Company: TLGYF
Filing Date: 2025-08-13
Form Type: 425
Source: 0001213900-25-075251
Chunk: 10

Company: TLGY ACQUISITION CORP
Filing Date: 2025-08-13
Form: 425
Chunk 10
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 a lot of you know hopes and dreams and wishes and we also believe that you know blockchains and crypto are changing the core of
financial market infrastructure but build that product, get people to use it and then get worried about you know what your public coin
price is and that just hasn't been what's been happening the past few years.

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Guy Young: I was just going to say to echo
what Rob was saying there, I think it's actually an extremely healthy development in the market. And if you actually look at what's happening
in equity markets, it kind of mirrors what you see now, which is it's called mag seven for a reason. All of the all of the sort of returns
that come out of equity markets are just seven companies driving the entire thing. And winners just continue to compound on themselves
in a very aggressive way. And I think what this is going to be the catalyst for is actually identifying what is that mag seven within
crypto where these are the real businesses that are generating real revenues and continue to sort of compound as winners going forward.
And I think it you know it's no different to what you've seen within the equity market so far.

Laura Shin:So again before I because I
really do want to dive in much more deeply into this you know treasury company trend but I did just want to ask one more question about
kind of like problems that existed in crypto that maybe led to this moment which you know Guy in your tweet thread you mentioned what
you called the significant challenges that Ethena faced with VC unlocks. You said quote I personally made countless mistakes with fundraising
and think about these mistakes daily. Crypto has a severe capital misallocation problem with private VC capital far outweighing liquid
capital to sustain token valuations post TGE and that we're not here to criticize Robert or his place in the ecosystem but you know I
just would love to hear you talk a little bit more about like what that problem has meant for tokens generally and why you feel like you
know the corporate treasury company is potentially at least one solution to that.

Guy Young:So I think it's not actually
just my comment there wasn't like an issue with VCs. I think they still play an incredibly important part of like the life cycle of creating
new products. It takes money to build these things and it wasn't criticism I think to VC in general. I just think there's a very obvious
over-supply of VC capital