i) in connection with the consummation of a business combination, (ii) in connection with a shareholder vote to amend our amended and restated memorandum and articles of association (A) to modify the substance or timing of our obligation to allow redemption in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination within the completion window, or (B) with respect to any other material provisions relating to the rights of holders of Class A ordinary shares or pre-initial business combination activity and (iii) if we fail to consummate a business combination within the completion window or if we liquidate prior to the expiration of the completion window. Our sponsor, officers and directors have also agreed to waive their redemption rights with respect to any public shares held by them in connection with the consummation of a business combination and in connection with a shareholder vote to amend our amended and restated memorandum and articles of association (A) to modify the substance or timing of our obligation to allow redemption in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination within the completion window, or (B) with respect to any other material provisions relating to the rights of holders of Class A ordinary shares or pre-initial business combination activity. However, our sponsor, officers and directors will be entitled to redemption rights with respect to any public shares held by them if we fail to consummate a business combination or liquidate within the completion window. To the extent our holders of founder shares or placement shares transfer any of these securities to certain permitted transferees, such permitted transferees will agree, as a condition to such transfer, to waive these same redemption rights. If we do not complete our initial business combination within the completion window, the portion of the proceeds of the sale of the placement units placed into the trust account will be used to fund the redemption of our public shares. There will be no redemption rights or liquidating distributions with respect to our founder shares, placement shares or placement warrants, which will expire worthless if we do not consummate an initial business combination within the completion window, except to the extent they receive liquidating distributions from assets outside the trust accounts, which could create an incentive for our sponsor, executive officers and directors to complete a transaction even if we select an acquisition target that subsequently declines in value and is unprofitable for public shareholders. Except as described under “Principal Shareholders — Transfers of Founder Shares and Placement Units”, the founder shares, placement units and their underlying securities will not be transferable, assignable or salable.

• Our officers and directors may have a conflict of interest with respect to evaluating a particular business combination if the retention or resignation of any such officers and directors was included by a target business as a condition to any agreement with respect to our initial business combination.

• Prior to or in connection with the completion of our initial business combination, there may be payment by the company to any of our sponsor, officers or directors, or any of their respective affiliates, of consulting fees, finder’s fees, advisory fees or success fees for any services they render in order to effectuate the completion of our initial business combination, which, if made prior to the completion of our initial business combination, will be paid from funds held outside the cash trust account. See “Risk Factors — Risks Relating to our Management and Sponsor Team — We may engage one or more affiliates of our sponsor, officers or directors or their respective affiliates to provide additional services to us after this offering, which may include acting as financial advisor in connection with an initial business combination. These financial incentives may cause them to have potential conflicts of interest in rendering any such additional services to us after this offering, including, for example, in connection with the sourcing and consummation of an initial business combination.”

• Our sponsor and members of our management team will directly or indirectly own our securities following this offering, and accordingly, they may have a conflict of interest in determining whether a particular target business is an appropriate business with which to effectuate our initial business combination. Upon the closing of this offering, assuming no exercise of the underwriters’ over-allotment option, our sponsor will have invested in us an aggregate of $3,525,000, comprised of the $25,000 purchase price for the founder shares (or approximately $0.009 per share) and the $3,500,000 purchase price for the placement units (or $10.00 per placement unit). The placement warrants comprising part of the placement units may be exercised on a cashless basis. Accordingly, our management team, which owns interests in our sponsor, may be more willing to pursue a business combination with a riskier or less-established target business than would be the case if our sponsor had paid the same per share price for the founder shares as our public shareholders paid for their public shares and if our sponsor were required to pay cash to exercise the placement warrants.

• In the event our sponsor or members of our management team provide loans to us to finance transaction costs and/or incur expenses on our behalf in connection with an initial business combination, such persons may have a conflict of interest in determining whether a particular target business is an appropriate business with which to effectuate our initial business combination as such loans may not be repaid and/or such expenses may not be reimbursed unless we consummate such business combination.

