Company: TLGYF
Filing Date: 2025-08-13
Form Type: 425
Source: 0001213900-25-075251
Chunk: 3

Company: TLGY ACQUISITION CORP
Filing Date: 2025-08-13
Form: 425
Chunk 3
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 ones where we've maybe spent a little bit more time. To date the only one that we've actually invested
in in the PIPE has been TLGY as you mentioned. But, you know, I really bucket it into a few things. One is call it you know the large
caps the Bitcoins, the ETHs, the Solanas, you know, Bitcoin and ETH obviously already have ETFs out there. They are things that we see
institutional investors have interest in already. They already have ability to get access to, but you know maybe what they don't have
is they don't have access to different types of financing. So, you know, obviously a MicroStrategy, MicroStrategy has an ability to go
and raise more equity capital, but then as they've gotten scale they've also been able to raise debt capital as well. And you know, as
I think anybody who's taken finance before understands that debt is cheaper than equity. And so that's a way for them to essentially increase
that Bitcoin per share that we have not felt that's right for call it a venture capital investor, but there's obviously hedge funds and
traditional investors where they do want that type of exposure. On the ETH side, it's somewhat similar except it's a little bit of a different
story. The story there is of course like on the ETFs, you can't get yield, right? You can't stake, you can't do any sort of DeFi activity.
You can't make that Ethereum productive. If you look at all of the Ethereum that is sitting in or at least the story around a lot of these
new vehicles, it's around making Ethereum productive. And we see the same thing with the Solana vehicles as well. And so it's taking full
advantage of what being on chain means while also giving exposure to those traditional investors. And so, you know, that I think has actually
been somewhat interesting for those people. And then there's these protocols like TLGY and Ethena that there's a lot of excitement about
you know what is happening on chain and what the protocol can do. Ethena is one of the fastest businesses ever to $100 million of revenue,
like people want access to growth. You see it in the public markets right now. People want access to what they believe will be the next
paradigm of finance. And giving them that access to Ethena we thought was important. And you know, we've long been backers