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

Company: TLGY ACQUISITION CORP
Filing Date: 2025-08-13
Form: 425
Chunk 13
---
 still the job's not done. We still want to go and build this like great business over time." And because there is so much
money that's kind of sloshing around, but it's also rare from the VC side that people aren't looking at that and saying, "Oh, I want
my liquidity right away. I got to get my returns. You know, I've got to return capital to LPs." And so what we try to do is we try
to model ourselves after other types of, you know, traditional VCs who have long-term alignment with our founders and we want to support
them over time. And we also try to make sure that we can back founders like Guy who, you know, they're not here for that quick buck. They're
here to actually build something that is going to change, you know, the future of financial markets. And so, that market structure has
been a big part of the problem. And because of that market structure at the earliest of stages, the liquid funds just haven't been able
to make money in the same way. And so if they can't make money, then they're not going to be here because like at the end of the day,
that's what we're all trying to do.

Laura Shin:So in a moment, we'll talk
more about how to value these crypto treasury companies. But first, a quick word from the sponsors to make their show possible.

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Laura Shin:Back to my conversation with
Guy and Rob. So Guy in your tweet thread you said the premium to nav arbitrage is clearly ephemeral and won't sustain indefinitely. And
then you mentioned Michael Saylor would be the one exception. Can you talk about like how you're you know looking at the actual prices
that these companies are trading and how you think like what the you know value should be? Yeah just curious for how you would kind of
analyze one of these.

Guy Young: I honestly can't rationalize
what I'm seeing on like Bitcoin and ETH if I'm being honest. I think outside of Saylor I can't give you a logical explanation as to why
billions of capital are buying these vehicles like above 1x. I thought that it would disappear a bit quicker than it did. So it might
be a slightly unsatisfactory answer, but I think the fair valuation is 1x or slightly lower if you can't get