• We are not prohibited from pursuing an initial business combination with a company that is affiliated with our sponsor, officers or directors or any of their respective affiliates, or completing the business combination through a joint venture or other form of shared ownership with our sponsor, officers or directors, or any of their respective affiliates; accordingly, such affiliated person(s) may have a conflict of interest in determining whether a particular target business is an appropriate business with which to effectuate our initial business combination as such affiliated person(s) would have interests different from our public shareholders and would likely not receive any financial benefit unless we consummated such business combination.

• Our sponsor, officers and directors may participate in the formation of, or become an officer or director of, any other blank check company prior to completion of our initial business combination. As a result, our sponsor, officers or directors could have conflicts of interest in determining whether to present business combination opportunities to us or to any other blank check company with which they may become involved. Although we have no formal policy in place for vetting potential conflicts of interest, our board of directors will review any potential conflicts of interest on a case-by-case basis.

• Our officers and directors will be compensated upon the closing of our initial business combination. As a result, our officers and directors may be more willing to pursue a business combination with a riskier or less-established target business than would be the case if they were not to receive compensation upon the consummation of an initial business combination.

The conflicts described above may not be resolved in our favor.

Accordingly, as a result of multiple business affiliations, our officers and directors may have similar legal obligations relating to presenting business opportunities meeting the above-listed criteria to multiple entities. Below is a table summarizing the entities to which our officers and directors currently have fiduciary duties or contractual obligations:

Individual(1)	Entity	Affiliation
Michael Auerbach	Subversive Capital LLC	Founder and Managing Member
	Canaccord Genuity Group Inc.	Director
	Lamplighter Group LTD	Executive Chairman
Michael Ashe	Galaxy Digital Partners LLC	Chief Executive Officer
	Galaxy Digital Inc.	Head of Strategy & Corporate Development
Richard Blackett	Jaguar Growth Partners	Senior Advisor
Akshai Rajendran	None	None

____________

(1) Each of the entities listed in this table may have priority and preference relative to our company with respect to the performance by each individual listed in this table of his obligations and the presentation by each such individual of business opportunities.

Accordingly, if any of the above officers or directors become aware of a business combination opportunity which is suitable for any of the above entities to which he or she has then-current fiduciary or contractual obligations, he or she may need to honor his or her fiduciary or contractual obligations to present such business combination opportunity to such entity. We do not believe, however, that any of the foregoing fiduciary duties or contractual obligations will materially affect our ability to complete our initial business combination, because, although many of the foregoing entities are involved in the financial services industry broadly defined, the specific industry focuses of a majority of these entities differ from our focus on financial technology businesses and the type or size of the transaction that such companies would most likely consider are of a size and nature substantially different than what we are targeting.

Our sponsor or any of its affiliates may make additional investments in the company in connection with the initial business combination, although our sponsor and its affiliates have no obligation or current intention to do so. If our sponsor or any of its affiliates elects to make additional investments, such proposed investments could influence our sponsor’s motivation to complete an initial business combination. In addition, following the completion of this offering and until we consummate our initial business combination, affiliates of our sponsor, and our officers and directors may also participate in the formation of, or become an officer or director of, another special purpose acquisition company.

In the event that we submit our initial business combination to our public shareholders for a vote, our sponsor, officers and directors have agreed, pursuant to the terms of a letter agreement entered into with us, to vote any founder shares and/or placement shares held by them (and their permitted transferees will agree), and any public shares purchased during or after this offering, in favor of our initial business combination, aside from shares they may purchase in compliance with the requirements of Rule 14e-5 under the Exchange Act, which would not be voted in favor of approving the business combination transaction.

SPAC Offering Forepart, Actual or Material Conflict of Interest [Flag]

true

SPAC Offering Forepart, Adjusted Net Tangible Book Value Per Share [Table Text Block]

The following table illustrates the difference between the public offering price per unit and our net tangible book value per share (“NTBV”), at varying levels and with the full exercise and no exercise of the over-allotment option, as adjusted to give effect to this offering and assuming redemption of our public shares at $9.00 per unit, based on funds held in the cash trust account only and that no value is attributed to the bitcoin trust account. See section entitled “Dilution” on page 116 for more information.

