イデ

デジタル資産の未来を信じる！ #INX #XDC #PI ホルダー

[FLIP @Dynamichong_]

📌 A Statement on INX Token Holder Rights, Disclosure, and Trust

Hi I'm FLIP

Before sharing an important and positive update about Korea’s security token market, I believe one unresolved issue must be addressed with clarity and seriousness.

For several years, I have helped organize STO SUMMIT, Korea’s dedicated Security Token and RWA event, together with Edaily.

This year, at the request of the Korean government, the Financial Services Commission, and Korea Exchange, we are preparing the STO sector program within Korea Premium Week, in a format similar in spirit to Japan Week.

Korea is entering a critical phase. Token securities legislation is expected to move into full implementation next year, and the Korean capital market is attracting unprecedented global attention.

For years, I have analyzed security token regulations, market structures, global case studies, and companies that could shape the future of Korea’s tokenized securities market.

INX has been one of the most important cases I have followed, because it was issued through an SEC-registered public offering and has been widely regarded as a reference case for regulated security tokens.

I am writing this as a market analyst who has studied INX deeply, and as someone who has worked to help Korea’s tokenized securities market develop and connect with the global market.

However, before celebrating Korea’s next chapter, one issue must be addressed.

That issue is:

⚖️ INX Token holder rights.

I believe INX Token holders have not yet received sufficient clarity.

In particular, INX Token holders in Korea, Japan, and globally now need clear, official, and legally grounded communication.

INX Token is not a simple utility token.

It was issued through an SEC-registered public offering as a blockchain security token. The rights of INX Token holders are described in the INX Prospectus / White Paper and SEC filings.

The INX Prospectus states:

“Each INX Token … will entitle its holder to receive pro rata distributions of 40% of the Company’s cumulative net cash flow from operating activities, excluding any cash proceeds from an initial sale by the Company of an INX Token (‘Adjusted Operating Cash Flow’).”

This means INX Token holders have a contractual right to receive pro rata distributions of 40% of INX Limited’s cumulative Adjusted Operating Cash Flow, or AOCF.

The Prospectus also states:

“The distribution to INX Token holders is a contractual obligation of the Company and a right of each INX Token holder…”

This is not merely a marketing statement.

It is described in the SEC-registered offering document as a contractual obligation of the Company.

The Prospectus also states:

“The pro rata distribution … is not self-executing and requires that our board of directors approve the Company’s financial statements and calculate such distribution in good faith.”

But this does not mean the Company has unlimited discretion to neutralize INX Token holder rights.

The key phrase is:

⚖️ good faith

INX Token holders have a legitimate right to ask:

1. How is AOCF being calculated?
2. Are INX revenues and costs being allocated fairly?
3. After the Republic acquisition, has the economic value of INX been shifted to another entity or structure?
4. Are revenues generated through INX’s ATS, broker-dealer, and secondary trading infrastructure properly reflected in INX Limited’s AOCF?
5. Are INX Token holder rights being preserved not only formally, but also substantively?

The INX Prospectus also contains a very important protection:

“The Company may not amend or modify the INX Token Purchase Agreement in a manner that would materially impair the rights of the INX Tokens without the express consent of INX Token Holders.”

And further:

“Any amendment or modification which would have the effect of materially and adversely amending or modifying the rights of the INX Tokens would need to be agreed to by each holder of INX Tokens.”

In other words, the rights of INX Token holders cannot be materially and adversely modified without holder consent.

After Republic’s acquisition of INX, these rights did not disappear.

INX’s 2026 Form 20-F states that INX Token was delisted from https://t.co/mSL4agjB3Z on February 15, 2026, but also clearly states:

“All existing INX Token rights remain unchanged.”

This sentence matters.

⚖️ Delisting is not the same as extinguishing holder rights.

INX itself disclosed to the SEC that all existing INX Token rights remain unchanged.

There is also another critical issue:

📄 Disclosure obligations.

