The IPO Buzz: 3 SPACs – From Betsy Cohen, Bain & StoneBridge – Wrap Up September

Betsy, Bain and StoneBridge: It’s not a folk rock group. It’s a quick way to sum up the three SPAC IPOs that are set to start trading today – Tuesday, Sept. 30, 2025 – to wrap up the month of September. Together, these three SPAC IPOs raised $670 million on Monday night, Sept. 29, 2025. The pricing details are below:

• SPAC pioneer Betsy Cohen is the chairman of BTC Development Corp. (BDCIU), a Philadelphia-based SPAC that raised $220 million: 22 million units at $10.00 each. BTC Development Corp. opened today – Tuesday, Sept. 30, 2025 – on NASDAQ at $10.09 – up 9 cents from its SPAC IPO price – on volume of about 1.85 million.
• Each unit consists of one share of stock and one-fourth of a warrant.
• Cohen & Company Capital Markets and Keefe, Bruyette & Woods served as the joint lead underwriters.
• BTC Development Corp. will focus its search for target companies on businesses that “provide opportunities for attractive risk-adjusted returns in the bitcoin ecosystem,” the prospectus said.
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• Bain Capital GSS Investment Corp. (BCSS.U), a Boston-based SPAC, raised $400 million: 40 million units at $10.00 each. This is a New York Stock Exchange listing.
• Each unit consists of one share of stock and one-fifth of one redeemable warrant.
• Citigroup was the sole book-runner.
• Bain Capital GSS Investment Corp.’s CEO is Angelo Rufino. He is a Bain Capital partner and the head of special situations in North America and the head of corporate special situations in Europe. This SPAC will search for companies with long-term growth potential, the prospectus said.
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• StoneBridge Acquisition II Corp. (APACU), a New York-based SPAC, raised $50 million: 5 million units at $10.00 each. This is a NASDAQ listing
• Each unit consists of one share of common stock and one right to receive one-tenth (1/10th) of a share upon the completion of an initial business combination.
• Maxim Group was the sole book-runner.
• StoneBridge Acquisition II Corp. will focus on the Asia Pacific (APAC) and Europe, Middle East, and Africa (EMEA) regions in its search for a target company. The sectors of interest on StoneBridge Acquisition II’s shopping list are e-commerce, FinTech, SaaS (Software-as-a-Service), renewable energy, mining and the IT-enabled services sectors.

(For more information about these companies, please check the IPO Calendar  and the individual IPO Profiles found on the IPOScoop.com  website.) 

Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board. 

To see what time the NASDAQ IPOs are expected to trade, please log in to: NASDAQTrader.com then scroll down to IPO Message. 

Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com staff does not issue advice, recommendations or opinions.

Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with IPOScoop.com. The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the  shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.