As of July 28, 2025
OFFERING PRICE OF $10.00		25% OF MAXIMUM REDEMPTION (ASSUMES 2,500,000 OR 2,875,000 SHARES REDEEMED)				50% OF MAXIMUM REDEMPTION (ASSUMES 5,000,000 OR 5,750,000 PUBLIC SHARES REDEEMED)				75% OF MAXIMUM REDEMPTION (ASSUMES 7,500,000 OR 8,625,000 PUBLIC SHARES REDEEMED)				MAXIMUM REDEMPTION (ASSUMES 10,000,000 OR 11,500,000 PUBLIC SHARES REDEEMED)
NTBV		NTBV		DIFFERENCE BETWEEN NTBV AND OFFERING PRICE		NTBV		Difference between NTBV and Offering Price		NTBV		Difference between NTBV and Offering Price		NTBV		Difference between NTBV and Offering Price
	Assuming Full Exercise of Over-Allotment Option(1)
$	6.74	$	6.20	$	3.80	$	5.33	$	4.67	$	3.68	$	6.32	$	(0.67)	$	10.67
	Assuming No Exercise of Over-Allotment Option(1)
$	6.73	$	6.19	$	3.81	$	5.33	$	4.67	$	3.69	$	6.31	$	(0.59)	$	10.59

The following table illustrates the difference between the public offering price per unit and our NTBV per share at varying levels and with the full exercise and no exercise of the over-allotment option, as adjusted to give effect to this offering and assuming redemption of our public shares at $10.00 per unit, based on $9.00 per unit based on the funds held in the cash trust account and $1.00 per unit based on the funds held in the bitcoin trust account and further assuming that no gain or loss on the funds held in the bitcoin trust account of $1.00 per unit:

As of July 28, 2025
OFFERING PRICE OF $10.00		25% OF MAXIMUM REDEMPTION (ASSUMES 2,500,000 OR 2,875,000 SHARES REDEEMED)				50% OF MAXIMUM REDEMPTION (ASSUMES 5,000,000 OR 5,750,000 PUBLIC SHARES REDEEMED)				75% OF MAXIMUM REDEMPTION (ASSUMES 7,500,000 OR 8,625,000 PUBLIC SHARES REDEEMED)				MAXIMUM REDEMPTION (ASSUMES 10,000,000 OR 11,500,000 PUBLIC SHARES REDEEMED)
NTBV		NTBV		DIFFERENCE BETWEEN NTBV AND OFFERING PRICE		NTBV		Difference between NTBV and Offering Price		NTBV		Difference between NTBV and Offering Price		NTBV		Difference between NTBV and Offering Price
	Assuming Full Exercise of Over-Allotment Option(1)
$	7.50	$	6.91	$	3.09	$	5.95	$	4.05	$	4.13	$	5.87	$	(0.67)	$	10.67
	Assuming No Exercise of Over-Allotment Option(1)
$	7.49	$	6.90	$	3.10	$	5.95	$	4.05	$	4.14	$	5.86	$	(0.59)	$	10.59

SPAC, Compensation and Securities Issuance, Material Dilution, Likelihood [Text Block]

The difference between the public offering price per Class A ordinary share, assuming no value is attributed to the warrants included in the units we are offering pursuant to this prospectus or the placement warrants, and the pro forma net tangible book value per Class A ordinary share after this offering constitutes the dilution to investors in this offering. Such calculation does not reflect any dilution associated with the sale and exercise of warrants, including the placement warrants, which would cause the actual dilution to the public shareholders to be higher, particularly where a cashless exercise is utilized. Net tangible book value per share is determined by dividing our net tangible book value, which is our total tangible assets less total liabilities (including the value of Class A ordinary shares which may be redeemed for cash), by the number of issued and outstanding Class A ordinary shares.

