Saylor's Contrarian Bet Morphs Into Full-Blown Crypto Gold Rush
TLGY Acquisition Corp. put a pitch in front of investors in April entitled 'MicroStrategy 2.0,' a reference to the Bitcoin-accumulation company run by Michael Saylor. Only TLGY wasn't planning to buy Bitcoin.
Instead, the special purpose acquisition company planned to acquire ENA tokens issued by Ethena, the crypto project behind the industry's fourth-largest digital dollar, according to an investor memo reviewed by Bloomberg News. TLGY initially signed a letter of intent with the Ethena Foundation to explore a potential partnership on April 10.
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