INX Limited issued INX Token through an SEC-registered public offering and has filed reports with the SEC through Form 20-F and Form 6-K.

The fact that Republic is a private company should not mean that material information directly related to INX Token holder rights can disappear without explanation.

I am not saying Republic must disclose all of its private-company financials.

But if INX Limited remains subject to SEC reporting obligations, and if INX Token is a security token issued through an SEC-registered offering with a 40% AOCF participation right, then the following matters require clear disclosure or official explanation:

1. The current status of INX Token rights
2. The methodology for calculating AOCF
3. Revenue attribution between INX Limited and Republic
4. Whether revenues from INX’s ATS, broker-dealer, and regulated secondary trading infrastructure are attributed to INX Limited or its subsidiaries
5. Whether such revenues are reflected in AOCF
6. Cost allocation and intercompany arrangements between Republic and INX
7. The status of any INX Token buyback or Republic Note exchange
8. How Republic and INX will ensure that “All existing INX Token rights remain unchanged” is respected in substance

In particular, if INX’s regulated secondary trading infrastructure is central to Republic’s future strategy, then the revenues, costs, and AOCF treatment of that infrastructure should be disclosed or officially explained in a way that INX Token holders can understand and verify.

AOCF rights are not abstract rights.

They depend directly on operating cash flow, revenue attribution, cost allocation, and intercompany arrangements.

If Republic uses INX’s broker-dealer license, ATS, INX.One-related infrastructure, or secondary trading infrastructure to grow its business, holders deserve clarity on where the economic value is attributed, what costs are allocated to INX, and how those amounts affect AOCF.

This is not curiosity.

It is a basic request from holders of a security token issued under an SEC-registered offering.

Also, if an INX Token buyback or Republic Note exchange is actually pursued, it may involve a securities repurchase or exchange transaction. Under U.S. securities law, if an issuer or affiliate conducts a tender offer or exchange offer for an equity security, Rule 13e-4 and Schedule TO may become relevant.

This is no longer merely a community-management issue.

It is an issue of:

⚖️ security token rights
📄 disclosure
📊 AOCF
🏛️ regulated secondary market infrastructure
🤝 investor trust

Republic’s CEO has publicly explained that secondary trading infrastructure is the future of Republic. He also emphasized the significant value of that market and infrastructure.

Then the question becomes unavoidable:
If one of the core values of acquiring INX was its regulated secondary trading infrastructure, ATS, broker-dealer license, and INX.One-related infrastructure, how does the economic value generated from that infrastructure relate to INX Token holders’ AOCF rights?
INX Token holders do not have voting rights.
But INX Token is not just a coin. It was designed as a security token with contractual economic participation rights in INX’s operating cash flow.
This structure is closer to a contractual revenue-participation security than a typical utility token.

INX Token holders are not asking for control of the company.

They are asking how the rights clearly described in the Prospectus and SEC filings are being preserved in practice.

If Republic acquired INX because it sees regulated secondary market infrastructure as a key part of its future, and if Republic intends to use that infrastructure within its broader ecosystem, then Republic should clearly address the questions INX Token holders now have.

Republic and its executives also communicated that there would be follow-up measures for INX Token holders after delisting. It was also explained that INX Token would remain separate from Republic Note.

Based on public communications, holders understood that:

- Trading functionality may be integrated into https://t.co/5szsp5bMCP
- INX Token was delisted, and follow-up measures for holders were expected
- INX Token would remain separate from Republic Note
- Additional updates for INX Token holders could come within one to two weeks

That update was expected around early April.

However, INX Token holders have still not received a clear official update, timeline, terms, or action.

Republic’s February 2026 Form 6-K states:
“Republic continues to consider and intend to provide INX Token holders with an opportunity to participate in a voluntary repurchase or exchange offer…”
But it also states:
“No repurchase or exchange offer is being effectuated at this time.”

This is exactly why clarity is needed now.

