Company: TLGYF
Filing Date: 2025-08-13
Form Type: 425
Source: 0001213900-25-075251
Chunk: 12

Company: TLGY ACQUISITION CORP
Filing Date: 2025-08-13
Form: 425
Chunk 12
---
 capital flew into that space and that idea it funded a lot of things and a lot of founders that frankly haven't
been able to build and I think in many cases haven't even wanted to build sustainable long-term projects. And I do think there's this
misalignment in the market structure where and I talked about it a little bit on the last question about how these projects get you know
quote unquote liquid or public really quickly. If I think about how venture capital works in traditional markets, you know, I go do a
seed round, the likelihood that that company finds a real product market fit within the first, you know, call it next year or two is relatively
small. The likelihood they raise a series A is relatively small. The likelihood that they end up going getting big enough that they can
sell at, you know, premium or go public is relatively small. And those things take, you know, 10, 15 years. You look at some of the best
investments of all time in the venture capital world. There are, you know, investments into companies that people have held for 15 plus
years, right? In crypto, what has happened is you've had a lot of traders masquerading as VCs who have said, "Hey, listen, like I've
got some capital and I'm going to be a long-term investor all investing. You're this founder who's going to go build this protocol."
But it's open source software and in many cases on the app side, it's not that hard to build that piece of open source software. You can
do it with a relatively small amount of capital and then you can you know launch your project in call it a year or two and then people
are launching tokens right after that and so you get this like wealth effect that is I said or at least it's a wealth of effect on paper
and it's unclear if you can sell it really quickly and so the VCs the founders the teams the LPs of the VCs all are looking at these you
know quote unquote marks or their wealth and saying how do I get this liquidity really quickly and that is misaligned from an incentive
structure perspective from building a long-term sustainable business, right? And so there's it's very rare that you get founders like
Guy who have said, "Hey, like we've done this great job. We have this token that's worth a lot and now we're years into this project
and we