Company: TLGYF
Filing Date: 2025-08-13
Form Type: 425
Source: 0001213900-25-075251
Chunk: 2

Company: TLGY ACQUISITION CORP
Filing Date: 2025-08-13
Form: 425
Chunk 2
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 I think that that is something that any sensible
person can look at and sort of argue that it shouldn't persist through time. I think the view that we have there is that from a macro
perspective, I've had some concerns around the flows within cryptos and specifically within alts for a while now where there's very clearly
an excess amount of supply coming to the market from altcoins and just not that much demand to sort of meet it on the other side. And
one of the data points that I referenced in that tweet is that the altcoin notional market cap sort of peaked at the exact same level
in 2021 and 2024, which is roughly $12 trillion dollars. And I think the view that we have is that altcoins or businesses that are sort
of originating from crypto at some point have to mature and sort of grow up where they're actually investable from people that are sitting
within TradFi and equity markets. And if you're going to take that step from an industry or subsegment of the industry that's worth roughly
a trillion dollars and if that's going to grow to 3 or 5 or 10 trillion dollars over the next few years, you need to start, you know,
establishing the connective tissue between these assets and then the investors that are sitting within TradFi. So for us it was really
just a thesis around trying to deliver a theme and a narrative and a business to people who are clearly in demand want to sort of express
that view and then I think just broadening the capital base of investors who can actually access our product and Ethena itself. So yeah,
that's a super high level view.

Laura Shin:And Rob for you as an investor
what was your perception about why this was a good idea and why you wanted to invest?

Rob Hadick:So I think Guy's point and
specifically as it relates to ENA and its business makes a ton of sense. You know, maybe to back up a little bit from a Dragonfly perspective
we primarily sat out these vehicles. So we haven't invested in any of the Bitcoin vehicles. We haven't invested in any of the Ethereum
vehicles. None of the Solana vehicles. You know, our perception has been that there's actually good access points for institutional investors
and especially for us as crypto investors to get exposure to those assets, but there are, I think, certain types of protocols where this
makes sense. And those are the