If Republic is preparing an INX Token buyback or Republic Note exchange, holders deserve to know the expected timeline, terms, eligibility, legal process, and current status.

If Republic has decided not to proceed, holders deserve to know that as well.

I respectfully request Republic to clarify:

1. The current rights of INX Token holders
2. The status of any INX Token buyback or Republic Note exchange
3. Why the previously discussed holder update has been delayed
4. How INX Limited’s SEC reporting obligations will continue after the acquisition
5. How INX and Republic will disclose or officially explain INX Token rights, AOCF, secondary trading revenues, cost allocation, and intercompany arrangements
6. The role of INX’s ATS, broker-dealer, and secondary trading infrastructure in Republic’s future strategy
7. How that economic value connects to INX Token holders’ AOCF rights
8. The revenue allocation, cost allocation, and intercompany structure between INX Limited and Republic
9. Whether Republic and INX will provide distinguishable disclosure or explanation regarding secondary trading infrastructure accounting and AOCF treatment
10. The methodology for AOCF calculation and future disclosure
11. How Republic will ensure that “All existing INX Token rights remain unchanged” is respected not only in form, but also in substance

I am not writing this to attack Republic.

On the contrary, I believe Republic can become a major global infrastructure company in RWA and tokenized securities.

That is precisely why this issue must be clarified now.

If trust is lost, everything is lost.

The tokenized securities market cannot be built on technology alone.

It must be built on disclosure, legal rights, investor protection, contractual performance, and trust.

I have studied INX and other global security token cases from the early stage of Korea’s tokenized securities market, and I have worked to help Korea connect with the global market.

That is why I see this not merely as an issue of one token, but as an issue connected to the credibility of the entire tokenized securities market.

If Republic provides a clear and convincing explanation to INX Token holders and commits to maintaining transparent disclosure regarding INX Token rights and AOCF, I am willing to actively support Republic’s expansion in Korea’s token securities and RWA market through my network and role in the Korean ecosystem.

Korea’s market is about to open.

And I can help Republic become a trusted global player in Korea’s tokenized securities market.

But the condition is clear:

⚖️ Do not lose the trust of INX Token holders.

INX Token holders in Korea, Japan, and around the world are not asking for special treatment.

They are asking for clarity and transparent disclosure based on the White Paper and SEC filings.

If Republic wants to be trusted as a global RWA and tokenized securities infrastructure company, what is needed now is not silence, but:

📄 clear explanation
🕰️ official timeline
📊 continued disclosure
⚖️ respect for holder rights
🤝 protection of trust

INX Token holders deserve clarity. Republic should protect trust. Tokenized securities must be built on disclosure, investor rights, and trust — not uncertainty.

Korea Premium Week
STO SUMMIT Co-Host
FILP

@joinrepublic
@INX_Group
@KendrickEsq
@sdatika1
@republicnote

#INX #INXToken #Republic #RepublicNote #SecurityTokens #TokenizedSecurities #RWA #Tokenization #DigitalAssets #CapitalMarkets #SEC #ATS #BrokerDealer #InvestorRights #Disclosure #AOCF #STOSummit #KoreaPremiumWeek #Korea #Japan #TokenSecurities #FLIP

[イデ @ideonsan]

#INX
#Republic

２つの力が重なりRWA事業が加速する未来を信じたい、、ですがINXトークンも、NOTEも同じぐらい持ってるので今の状況は複雑な心境🤣

[Republic @joinrepublic]

Together, unstoppable 💙

[イデ @ideonsan]

#INX #Republic
これから重要な分岐点を迎えますね🤔

Republicへの投資を継続するに値する魅力的な提案条件になって欲しいです。

一時的なお金を稼ぐというよりは、将来的に大きなキャピタルゲイン、インカムゲインを得ることを期待していたので、夢を見続けさせて欲しい🤣

[Republic @joinrepublic]

We are proud to have delivered the Cash Fund distribution to the INX Token holders, rewarding the INX community for its trust and vision. 🤝

As we enter the next chapter of the INX story, today we are announcing the anticipated delisting to be followed by a voluntary repurchase or exchange of the INX Token as part of our evolving strategic vision.

