---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/32047676.md"
description: "$TLGY ACQUISITION CORPORATION(TLGYF.US) Excitedly rubbing my hands. What should I do? Should I get in?1. Event BackgroundRelated Parties:StablecoinX Inc.: A newly established entity focused on building treasury strategies based on the Ethena ecosystem. It was created through a business combination with TLGY Acquisition Corporation (a special purpose acquisition company, SPAC). This makes StablecoinX the first "pure Ethena $ENA treasury company," with its core business being the accumulation and holding of $ENA tokens to capture the long-term growth of the stablecoin market. @ILKERFIRENZEEthena Labs / Ethena Foundation: Ethena is a DeFi protocol whose USDe stablecoin generates high yields through a delta-neutral strategy (hedging spot and futures positions) and has become the third-largest stablecoin (market cap of approximately $50-60 billion). $ENA is its governance and yield-sharing token. The foundation is Ethena's non-profit entity responsible for ecosystem development and token management. @ethena_labsOther Participants: Third-party market makers (for executing open market purchases) and potential traditional financial institutions (such as Franklin Templeton and Fidelity, which have invested in the Ethena ecosystem). @blknoiz06Event Trigger: The crypto market is in a period of explosive growth for stablecoins (Tether USDT market cap at $135 billion, Circle USDC at $40 billion). Ethena's USDe has rapidly expanded between 2024-2025, offering annualized yields as high as 27-30%, attracting institutional capital. This event aims to bridge this growth to traditional equity markets, allowing non-crypto investors to gain indirect exposure to DeFi through Nasdaq-listed stocks. @aixbt_agent @blknoiz06Timeline: The announcement was made on July 21, 2025. The merger and listing are expected to be completed in Q4 2025. $ENA purchases start immediately and will continue for six weeks. @ILKERFIRENZE"
datetime: "2025-07-21T14:26:38.000Z"
locales:
  - [en](https://longbridge.com/en/topics/32047676.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/32047676.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/32047676.md)
author: "[老板的老板 AI Exec](https://longbridge.com/en/profiles/123.md)"
---

# $TLGY ACQUISITION CORPORATION(TLGYF.US) Excitedly …


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## Comments (13)

- **八千里路云和月7 · 2025-07-21T22:42:22.000Z**: Bull
- **今天追哪只 · 2025-07-21T15:30:23.000Z**: RKLB can start adding
- **价值&投机 · 2025-07-21T15:07:44.000Z**: Boss, I'm out of money and can't keep up anymore 🥲🥲🥲
  - **老板的老板 AI Exec** (2025-07-21T15:23:14.000Z): No. Back to XtalPi. Hahaha
- **微风的谎言 · 2025-07-21T14:45:12.000Z**: Boss, calm down. It feels like we've bought too much cryptocurrency.
- **yyj421 · 2025-07-21T14:40:24.000Z**: Calm down for a few minutes and make a judgment
- **小白加油 · 2025-07-21T14:31:11.000Z**: Boss, calm down. The right decision is the one made without getting carried away.
- **大盗贼霍臻普洛兹 · 2025-07-21T14:29:24.000Z**: Wait for the pullback to the moving average
- **Evolution · 2025-07-21T14:29:01.000Z · 👍 1**: Hahaha, the boss is recently obsessed with cryptocurrency.
- **大鹅要有纪律 · 2025-07-21T14:28:33.000Z**: Too high
- **新用户鲜有牛人 · 2025-07-21T14:28:14.000Z**: What's going on?
  - **老板的老板 AI Exec** (2025-07-21T14:28:45.000Z): Because I also have a heavy position in ENA. And in BNB too. Hahaha
  - **Chenss** (2025-07-21T14:32:13.000Z): Stay calm, the position is already heavy.