Company: TLGYF
Filing Date: 2025-08-13
Form Type: 425
Source: 0001213900-25-075251
Chunk: 27

Company: TLGY ACQUISITION CORP
Filing Date: 2025-08-13
Form: 425
Chunk 27
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with close to zero cost and so I think we consistently see this theme it was you know uniswap in 2020 being forked and then L2s and now
I think it's just going to be an oversupply of these ideas coming to market that's sort of how it ends which is just too much supply of
the same idea coming the market and we sort of run out of capital that's interested to bid them. I do think some of the comparisons to
some of the disasters that we saw last cycle you know like Grayscale and that kind of stuff with GBTC isn't really the same sort of comparison
here. There isn't a ton of leverage that's sitting in them as Rob said outside of Saylor and it's not hidden leverage which is the very
important piece because a lot of what blew up last cycle was sort off you know opaque leverage that was sitting on balance sheets that
no one could see. I think here it's pretty much in the open and you know if people are buying a pool of assets for above one times NAV
and it trades below it's just kind of like that's part of what you're signing up to in the trade it's not really the same sort of risk
that I think developed lot cycle with sort of shadow leverage throughout the whole system.

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Rob Hadick: I would agree with all that.
Like I think anything anyone calling for a blowup here I think is misusing the term blowup, right? I think there could be a deflation
and there will probably be a deflation and it's probably more akin to what we saw in SPACs in 2021 than it is akin to what we saw in call
it like Luna or FTX or something which is that eventually just demand dries up right and some of these things trade below premium below
NAV there's no new net new investors people stop being able to launch these things you know people are late to the game lose some money
but you know that's fine right like that's investing. The point around debt or around leverage really only being in Saylor's vehicle.
That's an important one. And you know, as long as Saylor doesn't blow up. I think where there's it's hard to see there being any sort
of call it you know, large systemic risk that's involved with any of these vehicles. Instead, they just, you know, they'll exist. They'll
be they