Official details and timelines are coming soon—stay tuned. 🚀

[イデ @ideonsan]

遂に来ましたね！
今後の展開も楽しみにしています☺️

#INX

[INX @INX_Group]

INX x Republic: Officially Closed.
The biggest step in INX’s journey since our IPO a new chapter for regulated security tokens, RWAs, and crypto trading begins.
Together, we’re building a unified global marketplace bridging institutions & retail investors. A 360° tokenization solution from primary issuance to secondary trading. @INX_Group @joinrepublic
“The world is waking up to real-world asset tokenization, and together, Republic and INX are perfectly positioned to lead this shift.”
 — Shy Datika Founder & CEO, INX
@sdatika1
Read more: https://t.co/oTp1jPwqOP

[Haluhalo(ハロハロ) @INX_Haluhalo]

正式決定しました：@INX_Group が Republic の一部になりました 🤝
投資の未来が流動的になりました。

#INX

[kaya @worldseeker77]

遂にINX買収の話が決まりましたね。
昨年からずっと買収の件は継続してこの日のために準備してたのですね。
買収金はあくまで一時期的で
Republicの顧客がINXに流れてくるのがいよいよ始まっていきますね

2025年流れ変わってきましたね✨
#INX #Republic #買収　#セキュリティートークン

[イデ @ideonsan]

#INX Republicによる買収に向け最終合意…🤝
遂に来ましたね😆🎉🔥

今後の展開に期待！

[INX Japan @inx_japan]

📣コミュニティニュース📣
公式プレスリリース4月3日1043ET
発表要旨
『INXはRepublicによる買収に向け最終合意。これは、完全に規制されたトークン化された金融エコシステムを構築するというINXの継続的なミッションにおける重要な一歩だ。

INXとRepublicは協力して、個人投資家と機関投資家の両方がトークン化されたアセットにアクセスし、資金調達を行い、コンプライアンスに準拠した安全な環境で取引できるワンストッププラットフォームを構築している。

コミュニティにとって意味することは。
🔹 資格のあるINXトークン保有者は、クロージング後に準備基金の全額分配金を受け取る。

🔹 INX トークンは、拡大されたエコシステムで存続し、取引され続ける。

🔹INXチームは、この旅の中心であり続けすべてに感謝。これはINXにとって単なるマイルストーン以上の意味を持つ。デジタル金融分野におけるより大きな規模、アクセス、そして長期的な影響力に向けた戦略的な転換を意味するものだ。』

共に築く新しい時代へ

詳細公式プレスリリース
https://t.co/CTFepA0UNe

[ミニくじら @minikujira_INX]

✅#INX がRepublicに最大6,000万ドルで買収されることが発表された。
✅取引は2025年後半に完了予定。
✅買収に伴い、INXトークンの保有者に対して特別配当が支払われる予定㊗️

買収はスタートなので、両社の強みを活かしてデジタル証券界で勝ち抜いてくれ‼️

#とりまおめ

https://t.co/UxbOi9oCKO

[イデ @ideonsan]

最近録音でしか聞けてませんが、以前から聞き続けているJPYC/xWINの定例放送にメリダさんが来てるじゃないですか！
応援してる方々が集まってるので個人的に胸熱展開です😆

[荒澤文寛 | エックスウィン代表 | ブロックチェーン推進協会 DeFi部会長 @FumihiroArasawa]

207回目 香港のマジックサークルさんからゲストを迎えます。日本語堪能、香港美人さん。香港のクリプト事情、デジタル化証券の最新情報も聞けます。

JPYCの岡部さんが、船の上なので、私のアカウントスペースにて行います🔥
明日、朝6時〜是非、聞きに来てくださいね。
👇
https://t.co/xs42WdPy2v

