Company: TLGYF
Filing Date: 2025-08-13
Form Type: 425
Source: 0001213900-25-075251
Chunk: 14

Company: TLGY ACQUISITION CORP
Filing Date: 2025-08-13
Form: 425
Chunk 14
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 your hands on the assets
that sit behind the vehicles. I can't give you a logical explanation as to why when someone has access to a BTC or ETH ETF, buying one
of these vehicles which isn't MicroStrategy with a superior capital structure, you could justify something that's like 50 to 100% premium
on top.

Laura Shin:Well, I actually I want to
run by you. I heard Tom Lee on Bankless talk about how, you know, so Bitmine stock BMNR, how that's trading. The way he argued this was
he was saying there's a premium for the ETH yield, a premium for liquidity and he had a bunch of comparisons to the other ETH treasury
vehicles and you know how much liquidity BMR had versus all of them. He also said that he considered a premium for that there should be
a premium for the velocity which he defined as like the rate of accumulation of ETH per share or in the case of like a strategy you know
bitcoin per share and the way that he was defining this he said that actually currently BMNR is accumulating more ETH per share or the
rate of accumulation is faster than Strategy is accumulating bitcoin per day. I wonder what you thought about you know those factors that
he was using to cite the you know what the trading price should be.

Guy Young:Yeah and maybe my response is
less around like his vehicle specifically but maybe like the points of argument that he's making. I think personally I don't think the
yield argument is one that sort of stands up. I think the ETH ETFs in the near future are going to see staking sort of introduced in like
the economics of their offerings as well. And I think relative to the volatility of the underlying, I think the yield that you produce
on ETH isn't actually that interesting. So producing, you know, 2.5% to 3% paid in the token itself isn't actually like a real yield.
I think we sort of slightly lost sight of this with ETH through the years where the vast majority of the component of where that return
is coming from is just ETH inflating on itself rather than ETH producing like a 3% real cash dividend yield from activity that sits on
the chain. And so any you know chain proof stake chain can produce a nominal yield printing its own token and then sort of being able
to give that back into a vehicle. So I don't really see that as like outright value creation. And then I think