Company: TLGYF
Filing Date: 2025-08-13
Form Type: 425
Source: 0001213900-25-075251
Chunk: 6

Company: TLGY ACQUISITION CORP
Filing Date: 2025-08-13
Form: 425
Chunk 6
---
 they you know play the you know this convert or that that exists.
And so it's actually a much more sophisticated call it hedge fund investor who gets into that part of the capital structure primarily.
And then on the debt side, what you've seen is a lot of credit funds actually want a little bit of exposure to Bitcoin or they want a
little bit of exposure to this type of growth, but it's not in their LPA. It's not in their mandate that their investors have given them.
And so MicroStrategy debt allows them potentially to put a little piece of their book into this volatility into this potential upside
that is rounds out a very thoughtful you know kind of cost of, or kind of a return target that they have. And so we've seen a lot of different
types of institutional and sophisticated investors wanting to invest in different parts of the capital structure depending on how you
know exactly what their mandate is and how they want to structure their type of investing. And so it's actually not as much of a call
it a retail play for those Bitcoin vehicles. I think for as we get to the longer tail assets that's going to change a little bit. Now
you still see the same investors in the convertibles because that frankly a lot of the convert investors do not care about the underlying
asset. What they care about is the structure of the convert itself. But when you think about the long-term holders there is a lot of excitement
in retail specifically for stablecoin exposure. There's also a lot of you know excitement for and call it the more fundamental you know
buy and hold type of asset managers who want long-term exposure to you know stablecoins as well as and you see that in Circle shareholder
base and so the shareholder base is a little bit different when we talk about the capital structure of MicroStrategy versus the capital
structure of something like a TLGY.

<div align='center'>3</div>

Guy Young:Yeah, and I think it's an important
point that Rob is touching on there with MicroStrategy. And I think when we talk about the sustainability of these premiums going forward,
I think what we will see is like a divergence or dispersion of Strategy versus everything else that's in the market. I think one thing
that people don't appreciate is that Michael Saylor's ability to raise leverage or construct the capital structure that he has is not
accessible to everyone. So individuals do not have access to non-callable, non-liquidatable leverage on BTC, which is