Company: TLGYF
Filing Date: 2025-07-22
Form Type: 425
Source: 0001213900-25-066736
Chunk: 2

Company: TLGY ACQUISITION CORP
Filing Date: 2025-07-22
Form: 425
Chunk 2
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This structure is designed to accretively grow the combined company’s ENA per share for shareholders, even during bear market cycles
when digital asset accumulators can trade at or below one times its net asset value.

Importantly, StablecoinX’s core operating
business will focus on actively contributing to Ethena’s ecosystem, including operating validator and other infrastructure, staking
and custodially holding ENA as a long-term treasury asset, and executing marketing and institutional outreach initiatives that drive broader
adoption of Ethena’s products.

By providing such services, StablecoinX is expected
to generate validator income that will allow the company to organically grow ENA per share, independent of digital asset acquisitions.
By way of quick introduction to the speakers on today’s call, my name is Young Cho, and I have the pleasure of being the CEO of
TLGY Acquisition Corp., and of StablecoinX Assets.

I have spent the past 27 years in both traditional
finance, or TradFi, and crypto. In the past eight years, I have been involved in a number of crypto-related projects, including previously
serving as CFO of Hedera Hashgraph, a Layer 1 protocol, and as Chief Investment Officer at Abra, where I helped and launch the company’s
Earn product.

Prior to jumping into crypto, I spent time at
both Citi and UBS on the Special Situations Credit desk looking at distress and restructuring opportunities. We have the privilege to
have Guy Young, the Founder and CEO of Ethena, on with us. Guy is the brains behind Ethena’s success, helping the protocol become
the second-fastest protocol to reach $100 million in revenues, and the fastest to reach $6 billion in supply.

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Guy has seven years’ experience in investment
banking, hedge funds, and private equity investment roles. And prior to founding Ethena, he spent six years in service management, investing
in financial services businesses.

Finally, Ted Chen, who is TLGY’s sponsor.
Ted has 18 years’ experience in investment banking, research, and hedge fund investment rules. He is the Founder and Chief Investment
Officer at Carnegie Park Capital, LLC, a New York-based asset management firm focused on the co-sponsorship of SPACs.

Prior to Carnegie Park Capital, Ted was Partner
and Portfolio Manager at Water Island Capital, where he led the firm’s long-short equity portfolio focused on event-driven