Company: TLGYF
Filing Date: 2025-07-22
Form Type: 425
Source: 0001213900-25-066736
Chunk: 11

Company: TLGY ACQUISITION CORP
Filing Date: 2025-07-22
Form: 425
Chunk 11
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additional revenue for the company.

StablecoinX will earn potential revenue by each
of these opportunities, which can then be used to organically acquire more ENA, creating a compounding effect of increasing ENA per share.
This synergistic relationship provides a robust pathway for value creation for StablecoinX shareholders.

We believe StablecoinX’s model for accruing
more ENA per share is unique in the sense that it does not have to rely on a multiple of NAV or mNAV to trade over one to creatively grow
ENA per share. This is driven by StablecoinX’s opportunity to acquire lost ENA at a discount directly from the Ethena Foundation
or with existing holders who are looking for liquidity.

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This is important as it is generally a requirement
for digital asset treasury companies to trade at a multiple above one in order to grow their digital assets per share accretively. This
hampers most of them during crypto bear markets, where it is arguably the best time to be opportunistically acquiring such assets.

StablecoinX, through its partnership with Ethena,
will differ in that it will continue to have the opportunity to pursue discounted locked token transactions that are still accretive to
shareholders even below 1x mNAV. As an example, issuing shares at 0.9 mNAV would still be value accretive if the company is able to acquire
ENA at a 0.7 mNAV.

This opportunity allows StablecoinX’s flywheel
to fully operate throughout the bull and bear crypto cycles and enhances the company’s ability to grow ENA per share faster than
the other digital asset treasury companies that may be limited to share buybacks in bear markets. Over time, we expect StablecoinX’s
mNAV to reflect such competitive advantage as shareholders recognize its long-term benefits.

It’s important to note that StablecoinX
is launching with scale. As part of the announcement of the transaction, the parties to the transaction successfully raised over $360
million in PIPE commitments, more than $260 million of which was in cash and the remainder in ENA tokens.

The cash portion of the PIPE is being funded by
investors at the announcement of this transaction, and such proceeds will be used immediately to acquire locked tokens from the Ethena
Foundation.

The number of ENA tokens underlying the in-kind
PIPE is fixed, and together with the tokens purchased from the Ethena Foundation, will float up and