Company: TLGYF
Filing Date: 2025-08-13
Form Type: 425
Source: 0001213900-25-075251
Chunk: 1

Company: TLGY ACQUISITION CORP
Filing Date: 2025-08-13
Form: 425
Chunk 1
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 thread that Guy wrote about why Ethena decided to do a corporate
treasury vehicle. So, just some background, Ethena is doing a SPAC merger with TLGY Acquisition Corp., and they will be creating the entity
StablecoinX Assets, which is going to be a validator and infrastructure business supporting the Ethena ecosystem. It's raised $360 million
in what's known as PIPE financing, which stands for private investment and public equity. And Dragonfly is one of many investors. The
others include Ribbit Capital, Blockchain.com, Pantera Capital, ParaFi Capital, Haun Ventures, Polychain, Galaxy, Wintermute, and others.
So, you know, let's start off with how it is that you decided to, you know, bring this new company into existence and why you thought
it made sense and what problem you were trying to solve. Guy, do you want to start?

Guy Young:Yeah, for sure. Maybe before
we jump into that I think obviously the comments that I'm making today are my own views and I'm not actually running the vehicle that's
been set up. So there's a separate management team that's running it making the day-to-day decisions but I'm obviously supportive of it
and an adviser to the vehicle itself. So I think the context here was we were approached at the beginning of this year actually I think
before we'd seen as much frost within the segment of the market in terms of new vehicles coming to market and the broader thesis was basically
TradFi has a lot of interest in digital dollars, the growth of stablecoins and that thematic and that was actually before Circle had actually
come out with their IPO. We've been in discussions with the team since then and I think after we saw Circle come out I think it became
very evident to us that there was just a very clear mismatch between the demand for these thematics and then I think the supply of ideas
that you could actually express that view. And so I think once Circle had come out we started to engage a bit more seriously around this
idea and the basic thesis that we have and it's something that I sort of outlined in the tweet thread that you mentioned is that we have
like almost zero interest in terms of some of the dynamics that you're seeing in the market right now where these vehicles are just trading
at a premium to NAV and you know people are paying a $1.50 for a $1.00 of underlying assets.