Company: TLGYF
Filing Date: 2025-09-23
Form Type: 425
Source: 0001213900-25-090310
Chunk: 11

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-23
Form: 425
Chunk 11
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. Do you agree with that?

Zach Rosenberg:I, I don't think it will cause the next bear market.
I think that, um, there's going to be a lot of reflexivity in, in how some of these DATs have been structured, especially as a lot of
them get pushed below, like the 1.0 M nav. We're already seeing that.

Um, that pressure on some of these big, big e stats. I think when it comes
to like other, other, like protocol tokens, call it, um, it's gonna be, it's gonna be worse than, you know, Bitcoin or Ethereum. I, I,
you know, I think Bitcoin's fine as long as MicroStrategy stays solvent and the way that they've, the way they've fixed the capital structure
over the last four years.

I, you know, it's honestly been incredibly impressive I think. Um. I don't
know if there's much to worry about there or not financial advice, but, um, there's gonna be reflexivity to the downside. There's been
plenty written about that. And so I, I, you know, I don't, I don't think I have anything like novel or interesting to say about that.

That hasn't been said 10 times already. Um, I, I do think that, uh, there's
been, I think market structure is gonna be something that's, that's interesting. I know this is something that everybody's talked about,
but maybe I'll take a little bit of a, a different angle on it. Um, I, I think maybe the market should be prepared for us market structure
regulation to be more restrictive than they expect it to be.

I don't, I don't necessarily think that if and when it does happen and
there's a lot of concern over whether it will happen or not. Um, but I, I think, uh, there's a lot of things that need to be fixed before
the market structure, uh, legislation will actually help people, for example. Tax issues right now, not being considered at all in market
structure, uh, legislation.

And if you don't fix the tax issues associated with things like airdrops,
you're just, you're not going to have people like distributing tokens in the US even if there's, uh, legislation that allows them to do
that. And so I, uh, I, I would just caution people to be