Company: TLGYF
Filing Date: 2025-08-13
Form Type: 425
Source: 0001213900-25-075251
Chunk: 26

Company: TLGY ACQUISITION CORP
Filing Date: 2025-08-13
Form: 425
Chunk 26
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 and one and a half trillion dollars. Those are like very big markets
and big TAMs to sort of go after. And I think that those very big growth stories that people can get excited about where these businesses
over the next 10 20 years can actually grow into you know trillion dollar businesses and trillion dollar outcomes. I think that that's
a different sort of lens that these investors have come into it that looks slightly different to crypto investors who I think are just
looking at things in the you know here and now. So I think the very simple pitch is like you know Ethena is the third largest asset within
that category right now is growing faster than anyone else within the same space and there's a pretty large you know valuation discrepancy
between where Ethena sits sit out sits out right now and some of those comparisons that we discussed. So I think it's a relatively clean
story from that perspective.

Rob Hadick:The markets are starved for
growth like you see this across all markets right now. This is not a crypto specific point. The markets are starved for growth. We have
stagnating growth across most of our industries across much of the world right now and there are a few things that are doing really well.
You see it in all of the new IPOs. If there is a belief that there will be you know call it outsized growth there is an investor out there
and there are billions and billions of dollars of demands from investors out there to invest in it and stablecoins are one of those things
where I think there's a strong belief among you know many people that it is going to be one of the fastest growing themes and verticals
within you know payments and not just crypto itself.

Laura Shin:All right, so last question
you guys. There's been so much commentary on Twitter about how people, you know, feel like this is a bubble in the making and things are
not going to end well. And so I just love to hear, you know, when you look at what's going on, what do you think will stop the music and
who will be left standing?

Guy Young:Yeah, I think from my perspective
it's just going to be an over supply where we sort of see the same thing play out through time which is like when you can create a uniswap
fork of an AMM everyone goes and creates 50 of them and then the they start to they stop being valuable when everyone can create them