Towards the Realization of Domestic Crypto Asset ETFs, Report from Crypto Asset Index Council Published

N.Avenue Inc. (Headquarters: Minato-ku, Tokyo, President and CEO: Yuki Kamimoto, hereinafter "N.Avenue") and NIPPON STEEL CORPORATION (Headquarters: Minato-ku, Tokyo, President and CEO: Kazuhiko Tamaki, hereinafter "NSSOL") have published a report on the calculation of a Japanese Yen-denominated crypto asset index, which was discussed by the "Crypto Asset Index Council (Chair: Tetsuro Morishita, Professor, Faculty of Law, Sophia University)" jointly administered by the two companies.

This report aims to share the results of discussions on calculating a "highly transparent and reliable Japanese Yen-denominated crypto asset transaction price index," which is necessary for the creation of domestic crypto asset ETFs, with a wide range of stakeholders and the public.

Background and Objectives

In January 2024, a spot Bitcoin ETF was approved in the United States. Since then, the market size of crypto asset ETFs has been rapidly expanding as a new investment target, with Assets Under Management approaching $100 billion within a year. In Japan as well, as the legal framework underpinning regulation transitions from the Payment Services Act to the Financial Instruments and Exchange Act, the environment for creating financial products incorporating crypto assets is progressing.

However, there was a challenge: a lack of domestic "Yen-denominated benchmark indices" essential for calculating NAV (Net Asset Value) and evaluating the performance of investment trusts and ETFs, which are expected to be utilized in these financial products. It has been pointed out that using foreign currency-denominated indices converted by exchange rates does not reflect the specific supply and demand structure (premium/discount) and liquidity environment of the Japanese market, leading to ETF tracking errors* and deviations in execution costs.

Based on these challenges, the Council brought together experts from the financial, academic, legal, and crypto asset industries to engage in repeated discussions to consider the form of a Yen-denominated index that would contribute to the development of the Japanese crypto asset market and be explainable to overseas entities.

Furthermore, N.Avenue Inc. and NIPPON STEEL CORPORATION, which serve as the secretariat, plan to calculate and operate the index based on the discussions held in this Council.

Report Link

June 30, 2026 NIPPON STEEL CORPORATION N.Avenue Inc.

The report from this Council can be accessed from the link below. URL: https://www.nadanews.com/upload-data/files/indices_report_20260626.pdf

Future Schedule

Period

Content

June 2026~

Publication of Council Report & Start of Test Calculation (BTC/ETH) Start of Recruitment for User Companies

August 2026~

Start of Beta Version Index Provision to Financial Institutions Considering Use (Referencing Test Calculation Data)

January 2027 (Scheduled)

Start of System Connection and Distribution with Financial Institutions and Information Vendors

About the Crypto Asset Index Council

This Council was established in 2025 with a view to the overall development of the Japanese crypto asset market, bringing together experts from the financial, academic, and crypto asset fields. It was held six times from November 2025 to May 2026, discussing the development of a socially significant index.

【Chair】

Tetsuro Morishita, Professor, Faculty of Law, Sophia University

【Council Members】(In Japanese syllabary order, titles omitted)

Hideteru Imai - Senior Researcher, Digital Asset Business Office, Frontier Business Development Department, Mitsubishi UFJ Trust and Banking Corporation

Isao Uezaki - General Manager, Investment Department, Nomura Asset Management Co., Ltd.

Takashi Kato - Professor, Graduate Schools for Law and Politics, The University of Tokyo

Aoi Kanemitsu - Executive Officer, Business Strategy Division, bitFlyer, Inc.

Ken Kawai - Partner, Anderson Mori & Tomotsune

Tomohiko Kondo - President and Representative Director, SBI VC Trade Co., Ltd.

Hajime Sato - Director, Monex Asset Management Inc.

Tsuyoshi Chino - Honorary Chairman and Director, Binance Japan

Yoshihiro Nakajima - Senior Manager, Product Strategy Department, Asset Management One Co., Ltd.

