Company: TLGYF
Filing Date: 2025-08-13
Form Type: 425
Source: 0001213900-25-075251
Chunk: 8

Company: TLGY ACQUISITION CORP
Filing Date: 2025-08-13
Form: 425
Chunk 8
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1.2 trillion or whatever it was that he said it was capped at or anyway point is I was just wondering like you know do
you like so a skeptic would say that it's that crypto hasn't offered you know kind of real substantial improvements to these you know
to these retail investors and they now understand that is vaporware they don't want to be fooled again and so it's almost like now the
crypto community is just trying to do marketing to this other crowd that is like you know not hasn't wised up. So I was just curious like
do you know do you have a response to people like that or what would you say to people who think things like that?

<div align='center'>4</div>

Guy Young:Yeah, I actually agree with
that point of view. So the final tweet that I sort of put out was saying that putting vaporware in an equity wrapper doesn't disguise
the fact that it's still vaporware that's sitting underneath there and an equity wrapper doesn't change the fact that it's a bad business
model or doesn't generate revenue or any of these different pieces. I think the point that I was making actually was that and it's I think
it's something that you've seen this cycle versus 2021 which was an increased amount of dispersion between assets within crypto where
you've really seen different types of assets completely disconnect themselves from the rest of the market where in 2021 it was basically
just like everything goes up together and everything comes down together in the same way. I think one example here and won't talk about
Ethena but I think Hyperliquid here is a very good example where the amount of cash flow that that's generating just as an incredible
business means that it's completely disconnected from everything that's happening within the space where if it continues to print cash
flow there will always be a buyer there whether it's themselves or someone else to sort of step in there and actually just own that as
a good business and I think the point that you're making is actually I think the outcome of what we're describing here is actually we're
in agreement which is a few select coins which can have like real revenues, can have real business models, and have real users on the
other side. I think we begin to see that those assets disperse from everything else because I think that those are actually assets that
TradFi can underwrite and they will have a different kind of bid than assets that that aren't you know