Company: TLGYF
Filing Date: 2025-08-13
Form Type: 425
Source: 0001213900-25-075251
Chunk: 7

Company: TLGY ACQUISITION CORP
Filing Date: 2025-08-13
Form: 425
Chunk 7
---
 an incredible piece
to add to Bitcoin on top. And you'd actually want to pay more than one times Bitcoin to actually get exposure to the capital structure
that he's put in place. So I think one thing that's going to look quite different here is that your ability to put in place the capital
structure that he has on assets that aren't Bitcoin and maybe ETH, I think, is going to be a bit more challenging. And so a lot of these
altcoin treasuries, including what we're sort of trying to do with StablecoinX, I think we'll have a very different look and feel there
where the reliance on debt to create value per share is going to be much reduced here. And I think it's just more around the broadening
of exposure and distribution as Rob said.

Rob Hadick:Well, and I also want to just
like also make something very clear at least from my perspective and Guy could disagree with this is that I don't think it's actually
appropriate to put a lot of leverage on these longer tail assets because they are more volatile and you will see you know potentially
these things trade under NAV or and actually I think it's an inevitability that a lot of these trade under NAV for some period of time
depending on you know what kind of part of the cycle we're in for the crypto cycle and so I think that is fine because this is a distribution
story. It is not a, you know, call it a financial alchemy story in the same way, you know, MicroStrategy is more of a financial alchemy
story. And so, it's just a different product for different people.

Laura Shin:That's so interesting. And
I definitely want to talk a little bit more about MicroStrategy in a little bit, as well as what you were saying about how some of these
may trade below NAV. But before we do that, I wanted to kind of look more at the token side before we kind of get into the details on
all these different structures, you know, and this is more of like the skeptic's view. And I'm just curious for your response to the skeptic's
view. You know, there would be people who would say like for instance in Guy's tweet that that sparked this you know whole podcast he
said something like oh you know retail isn't buying in what is 99% vaporware anyway or retail isn't buying more of it you know you know
other than the