Mitsuru Hayakawa - General Manager, Investment Planning Department, Sumitomo Mitsui DS Asset Management Company, Ltd.

Noriyuki Hirosue - President and CEO, bitbank, Inc.

Shinichiro Matsuo - Research Professor, Georgetown University / Research Professor, Virginia Tech

Jun Matsumoto - Executive Officer, DX/AI Special Assignment, Investment Division, Daiwa Asset Management Co., Ltd.

Takahiko Watanabe - Professor, Faculty of Commerce, Senshu University

【Observers】(In no particular order)

Sumitomo Mitsui Trust Asset Management Co., Ltd.

Amova Asset Management Co., Ltd.

MUFG Asset Management Ltd.

Coincheck, Inc.

Next Finance Tech Co., Ltd. / BACKSEAT Co., Ltd.

【Secretariat/Organizer】

Yuki Kamimoto - Representative Director CEO, N.Avenue Inc.

Hiroshi Miyoshi - Digital Finance Technology Center, Financial Business Engineering Department, Financial Solutions Business Division, NIPPON STEEL CORPORATION

Yoshimasa Ito - Digital Finance Technology Center, Financial Business Engineering Department, Financial Solutions Business Division, NIPPON STEEL CORPORATION

Advisor

Akiyoshi Maruyama - Managing Director, Osaka Digital Exchange Co., Ltd.

About the Organizing Companies

● N.Avenue Inc. N.Avenue Inc. is an information service company that has been supporting market formation and corporate business promotion through public-private collaboration in this field since 2018, via leading domestic digital asset news media NADA NEWS (rebranded from CoinDesk JAPAN in 2025), Web3 domain conference and training services, and the largest corporate community in Japan, "N.Avenue club." They also authored "Web3/Crypto Assets: 13 Future Predictions."

Date of Establishment

November 28, 2018

Location

Minato-ku, Tokyo

Representative

Yuki Kamimoto

Business Description

Information services related to Web3 and digital assets

Shareholders

Spiral Capital, Nomura Holdings, ABC Dream Ventures Inc., NIPPON STEEL CORPORATION, Headline Asia, NOBUNAGA CAPITAL VILLAGE Inc.

URL

https://navenue.jp/

● NIPPON STEEL CORPORATION (NSSOL)

NSSOL has been providing high-quality IT services by leveraging its extensive business knowledge and high technical capabilities, from consulting to development, construction, and operation, for customers in a wide range of industries including manufacturing, distribution/services, finance, telecommunications, and government offices. In the "NSSOL 2030 VISION," they aim to be a "Social Value Producer with Digital" that independently creates value and proactively leads the resolution of social and corporate issues. They will continue to broadly contribute to solving issues across society and industries.

Date of Establishment

October 1, 1980

Location

Toranomon Hills Business Tower, 1-17-1 Toranomon, Minato-ku, Tokyo

Representative

Kazuhiko Tamaki, President and Representative Director

URL

https://www.nssol.nipponsteel.com/

*ETF Tracking Error

An indicator showing how much the price and price movements of an ETF deviate from the index (benchmark) it aims to track. The smaller this value, the higher the correlation with the benchmark and the better the performance.

(Reference) Press Release at the time of the Council's Inauguration

https://www.nssol.nipponsteel.com/press/2025/20251112_110000.html

[Inquiries Regarding This Matter]

N.Avenue Inc.

E-mail: info@navenue.jp

NIPPON STEEL CORPORATION

Financial Solutions Business Division, Financial Business Engineering Department, Digital Finance Technology Center

E-mail: fin-nsljin-sales@jp.nssol.nipponsteel.com

[Media Inquiries]

NIPPON STEEL CORPORATION

Management Division, General Affairs Department, Public Relations Group E-mail: press@jp.nssol.nipponsteel.com

・NS Solutions, NSSOL, and the NS logo are registered trademarks of NIPPON STEEL CORPORATION.

・Company names and product names in this text are trademarks or registered trademarks of their respective companies.