SPAC, Adjusted Net Tangible Book Value Per Share with Sources of Dilution [Table Text Block]

The following table illustrates the dilution to the public shareholders on a per-share basis, assuming (i) redemption of our public shares at $9.00 per unit, based on funds held in the cash trust account only and that no value is attributed to the bitcoin trust account and (ii) no value is attributed to the placement warrants nor the warrants included in the units:

As of July 28, 2025
	No Redemption						25% of Max Redemption						50% of Max Redemption						75% of Max Redemption						100% of Max Redemption
	No Over- Allotment			Full Over- Allotment			No Over- Allotment			Full Over- Allotment			No Over- Allotment			Full Over- Allotment			No Over- Allotment			Full Over- Allotment			No Over- Allotment			Full Over- Allotment
Public offering price		10.00			10.00			10.00			10.00			10.00			10.00			10.00			10.00			10.00			10.00
Net tangible book value deficit before this offering		(0.06	)		(0.06	)		(0.06	)		(0.06	)		(0.06	)		(0.06	)		(0.06	)		(0.06	)		(0.06	)		(0.06	)
Increase attributable to public shareholders		6.79			6.80			6.26			6.26			5.39			5.39			3.75			3.74			(0.53	)		(0.61	)
Pro forma net tangible book value after this offering		6.73			6.74			6.19			6.20			5.33			5.33			3.69			3.68			(0.59	)		(0.67	)
Dilution to public shareholders		3.27			3.26			3.81			3.80			4.67			4.67			6.31			6.32			10.59			10.67
% Dilution to public shareholders		32.7	%		32.6	%		38.1	%		38.0	%		46.7	%		46.7	%		63.1	%		63.2	%		105.9	%		106.7	%

Numerator:
Net tangible book value deficit before this offering		(175,919	)		(175,919	)		(175,919	)		(175,919	)		(175,919	)		(175,919	)		(175,919	)		(175,919	)		(175,919	)		(175,919	)
Net proceeds from this offering and the sale of private placement units		101,847,019			116,697,019			101,847,019			116,697,019			101,847,019			116,697,019			101,847,019			116,697,019			101,847,019			116,697,019
Plus: Offering costs accrued for or paid in advance, excluded from tangible book value		152,257			152,257			152,257			152,257			152,257			152,257			152,257			152,257			152,257			152,257
Less: Exclusion of proceeds in bitcoin trust account		(10,000,000	)		(11,500,000	)		(10,000,000	)		(11,500,000	)		(10,000,000	)		(11,500,000	)		(10,000,000	)		(11,500,000	)		(10,000,000	)		(11,500,000	)
Less: Overallotment liability		(161,322	)		—			(161,322	)					(161,322	)		—			(161,322	)		—			(161,322	)		—
Less: Deferred underwriting commission		(3,500,000	)		(4,025,000	)		(3,500,000	)		(4,025,000	)		(3,500,000	)		(4,025,000	)		(3,500,000	)		(4,025,000	)		(3,500,000	)		(4,025,000	)
Less: Redemptions		—			—			(22,500,000	)		(25,875,000	)		(45,000,000	)		(51,750,000	)		(67,500,000	)		(77,625,000	)		(90,000,000	)		(103,500,000	)
Total	$	88,162,035		$	101,148,357		$	65,662,035		$	75,273,357		$	43,162,035		$	49,398,357		$	20,662,035		$	23,523,357		$	(1,837,965	)	$	(2,351,643	)

As of July 28, 2025
	No Redemption			25% of Max Redemption				50% of Max Redemption				75% of Max Redemption				100% of Max Redemption
	No Over- Allotment		Full Over- Allotment	No Over- Allotment		Full Over- Allotment		No Over- Allotment		Full Over- Allotment		No Over- Allotment		Full Over- Allotment		No Over- Allotment		Full Over- Allotment
Denominator:
Class B ordinary shares outstanding prior to this offering	2,875,000		2,875,000	2,875,000		2,875,000		2,875,000		2,875,000		2,875,000		2,875,000		2,875,000		2,875,000
Class B ordinary shares forfeited if over-allotment is not exercised	(375,000	)	—	(375,000	)	—		(375,000	)	—		(375,000	)	—		(375,000	)	—
Class A ordinary shares included in the units offered	10,000,000		11,500,000	10,000,000		11,500,000		10,000,000		11,500,000		10,000,000		11,500,000		10,000,000		11,500,000
Sponsor placement units	350,000		350,000	350,000		350,000		350,000		350,000		350,000		350,000		350,000		350,000
Underwriter placement units	250,000		287,500	250,000		287,500		250,000		287,500		250,000		287,500		250,000		287,500
Less: Ordinary shares redeemed	—		—	(2,500,000	)	(2,875,000	)	(5,000,000	)	(5,750,000	)	(7,500,000	)	(8,625,000	)	(10,000,000	)	(11,500,000	)
Total	13,100,000		15,012,500	10,600,000		12,137,500		8,100,000		9,262,500		5,600,000		6,387,500		3,100,000		3,512,500

