Company: TLGYF
Filing Date: 2025-09-10
Form Type: 425
Source: 0001213900-25-086376
Chunk: 7

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-10
Form: 425
Chunk 7
---
 within DeFi, within CeFi, and actually as rates are falling in TradFi, we tend to see actually crypto rates go up in the opposite
direction. That becomes like a very powerful impact when you have access to borrowing within TradFi.

So let’s say you set up a DAT. It’s got $5 billion of ETH, and you
can go raise $10 billion in dollars to go and deploy in DeFi after that. One of the most, this is going to be a very compelling way that
people can actually argue why should you pay more than one times NAV for the underlying?

Because if you listen to some of the ways that like Tom Lee describes
like why a premium to NAV is justified, he talks about like the ETH staking yield, right? Which I don’t think that doesn’t stand up on
its own two feet in my view because I don’t think it’s like fundamentally inaccessible unless you sort of went through the vehicle. But
let’s say you put a capital structure in place where they were monetizing that spread of like borrowing $10 billion from TradFi, deploying
that into DeFi and then earning, you know, three, four, five percent on the 10 billion that’s been borrowed.

That income stream, you cannot replicate yourself, right? When you’re
holding ETH, that can only be like done or put in a package when it’s sitting within one of these vehicles. And so, I think it’s a way
that people are going to start to want to differentiate themselves, which is like how large of a scale can we do what I’ve just described
there?

And how effectively can we do it in terms of monetizing that spread?
And that’s actually the way that these DATs can compete with one another to say, you should be paying two times now for this because I
can construct the capital structure that no one else can. And that is fundamentally why.

Why is it that Saylor is different to everyone else? It’s because he
can raise leverage in a capital structure that you and I do not have access to. We cannot get access to non-collabable, non-liquidatable
debt or leverage on BTC.

And that’s why it actually makes sense to pay more than one time now
for Bitcoin in strategy.

<div align='center'>5</div>

Host:Yeah, that’s interesting. You probably end up having an
evolution of these DATs where instead of just putting like a