Company: TLGYF
Filing Date: 2025-08-13
Form Type: 425
Source: 0001213900-25-075251
Chunk: 5

Company: TLGY ACQUISITION CORP
Filing Date: 2025-08-13
Form: 425
Chunk 5
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 look at the shareholder base, it's pretty institutional, right? It's not a retail shareholder base. Now, there are obviously
if you go on, you know, Twitter, you see a lot of retail investors tweeting about it, but that's not actually, you know, when you go look
at the register, what you see. And in fact, you know, one irony of what has happened here is that Vanguard which is, you know, one of
the big traditional asset managers who has long been very bearish Bitcoin and they actually refuse to offer Bitcoin ETFs to their customer
base is now actually, I believe, the single largest holder of MSTR, right? And they're the single largest holder of MSTR because that's
what their customers want, right? And so what you're seeing is you're seeing a this divergence of people who are, you know, excited about
the Bitcoin story, but maybe are also excited about call it like getting a little bit of leverage on the Bitcoin story. And want to be
able to also put their weight behind, you know, an evangelist like Michael Saylor who they believe can, you know, increase that that Bitcoin
per share. On the ETF side, what we've seen is more call it like endowments and sovereign wealth funds. People who want direct exposure
to Bitcoin are excited about Bitcoin but have concerns about custody or they have concerns about you know potentially some of the counterparties
involved, right? Like they don't, you know, Coinbase big public company, but if you go talk to the biggest pensions in the world a lot
of them still don't want to actually custody with a Coinbase they're much more comfortable with a State Street or somebody that they've
known for a long period of time and so they'd rather have you know a operation that they understand which is you know call it a share
register versus you know underlying Bitcoin and they'd rather have that at you know State Street, right? And so we see you know a lot
of that playing out. What we also see in MicroStrategy is because they have call it these different investments or these different you
know products across the capital structure. You see a lot of, you know, convert investors who are specifically hedge funds who play call
it volatility who potentially want to invest in this different part of the capital structure that allows them to get different types of
exposure in the way that they call it hedge their books or the way that