The following table illustrates the dilution to the public shareholders on a per-share basis, assuming (i) redemption of our public shares at $10.00 per unit, based on $9.00 per unit based on the funds held in the cash trust account and $1.00 per unit based on the funds held in the bitcoin trust account and further assuming that no gain or loss on the funds held in the bitcoin trust account of $1.00 per unit, and (ii) no value is attributed to the placement warrants nor the warrants included in the units:

As of July 28, 2025
	No Redemption						25% of Max Redemption						50% of Max Redemption						75% of Max Redemption						100% of Max Redemption
	No Over- Allotment			Full Over- Allotment			No Over- Allotment			Full Over- Allotment			No Over- Allotment			Full Over- Allotment			No Over- Allotment			Full Over- Allotment			No Over- Allotment			Full Over- Allotment
Public offering price		10.00			10.00			10.00			10.00			10.00			10.00			10.00			10.00			10.00			10.00
Net tangible book value deficit before this offering		(0.06	)		(0.06	)		(0.06	)		(0.06	)		(0.06	)		(0.06	)		(0.06	)		(0.06	)		(0.06	)		(0.06	)
Increase attributable to public shareholders		7.55			7.56			6.96			6.97			6.01			6.02			4.20			4.19			(0.53	)		(0.61	)
Pro forma net tangible book value after this offering		7.49			7.50			6.90			6.91			5.95			5.95			4.14			4.13			(0.59	)		(0.67	)
Dilution to public shareholders		2.51			2.50			3.10			3.09			4.05			4.05			5.86			5.87			10.59			10.67
% Dilution to public shareholders		25.1	%		25.0	%		31.0	%		30.9	%		40.5	%		40.5	%		58.6	%		58.7	%		105.9	%		106.7	%

Numerator:
Net tangible book value deficit before this offering		(175,919	)		(175,919	)		(175,919	)		(175,919	)		(175,919	)		(175,919	)		(175,919	)		(175,919	)		(175,919	)		(175,919	)
Net proceeds from this offering and the sale of private placement units		101,847,019			116,697,019			101,847,019			116,697,019			101,847,019			116,697,019			101,847,019			116,697,019			101,847,019			116,697,019
Plus: Offering costs accrued for or paid in advance, excluded from tangible book value		152,257			152,257			152,257			152,257			152,257			152,257			152,257			152,257			152,257			152,257
Less: Overallotment liability		(161,322	)		—			(161,322	)					(161,322	)		—			(161,322	)		—			(161,322	)		—
Less: Deferred underwriting commission		(3,500,000	)		(4,025,000	)		(3,500,000	)		(4,025,000	)		(3,500,000	)		(4,025,000	)		(3,500,000	)		(4,025,000	)		(3,500,000	)		(4,025,000	)
Less: Redemptions		—			—			(25,000,000	)		(28,750,000	)		(50,000,000	)		(57,500,000	)		(75,000,000	)		(86,250,000	)		(100,000,000	)		(115,000,000	)
Total	$	98,162,035		$	112,648,357		$	73,162,035		$	83,898,357		$	48,162,035		$	55,148,357		$	23,162,035		$	26,398,357		$	(1,837,965	)	$	(2,351,643	)

