Company: TLGYF
Filing Date: 2025-09-10
Form Type: 425
Source: 0001213900-25-086376
Chunk: 5

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-10
Form: 425
Chunk 5
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 evolve?

Guy Young:Yeah, it might be surprising to hear but I’m pretty
skeptical I think on a lot of them and I think the long term like viability of why a bunch of these should exist like I don’t even think,
you know, the 7th Alt-L1 vehicle of the same token kind of has a reason to exist. And I think a lot of these things are kind of pretty
quickly trade below NAV. I think for us, it’s something I’ve spoken about before.

For us, it’s really just a distribution play. Like I would encourage
anyone who’s listening to this, don’t buy any of the DATs associated with Ethena if they’re above one times NAV. That’s not something
I think that makes sense in the way that they’re designed now.

What we want is just easy access to people in the markets to be able
to get in maybe at one times NAV in terms of getting their hands in the underlying. For us, it’s really just there’s big pools of capital
within DraftFi that we haven’t had access to and we just want to open up to those people. I think for us, it’s a slightly different story,
which is like people want something else except for Circle to express a long view on the growth of the stablecoin sector.

This is a very uniquely interesting catch-up play because we’re growing
faster. It’s like the first legitimate competitor that’s actually come up to the big two, i.e. crossing $10 billion.

Then I think the most interesting piece about this is that the responsiveness
of Ethena to rate cuts is very different to Circle. So when rates go down, Circle’s business model is actually quite challenged, where
you just immediately lose all the revenue that will be coming through there. We tend to see actually like funding rates and the rates
on Ethena’s product go up at the same period of time when rates go down in the real world.

That’s a very powerful impact because people will look at that and
say, we’re going into an easing environment, is there a rotation from these businesses that are negatively geared towards falling rates
to something that’s actually going to benefit from it? I think ours almost looks like a pseudo equity story rather than something that’s
like a pure DAT where you’re just buying BTC or ETH at some premium to have.

Host:Yeah. I want to get into other aspects of Ethena’s business