Crypto Asset Index "NADA" Begins Test Calculation and Seeks User Companies

N.Avenue Inc. (Head Office: Minato-ku, Tokyo; President & CEO: Yuki Kamimoto; hereinafter "N.Avenue") and NIPPON STEEL CORPORATION (Head Office: Minato-ku, Tokyo; President & CEO: Kazuhiko Tamaki; hereinafter "NSSOL") have commenced test calculations for the "NADA Crypto Asset Index." This index has been designed and developed based on opinions from the Crypto Asset Index Council (Chair: Tetsuro Morishita, Professor, Faculty of Law, Sophia University), for which both companies serve as the secretariat.

NADA Crypto Asset Index: https://indices.nadanews.com/

In addition, we are broadly recruiting user companies, such as financial institutions and information vendors, who wish to reference the data for consideration of index utilization.

◆ Seeking User Companies (Reference for Test Calculation Data)

Target Audience

Asset management companies, trust banks, securities firms, information vendors, and other companies considering the creation and management of crypto asset ETFs and investment trusts, and who are considering the use of the index.

Scheduled Start of Provision

August 2026

Early Application

https://forms.gle/pcLvGBJP6f3bivaT8

Inquiries

[email protected]

Overview of Indices for Test Calculation

*Ticker symbols for each index are subject to change prior to official provision.

Features of the NADA Crypto Asset Index

Feature 1: Information Dissemination Power and Expertise in the Crypto Asset Field

Through the operation of "NADA NEWS" (formerly CoinDesk JAPAN), a media outlet specializing in digital assets, we provide index information to both institutional and individual investors. Furthermore, leveraging the industry network cultivated since our founding in 2018, we will design stable operational rules for events specific to the crypto asset domain while appropriately incorporating feedback from user companies and experts.

Feature 2: Financial-Grade Technological Capabilities and Customization Support

NSSOL will be responsible for index calculation operations. NSSOL has provided order reception/execution and trade processing systems to major domestic securities firms for over 20 years. With technological capabilities that achieve ultra-high-speed processing in the microsecond range through many years of research and development, we will provide flexible and speedy support tailored to the needs of financial institutions and information vendors.

Feature 3: Expansion to Multi-Asset and General Digital Assets

Starting with yen-denominated price indices for BTC and ETH, we plan to sequentially roll out a "NADA Index Series" of indices that will cater to diverse needs, including multi-asset indices for crypto assets and other digital assets.

Main Anticipated Use Cases

● Calculation of NAV (Net Asset Value / Standard Price) and benchmark for performance evaluation of crypto asset ETFs and investment trusts

● Accounting fair value assessment standard for crypto assets

● Utilization as Indicative NAV (Indicative Net Asset Value) through expansion to real-time indices (to be sequentially developed as the NADA Index Series), adoption in crypto asset derivatives, or application to structured products utilizing crypto asset derivatives

Future Schedule

Period

Content

June 2026

Test calculation start (BTC/ETH yen-denominated indices), public release on NADA NEWS

August 2026 onwards

Start of index provision to early user companies (reference for test calculation data)

January 2027 (scheduled)

System connection with financial institutions and information vendors, and start of index distribution

About the Organizing Companies

● N.Avenue Inc.

Since 2018, N.Avenue Inc. has been an information service company that supports market formation through public-private collaboration and corporate business promotion in this domain, through its leading digital asset news media "NADA NEWS" (rebranded from CoinDesk JAPAN in 2025), Web3 domain conferences and training services, and Japan's largest corporate community "N.Avenue club." Their published works include "Web3 & Crypto Assets: 13 Future Predictions."

Date Established

November 28, 2018

Location

Minato-ku, Tokyo

Representative

Yuki Kamimoto

Business Activities

Information services related to Web3 and digital assets

Shareholders

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

URL

https://navenue.jp/

● NIPPON STEEL CORPORATION (NSSOL)

NSSOL has provided high-quality IT services to customers across a wide range of industries, including manufacturing, distribution/services, finance, telecommunications, and government agencies, by leveraging its extensive business knowledge and advanced technological capabilities, from consulting to development, construction, and operation. In its "NSSOL 2030 Vision," the company aims to be a "Social Value Producer with Digital" that independently creates value and proactively leads the resolution of societal and corporate issues. NSSOL will continue to contribute broadly to solving issues across society and industries.

Date Established

October 1, 1980

Location

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

Representative

President & CEO Kazuhiko Tamaki

Business Activities

Consultation on management and systems; planning, design, development, construction, operation, maintenance, and management of information systems; development, manufacturing, sales, and leasing of software and hardware related to information systems; IT-based outsourcing services and other various services.

URL

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

(Reference) Press Release at the Launch of the Crypto Asset Index Council

https://prtimes.jp/main/html/rd/p/000000064.000047016.html

(Reference) Press Release Regarding the Crypto Asset Index Council Report

https://prtimes.jp/main/html/rd/p/000000106.000047016.html

(Reference) Crypto Asset Index Council Report

https://www.nadanews.com/upload-data/files/indices_report_20260626.pdf

[Inquiries Regarding This Matter]

N.Avenue Inc.

E-mail: [email protected]

NIPPON STEEL CORPORATION

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

E-mail: [email protected]

[Inquiries from the Press]

NIPPON STEEL CORPORATION

Administration Division, General Affairs Department, Public Relations Group

E-mail: [email protected]

・NS Solutions, NSSOL, 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.