Company: TLGYF
Filing Date: 2025-09-29
Form Type: S-4
Source: 0001213900-25-092592
Chunk: 402

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-29
Form: S-4
Chunk 402
---
, which staking rewards have not yet been fixed, and the market value of our ENA Token reserves. The Ethena protocol operates within the rapidly growing DeFi and blockchain infrastructure sector. We believe that the increasing adoption of blockchain technology and stablecoin -basedprotocols will present a significant opportunity for validator service providers like us. As the Ethena protocol scales, the demand for reliable validators and infrastructure support is expected to grow, driven by increased transaction volumes and the need for robust network security. We believe that StablecoinX will be well -positionedto capitalize on this trend by leveraging its technical infrastructure and strategic focus on the Ethena ecosystem in conjunction with its close relationship with the Ethena Foundation through our multi -yearCollaboration Agreement. Our ongoing treasury strategy involves purchasing locked ENA Tokens at a discount through our Collaboration Agreement with the Ethena Foundation. To fund these purchases, we may issue shares in the public market, subject to market conditions and applicable regulations. This approach is expected to increase our ENA Tokens per share, provided shares are sold at an mNAV exceeding 1 minus the discount rate. Competitive Strengths We believe we will be well -positionedto become a differentiated public market vehicle for investors seeking exposure to ENA Token. StablecoinX is being established as a purpose -builtplatform for investment in the Ethena ecosystem through the public equity markets, with a strategy focused exclusively on Ethena -relatedoperations. Our business model is intended to unlock a potentially compelling opportunity for long -termvalue creation through multiple Ethena -focusedbusiness lines. We expect that our competitive strengths will include (i) the relatively large accumulation of ENA Token in our treasury, which as of the date of this proxy statement/prospectus is expected to hold approximately 20% of the total ENA Token supply, (ii) our multi -yearCollaboration Agreement with the Ethena Foundation that grants us the right to purchase locked ENA Tokens from the Ethena Foundation at a discount in certain circumstances, and (iii) our human capital. ENA Token Treasury We intend to establish our initial reserve of ENA Token through the consummation of the PIPE and ENA Contribution. Based on the number of Locked ENA Token purchased by the Company with the Cash PIPE Proceeds and the number of ENA Token expected to be received by the Company in connection with the consummation of the ENA Contribution and the PIPE, we expect to own an aggregate of approximately 3.03 billion