As of July 28, 2025
	No Redemption			25% of Max Redemption				50% of Max Redemption				75% of Max Redemption				100% of Max Redemption
	No Over- Allotment		Full Over- Allotment	No Over- Allotment		Full Over- Allotment		No Over- Allotment		Full Over- Allotment		No Over- Allotment		Full Over- Allotment		No Over- Allotment		Full Over- Allotment
Denominator:
Class B ordinary shares outstanding prior to this offering	2,875,000		2,875,000	2,875,000		2,875,000		2,875,000		2,875,000		2,875,000		2,875,000		2,875,000		2,875,000
Class B ordinary shares forfeited if over-allotment is not exercised	(375,000	)	—	(375,000	)	—		(375,000	)	—		(375,000	)	—		(375,000	)	—
Class A ordinary shares included in the units offered	10,000,000		11,500,000	10,000,000		11,500,000		10,000,000		11,500,000		10,000,000		11,500,000		10,000,000		11,500,000
Sponsor placement units	350,000		350,000	350,000		350,000		350,000		350,000		350,000		350,000		350,000		350,000
Underwriter placement units	250,000		287,500	250,000		287,500		250,000		287,500		250,000		287,500		250,000		287,500
Less: Ordinary shares redeemed	—		—	(2,500,000	)	(2,875,000	)	(5,000,000	)	(5,750,000	)	(7,500,000	)	(8,625,000	)	(10,000,000	)	(11,500,000	)
Total	13,100,000		15,012,500	10,600,000		12,137,500		8,100,000		9,262,500		5,600,000		6,387,500		3,100,000		3,512,500

The following table sets forth information with respect to our initial shareholders and the public shareholders:

	SHARES PURCHASED					TOTAL CONSIDERATION PERCENTAGE		AVERAGE PRICE PER SHARE
	NUMBER	PERCENTAGE		AMOUNT		TOTAL CONSIDERATION PERCENTAGE		AVERAGE PRICE PER SHARE
Initial Shareholder(1)	2,500,000	19.08	%	$	25,000	0.02	%	$	0.01
Placement Units	600,000	4.58	%	$	6,000,000	5.66	%	$	10.00
Public Shareholders	10,000,000	76.34	%	$	100,000,000	94.32	%	$	10.00
Total	13,100,000	100.00	%	$	105,775,000	100.00	%

____________

(1) Assumes that 375,000 founder shares are forfeited after the closing of this offering if the underwriter does not exercise their overallotment option. Excludes the placement shares held by the initial shareholders, which are presented below.

SPAC Prospectus Summary, Sponsor Compensation [Table Text Block]

The following table sets forth the payments to be received by our sponsor and its affiliates from us prior to or in connection with the completion of our initial business combination and the securities issued and to be issued by us to our sponsor or its affiliates:

Entity/Individual	Amount of Compensation to be Received or Securities Issued or to be Issued	Consideration Paid or to be Paid
Subversive Bitcoin Sponsor LLC	Office space, management, operations, and administrative and shared personnel support services, provided by an affiliate of our sponsor.	$10,000 per month to be paid by us.
	2,500,000 Class B ordinary shares (or up to 2,875,000 Class B ordinary shares if the over-allotment option is exercised in full)(1). If we increase or decrease the size of this offering, we will effect a share capitalization or a share repurchase or surrender or other appropriate mechanism immediately prior to the consummation of this offering in such amount as to maintain the number of founder shares at 20% of our issued and outstanding founder shares and public shares upon the consummation of this offering. Any additional founder shares issued to our sponsor through such a share capitalization would be issued at their nominal par value.	$25,000.
	350,000 placement units (regardless of whether the over-allotment option is exercised in full) to be purchased at least one week prior to the closing of this offering.	$3,500,000 (regardless of whether the over-allotment option is exercised in full).
	$250,000.	Repayment of loans made to us to cover offering related and organizational expenses.
	Repayment of working capital loans, up to $1,500,000 of which loans may be convertible into working capital units of the post-business combination entity at a price of $10.00 per unit, with each unit comprised of one working capital share and one working capital warrant. The amount of such loans to fund working capital deficiencies, finance transaction costs in connection with an intended initial business combination or cover the costs of any hedging contracts entered into by us to cover the price of bitcoin purchased that we may receive is uncertain, as is the extent to which the lender(s) of such loans would elect to convert the loans into units instead of receiving cash.	Loans to fund working capital deficiencies, finance transaction costs in connection with an initial business combination or cover the costs of any hedging contracts entered into by us to cover the price of bitcoin purchased.
	Reimbursement for any out-of-pocket expenses related to identifying, investigating and completing an initial business combination.	Services in connection with identifying, investigating and completing an initial business combination.

(1) Mr. Auerbach, our Chief Executive Officer and Chairman of the Board, owns an indirect interest the founder shares through membership interests in our sponsor.

Subversive Bitcoin Acquisition Corp. S-1