Company: TLGYF
Filing Date: 2025-08-13
Form Type: 425
Source: 0001213900-25-075251
Chunk: 28

Company: TLGY ACQUISITION CORP
Filing Date: 2025-08-13
Form: 425
Chunk 28
---
'll sit out there. You know, maybe they won't trade a lot. Maybe they won't trade particularly well. And maybe someday some activist
will come in and you know either Saylor will buy them and sell the underlying tokens to buy more bitcoin or some activists will come in
and try to do something similar if it trades below NAV and because of low volume on that token for whatever vehicle that is that'll have
a really big negative impact on the price of that token. But you know that's investing right? That's not you know I think what we what
people refer to or what they typically mean when they say a blowup.

Laura Shin:I guess the only thing that
I could think of would be more like if these become tokenized and use collateral in DeFi it and then something you know just drops in
price and it leads to cascades there could be liquidations but I but you're right like I don't think it's going to be exactly like it
was in 2022.

Rob Hadick:And hopefully the risk managers
are able to man handle that. It is a little bit odd. I think Sharplink just announced this, but you know, you took a Ethereum, you put
it into the public market, and then you took the equity of that public market, and then you went and tokenized it and put it on chain
and so it's a token of a token of a token, which I don't quite understand. And so, you know, certainly maybe risk there I haven't thought
of yet, but hopefully somebody smarter than me.

Laura Shin:Don't you know it's called
Money Legos, and it's the future. Anyway, you guys, this has been super fun. Yeah, it's just been great chatting with you both. Thank
you so much for coming on Unchained.

Guy Young:Appreciate it.

Laura Shin:Thanks so much for joining
us today. To learn more about these crypto treasury companies and Guy Young and TLGY, check out the show notes for this episode. Unchained
is produced by me, Laura Shin, with help from Matt Pilter, Tano Ranovich, Pam Jimar, and Margot Corria. Thanks for listening.

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