TLGY 和 Ethena，细节说明：

$TLGY ACQUISITION CORPORATION(TLGYF.US) is still a SPAC shell company. Considering the risks of treasury companies, this operation should be handled with caution and not with large positions. Don't let it keep you up at night. My current plan is to buy this stock every day or every other day in the near future, with a few thousand dollars each time.

By Grok:

Yes, TLGY Acquisition Corporation (stock code:$TLGY ACQUISITION CORPORATION(TLGYF.US)) indeed plans to become the exclusive treasury company for the Ethena project through a business combination with StablecoinX Assets Inc. This news originated from the official announcement on July 21, 2025, and was further updated and confirmed on September 5, 2025.

Background and Role Confirmation

Business Combination Details: TLGY, as a special purpose acquisition company (SPAC), has signed a definitive agreement with StablecoinX Assets Inc. (a validator and infrastructure company supporting the Ethena ecosystem) for a business combination. The merged company will be renamed StablecoinX Inc. and will focus on the stablecoin (USDe) vertical of Ethena, becoming the world's first pure treasury company.
Relationship with Ethena: StablecoinX will provide infrastructure and staking services for the Ethena protocol and collaborate with the Ethena Foundation through a multi-year agreement (initial term of 5 years, automatically renewable for 1 year). The core goal is to build a reserve for Ethena's native token ENA, permanently holding these tokens (without selling, lending, or staking unless approved by the Ethena Foundation) to support Ethena's stablecoin ecosystem (USDe is currently the third-largest issuer of digital dollars on-chain, after Tether and Circle).
Funding Support: The initial PIPE (private investment in public equity) financing is approximately $360 million (including $60 million contributed by the Ethena Foundation), followed by an additional $530 million, totaling $890 million. These funds will mainly be used to purchase discounted locked ENA tokens from Ethena Foundation subsidiaries, with the merged company expected to hold over 3 billion ENA tokens after the combination. Additionally, the Ethena Foundation will initiate a total of $570 million in token buyback plans ($260 million initially, followed by $310 million) to support shareholder value.

Follow-up Execution Plan

The post-merger execution plan focuses on treasury management and ecosystem support, as follows:

Fund Allocation and ENA Acquisition: PIPE proceeds (after deducting fees) will be used to purchase discounted locked ENA tokens. Ethena Foundation subsidiaries will use these proceeds to buy ENA on the open market. All capital allocation decisions (such as ENA purchases and treasury operations) require majority approval from a three-member investment committee (including representatives from StablecoinX, the Ethena Foundation, and an independent member). StablecoinX will adopt a permanent capital treasury model, permanently holding the acquired ENA.
Strategic Advisory Committee: StablecoinX has formed a strategic advisory committee, chaired by Rob Hadick of Dragonfly, to provide strategic guidance on ecosystem alignment, market structure, partnerships, and governance. The committee will announce more members before the merger to complement the board and management.
Other Operations: The merged company will operate validator and infrastructure services for the Ethena protocol and explore further stablecoin innovations (such as the launch of USDtb based on the GENIUS Act, subject to regulatory clarity).

Timeline

Expected Merger Completion: The transaction is expected to be completed in the fourth quarter of 2025 (Q4 2025), subject to shareholder approval, successful listing of StablecoinX on Nasdaq (stock code USDE, warrant code USDEW), and other customary conditions.
Immediate Actions: The Ethena Foundation's token buyback plan has been initiated immediately. The strategic advisory committee will complete member appointments before the merger closes.
Subsequent Milestones: After closing, ENA acquisition and treasury operations will begin immediately; the collaboration agreement will take effect from the closing date, with an initial term of 5 years. No more specific monthly or daily details have been announced, possibly depending on regulatory review and shareholder voting processes (refer to SEC filings, such as the 8-K filing on September 5, 2025).

For further regulatory updates or delays, it is recommended to follow TLGY's SEC filings or official website.