TLGY Partners with Ethena Foundation for Strategic Partnership

TLGY, a Cayman Islands-based special purpose acquisition company (SPAC), has entered into a non-binding letter of intent (LOI) with the Ethena Foundation to explore a strategic partnership focused on acquiring a validator business and potentially purchasing up to $100 million in ENA tokens. The agreement, detailed in a SEC filing dated April 9, 2025, outlines TLGY’s plan to acquire a validator business that will support the Ethena ecosystem, including the upcoming Converge network. TLGY will have the right to purchase ENA tokens from Ethena at a mutually agreed discount based on market price upon completion of the business combination.