Company: TLGYF
Filing Date: 2025-08-25
Form Type: 425
Source: 0001213900-25-080375
Chunk: 6

Company: TLGY ACQUISITION CORP
Filing Date: 2025-08-25
Form: 425
Chunk 6
---
 flows that can do it itself but
then also just finding a slightly later stage form of capital that sits outside of crypto to absorb that. That’s actually just the natural
process that any you know Web2 VC-backed business goes through in their life cycle. And I think that’s kind of what we need to do as a
space which is find out what are those assets and businesses that can actually be underwritten by TradFi and taken beyond sort of like
the circular loop that I think we’re sitting in right now. So don’t really have any more comments beyond as you said there is still a
large amount that sits within Ethena that hasn’t vested and come out. I personally haven’t sold a single token since the unlock since
March and so I think you know sometimes those numbers are slightly overstated where everyone’s assuming that 100% of everything that’s
coming out is immediately being sold but yeah that hasn’t really been the case with us.

goodalexander: Awesome.
One last question before we move on to Baron. It sounds like putting those pieces together - TradFi demand for Ethena through the StablecoinX
DAT is actually quite important. One of my observations is that you’re very good at telling the Ethena story to institutions like you.
But there’s kind of this arm’s length relationship with the DAT. To what extent are you going to be able to pound the pavement with institutions
and generate demand for StablecoinX, or is that management team going to be in charge of it? What’s the relationship between Ethena and
StablecoinX?

<div align='center'>4</div>

Guy Young: We’re obviously
supportive of what’s going on there, but I’m not running the vehicle day-to-day, can’t speak on their behalf right now. But as I said,
supportive of the fact that they exist and I think are doing something that’s important for our growth story going forward. I’m not going
to be as evolved like day-to-day, sort of sitting and describing what the vehicles up to, why it’s interesting. But what I would say is
that within the next two weeks there will be some news around a different or well additions to the team that already exists there with
some pretty high-profile names within crypto and TradFi who are coming in to support that. So I think the people who are coming in there
to be a face and public voice for that vehicle are actually better placed than I am