TLGY, a Cayman Islands-based special purpose acquisition company (SPAC), has signed a non-binding letter of intent (LOI) with the Ethena Foundation to explore a strategic partnership centered around the acquisition of a validator business and the potential purchase of up to $100 million in ENA tokens. According to a filing with the U.S. Securities and Exchange Commission (SEC) dated April 9, 2025, the proposed partnership outlines TLGY’s plan to acquire a validator business designed to support the Ethena ecosystem, including the upcoming Converge network. As part of the agreement, TLGY will have the right to purchase ENA tokens from Ethena at a mutually agreed discount based on the market price on the date the business combination is completed. Related News: Grayscale, Managing Billion Dollars, Said "Tariffs Will Benefit Bitcoin", Explained The Reason The proposed $100 million token purchase is expected to be funded through a mix of cash held in TLGY’s escrow account and equity provided through a public equity private investment (PIPE) commitment from Ethena. The exact financing structure and discount rate are subject to further negotiations. Additionally, the agreement includes provisions that could allow TLGY to participate in future discounted token sales pending mutual agreement. The envisioned partnership will last five years from the signing of a definitive agreement. *This is not investment advice. Continue Reading: A Giant Company Signs a Deal with this Altcoin, Including a Discounted $100 Million Token Purchase
