Company: TLGYF
Filing Date: 2025-10-02
Form Type: 425
Source: 0001213900-25-095334
Chunk: 1

Company: TLGY ACQUISITION CORP
Filing Date: 2025-10-02
Form: 425
Chunk 1
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 ecosystem? Why is this model more appealing to investors
over direct investment approach?

Young Cho (TLGY):Yeah, so I started this
journey. I've been in crypto now for about eight years. Before that, I was in traditional finance for over 12 years. Started my career
at Citigroup. But as I was talking to you before in the past, I was previously CFO of Hedera hash graft. Before that, I was chief investment
officer at abra. But it is just wild. It's just wild how much we progressed over the past eight years in the space. And so recently, just
about last year, a friend of mine asked me to join as CEO of TLGY Acquisition Corp SPAC. He's also been in traditional markets in the
past. He's been in the SPAC world for about over 18 years. And he brought me on board to head up TLGY to look at what we can do in the
crypto company with the new administration. And so we were talking late last year and we saw what Michael Saylor was doing with Strategy,
obviously, what Leah Wald was doing with SOL Strategies, and we thought we could improve on that model.

So what those guys are doing is basically buying
crypto at spot, putting it into a company, and essentially just having that listed vehicle ride on the beta of those of Bitcoin or Solana.
But coming from the layer one protocol at Hedera previously, I thought we could improve on that because a lot of these projects are looking
for two things. They're looking for a public market advocate to help them get the word out about their protocol beyond just the crypto
community. And so that's one thing that I think a lot of foundations in the crypto space are looking for. And the other thing is for investors,
they're looking for a decent return. So being, again, historically at Hedera, we sold tokens at a discount anywhere from 30 or 50% OTC,
and they're locked tokens. And we sold them to investors, hedge fund managers, VCs, and we thought we could create some value to investors
by being able to create a digital asset treasury company, buy these tokens at a 30 or 40 or 50% discount, and then have those investors
or shareholders benefit from that discount that we're purchasing as token set.

So that's how we came up with the idea. And that
started late last year. We've been talking with several