Company: TLGYF
Filing Date: 2025-08-13
Form Type: 425
Source: 0001213900-25-075251
Chunk: 16

Company: TLGY ACQUISITION CORP
Filing Date: 2025-08-13
Form: 425
Chunk 16
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 MicroStrategy and again this is MicroStrategy is its own beast and
so I don't want to you know continue to extrapolate but if you look at MicroStrategy, you know, you've increased your Bitcoin per share
this year by 30%. That's on top of what the you know, call it the Bitcoin price appreciation has been this year. So, you know, when you
if you do have the ability to do that, well, then theoretically your, you know, premium should be another 0.3. Because like you can have
the ability to or if they can do it, I think it was 75% last year, so 0.75. And so there are ways to be quantitative around this. A lot
of people are speculating that these other vehicles can recreate something like what Michael Saylor has done and that's part of a big
reason for the premium. I would guess that that's almost impossible for the vast majority of these vehicles and the vast majority of the
tokens that are launching these vehicles.

Laura Shin:So when you're just thinking
kind of like generally like when so I you know you said earlier you have not invested in pretty much any of these except for TLGY. Are
you like what are the factors that you're looking at for determining whether or not one of these crypto treasury companies would make
a good investment?

Rob Hadick:So it really depends on the
pool of capital. So we're a long-term investor like we talked about before. We're a venture capital firm. You know for us we're just not
it doesn't matter how good the vehicle is. We're not going to invest in a Bitcoin digital asset treasury company. We're not going to invest
in Ethereum one. We're not going to invest in a Solana one because that's not what my LPs are paying me to do. So where we are focused
is we're focused on places where we already are very constructive and have investments and our LPs are paying us for exposure to assets
and protocols that we that we think can get a venture return anyways right and so you know Bitcoin is obviously the best performing asset
of basically all time for the last 10 years and you know everyone should hold Bitcoin I completely agree with that but it's not what you
know my fund is giving people access to my fund is giving people access to is things like Ethena which are reinventing future financial
market infrastructure and so that's what we