Company: TLGYF
Filing Date: 2025-09-10
Form Type: 425
Source: 0001213900-25-086376
Chunk: 2

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-10
Form: 425
Chunk 2
---
 cycle. And I think we could see that in a very powerful way when we
looked at the way that Circle traded.

Everyone was pretty negative actually when Circle was coming out on
their IPO within crypto. You had people saying this thing was overvalued at five bill and it ripped in everyone’s faces 10x to 300 times
that things. And to me, it was a very strong indication that there’s excessive demand within TradFi for this narrative.

But we haven’t found connective tissue to sort of connect what we’re
doing within crypto to those markets and the pools of capital that sit there. And so to me, it was very obvious like we have a problem.
There’s not enough capital that’s actually bidding these things within crypto.

And then you have another problem in TradFi, which is that we don’t
have other ways to express a long view on the growth of stable coins and digital dollars. So why don’t we put those two things together?
And that’s sort of where we arrived at the logic why this made very, I would say like uniquely, this was uniquely interesting to Ethena,
just based on where we’re sitting a few months ago.

Host:Before the DATs came, how did you think, because you obviously
saw these, I mean, basically from now until sometime in 2028, you have these like big, you have a bunch of unlocks, right? And where the
VCs are unlocking, they can sell the tokens. How did you think you were gonna solve that problem?

Guy Young:Yeah, I don’t actually have like a proper answer
to that. I think if you spend too much of your time thinking about that, you don’t actually build a product that can actually grow into
your valuation. So it’s not something that I spend a lot of time thinking about.

It’s one of those things I sort of hoped would work itself out. But
I think we just got presented with a very interesting opportunity, which was you now had the opportunity to try and fix that problem yourself.
And that’s when I think we focused in on trying to get these supporting these DATs to market.

[…]

Host:Yeah. All right, let’s get into the DAT. So you guys had
this, so you guys have StablecoinX, did a big raise over the summer, started the buybacks.

<div align='center'>2</div>

You guys just completed the second raise, got announced on