December 25, 2025

We would like to express our sincere gratitude for your exceptional support.
 
Today, December 25, 2025, marks the second anniversary of START, our secondary market for security tokens (ST). All of us at ODX would like to express our deepest appreciation to our investors and all other stakeholders; this milestone would not have been possible without your immense support and patronage.
 
Over the past year of market operations, we have seen a period of transition in the institutional landscape, including responses to tax reforms, which led to a temporary plateau in the primary market. However, this period also facilitated essential discussions on the nature of these products, and the market environment for the future is steadily taking shape. Thanks to your support, START now handles seven issues, solidifying our foundation to provide reliable opportunities for investors.
 
Looking at trends across the primary market, we see great promise for the diversity and future expansion of STs. In addition to the increasing scale of traditional real estate-related assets, there is growing interest in the issuance of non-real estate assets. Furthermore, it has been a year of heightened expectations for market growth on the infrastructure front, highlighted by active discussions regarding stablecoins.
 
We position this coming year as a time for leapfrog growth, using our achievements to date as a foundation to establish START as the core infrastructure supporting ST distribution in Japan. Driven by our mission to lead improvements in reliability and liquidity through sound and smooth market operations, we will continue to expand the range of assets and issues available. By doing so, we aim to broaden choices for investors, contribute to market revitalization, and enhance convenience to ensure START remains the market of choice for both investors and issuers.
 
We sincerely look forward to your continued support and encouragement.
 
Kimio Mikazuki
President, Osaka Digital Exchange Co., Ltd.