TLGY Acquisition Corporation
TLGYW
NASDAQ Global Market0.04
USD
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TLGY Acquisition Corporation
TLGYW
(NASDAQ Global Market)
Recent
price
0.04
P/E
ratio
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div
yld
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ROIC.AI
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in mil. unless spec.- Similar Companies
- Business
- TLGY Acquisition Corporation (NASDAQ: TLGYU, TLGY, TLGYW; OTC: TLGYF), a blank check company sponsored by Carnegie Park Capital LLC and based in Wilmington, Delaware, focuses on effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more growth-oriented businesses, originally targeting the biopharma and technology-enabled business-to-consumer sectors worldwide. Incorporated in 2021 with headquarters addressed via its sponsor at 200 East 94th Street, New York, NY, the company completed its initial public offering in 2023, raising $230 million through 23 million units at $10.00 each, listed on Nasdaq. TLGY currently holds no significant operations or products but maintains trust proceeds from its IPO for deployment in a target acquisition. In July 2025, TLGY entered a definitive business combination agreement with StablecoinX Assets Inc., a newly formed validator and infrastructure provider supporting the Ethena ecosystem, the third-largest issuer of digital dollars (USDe) behind Tether and Circle; the deal, expected to close in Q4 2025 subject to shareholder approval and Nasdaq listing under ticker USDE for StablecoinX Class A shares, includes an initial $360 million PIPE financing anchored by a $60 million Ethena Foundation commitment and participation from Dragonfly, Ribbit Capital, Blockchain.com, Pantera Capital, ParaFi Capital, Haun Ventures, Polychain Capital, Galaxy Digital, and Wintermute, with PIPE proceeds ($260 million cash plus $100 million in discounted ENA tokens) earmarked for acquiring locked ENA (Ethena's governance token) to build a permanent treasury reserve under a five-year collaboration agreement featuring an investment committee for oversight. In September 2025, TLGY and StablecoinX secured an additional $530 million PIPE from YZi Labs, Brevan Howard, Susquehanna Crypto, IMC Trading, and prior investors including Dragonfly, ParaFi Capital, Maven11, Kingsway, Mirana, and Haun Ventures, elevating total committed financing above $890 million to fuel ENA accumulation and position the post-merger StablecoinX as the first pure-play treasury company in the Ethena stablecoin vertical, operating validators, staking services, and ecosystem infrastructure to maximize ENA per share for public market investors.