Company: TLGYF
Filing Date: 2025-08-13
Form Type: 425
Source: 0001213900-25-075251
Chunk: 11

Company: TLGY ACQUISITION CORP
Filing Date: 2025-08-13
Form: 425
Chunk 11
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 in the market now relative to good ideas and especially an over supply relative to the amount of capital that's
sitting on liquid markets to actually carry a project from TGE through its life cycle afterwards. I think the other piece that I'd also
just point out is that it's not actually the capital allocator's fault. I'd also say it's that the it's the builder's fault as well, which
is if we built enough good products and enough good businesses that could justify their valuations, then more money would find its way
into the space to bid those things. And so I think we see a lot of people complaining about, oh, there's no liquid funds in the market.
No one's sort of bidding these tokens on the open market. Well, if you create things that are actually valuable enough, you know, there's
a lot of money in the world that's sort of chasing down these opportunities to buy things that are actually growing fast and producing
revenue. And so, I think it's actually a two-sided problem. It's not just, there's too much VC capital in the space and not enough liquid.
It's actually there's also too few good ideas that are actually out in the market and good businesses for people to allocate towards.
But I do think, it's something that's naturally going to sort of play out over the next few years in terms of right sizing the VC capital
that sits within the space. I think there's just too many large funds who struggle to sort of allocate into ideas that sort of make sense.
Obviously not aimed towards Dragonfly who as far as I understand have done pretty well this cycle but I think it's yeah the longer tale
of funds who have probably run out of good ideas to fund the cycle which I think will naturally sort of downsize as the returns sort of
show through the cycle.

<div align='center'>6</div>

Rob Hadick:Yeah, it's great to hear that
Guy is not criticizing VCs as his largest VC backer on this podcast, but no, listen we're huge fans of Guy. I think a lot of what he said
I would actually echo, which is that there just has been too much VC capital for a space that is not that big, right? It's an industry
that I think, you know, we want to be bigger than it is. We're so excited about the future of capital markets that will exist on chain.
And so a lot of you know