Company: TLGYF
Filing Date: 2025-08-13
Form Type: 425
Source: 0001213900-25-075251
Chunk: 4

Company: TLGY ACQUISITION CORP
Filing Date: 2025-08-13
Form: 425
Chunk 4
---
 of Ethena since
the earliest of rounds and we're excited to, you know, kind of support them as they continue to grow the business and provide access to,
you know, that type of growth and stablecoin thesis, you know, directly to those investors who otherwise have a really hard time accessing
through, you know, other types of points of entry, crypto and, you know, call it those types of assets. So, that's why we were really
excited to back it. And I think to Guy's point, you know, we're not playing the premium to NAV game. Like that is not what I think is
the long-term sustainability of this type of vehicle. What this type of vehicle exists for is it's an access vehicle and it's a distribution
vehicle. And so that's what we were really excited about.

<div align='center'>2</div>

Laura Shin:I think something that's becoming
clear here kind of in this stage of crypto's adoption is just that so much of crypto's history was built on retail and just this kind
of organic grassroots phenomenon and now I think both the crypto community and just like the wider world are becoming aware that there's
just so many different pools of capital and actually there are other pools of capital that are interested in this asset class, but they
don't have good and easy ways to get exposure. And so that's why we're seeing not even just you know like these basic buckets that we're
talking about but even just when you look at all the different variations that MicroStrategy has been doing with you know each of the
ways that it's structuring you know like STRK or STRF or STRC like all these new things are coming up with you know even like when you
get into the details like that like there's just so many different ways that you can package this up. So I did want to ask, you know,
like maybe can you can you walk us through what all those are because I do think you know like even for somebody like me because you know
before covering crypto I didn't cover like traditional financial markets. So for me to even understand like oh okay the people that are
or the investors in ETFs are different from the investors in like a Strategy or whatever even in the different versions of that. Can you
just kind of talk about why these even exist and sort of what the spectrum of them are?

Rob Hadick:So, so for Strategy, if you
actually