Company: TLGYF
Filing Date: 2025-08-13
Form Type: 425
Source: 0001213900-25-075251
Chunk: 15

Company: TLGY ACQUISITION CORP
Filing Date: 2025-08-13
Form: 425
Chunk 15
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 if you compare an annual
3% inflation of just printing more of your own token when you compare that to the daily volatility. So ETH right now is up 4% on the day
it's just completely inconsequential to the returns that you're going to be making over the lifetime. And maybe if you think that's worth
something, it might justify a 0.03 premium to NAV rather than like 50 to 100%. So I'm not sure that those I agree with the arguments that
he's making there.

<div align='center'>8</div>

Rob Hadick:I'm going to disagree with
Guy a little bit here. I do think listen the premium to NAVs if you actually look at them that they've gotten crushed over the last like
two weeks. And so I think like if you take all of the Sol vehicles together, the premium to NAV now is something like point it's like
15%. Or something. And I think if you take all of the ETH vehicles, it's actually less than 50% at this point. So it's say 1. And so the
these premiums are coming down. That's to be expected, right? And I think Guy, you know, put that into his is tweet thread and I believe
that that'll continue to happen. That said, you know, I guess Guy did say this, which is that if you have 3% yield and the ETF has none,
like it should trade at, you know, at least 1.03. Like that's just the math, right? And yeah, maybe it's inconsequential of what that
means for you know call it relative to the volatility but the volatility actually is actually worth something to the investors who are
trading these things and so the people are trading around it are actually trading are a lot of vol traders and the people are trading
you know the converts are actually vol traders and so vol is actually worth something that probably demands some sort of premium and access
to that V in a way that like doesn't really exist in equity markets otherwise except for like you know micro cap tokens or sorry micro
cap equities is worth something and so I don't know about the velocity argument for that Tom Lee made you know he's obviously you know
making that for Bitminer specifically not clear to me that you know that is actually there's some sort of like mathematical way to try
to quantitate what that should be but I will say like if you look at