@noritaka_okabe @MPan2018 @MagicCircleTech @dai_oshima

[イデ @ideonsan]

ついでにPiCheckも18.1.0に。
モニター画面見てるだけでも楽しいんですよね〜😆

[イデ @ideonsan]

PiNodeを0.5.1 にしてみた。
dockerみてもまだTestnet2。mainnetに切り替わるのはいつだろ🤔
#pinetwork

[Ryo@デジタル証券 @YRU873]

CARINARローンチしました！📹

https://t.co/7dVnjzTcNK

[イデ @ideonsan]

piのオープンネットワーク今月開始なんですね！どうなるか楽しみです。

バリデーション500件ぐらいしか出来てないからもう少し頑張るかな🤔
#pinetwork

[Pi Network @PiCoreTeam]

Pioneers, Open Network will launch at 8am UTC on February 20, 2025! With millions of KYC-verified Pioneers and a thriving utilities-driven ecosystem, Open Network expands available opportunities, which allows Pioneers to connect Pi with external systems for use in real-world applications like never before. Congratulations to the entire community for the collective efforts and work over the past 6 years that led us to this moment! Go to the Pi mining app to read the official Open Network announcement for more details!

[Haluhalo(ハロハロ) @INX_Haluhalo]

"最新情報: 🇺🇸 SECは、ヘスター・ピアース委員が率いる新しい暗号タスクフォースを設立し、暗号資産の包括的な規制枠組みを策定しました。"

#INX
#デジタル証券

[齊藤達哉｜Progmat(プログマ) @tatsu_s1203]

年頭所感/展望2日目です。
昨日は、AIエージェントと金融トークン化の関係性、これから答えていく問いについての概要をお伝えしました。

本日は「ST市場は成長するのか？」の答えです。

＝＝＝

大きく成長します。ST案件残高は6,500億円規模、ST発行累計額は3,400億円規模/94案件程度まで伸長することを想定しています。SCの組み合わせと暗号資産法制変化に更なる商機もあり、仕込みが始まるのは2025年です。

■案件残高/発行累計額は、2024年末と比較して”2倍以上”伸長（件数の伸びは2倍未満＝1案件あたりの大型化も進行）するという予測です。
※公開情報＝公募案件のみのため、私募案件を合わせるともっと大きな市場規模

■2024年の公募新規案件は+18件（前年と同数）でしたが、2025年は+43件（YoY+239%）程度と予測します。

■2024年の公募新規案件は+1,278億円（前年から微増）でしたが、2025年は+3,700億円（YoY+290%）程度と予測します。

■2024年の公募新規ST発行額は+675億円（前年から微増）でしたが、2025年は+1,925億円（YoY+285%）程度と予測します。

試算前提は画像2枚目のとおりです。（前述のとおり、リンクは「おわりに」で一式まとめています）

■これまでのST発行累計額の90%は「不動産ST」で、2025年の新規発行予想額の92%（1,775億円/1,925億円）も「不動産ST」です。

■前提、2024年の不動産マーケットは投資額が4兆円超（4年ぶり）と好調で、2025年も同ペースで投資が進むことが予測されています。

■好調な不動産マーケットの中で、2024年の「不動産ST」が一時停滞した理由は「税制改正を巡る不確実性のなかでの新規発行停止」という一過性の理由であり、税制改正大綱が確定した現段階では既に”過去の課題”です。

■これまでの「不動産ST」の2大牽引企業はケネディクス（KDX）と三井物産デジタル・アセットマネジメント（MDM）で、2社合計でマーケットシェア76.1%（案件組成累計額ベース）です。

■KDX、MDMの両社が、”少なくとも1,000億円規模”の事業拡大を公言しています。

■加えて、大型案件を含めた新規参画予定企業が複数控えています。

■上記の「不動産ST」に加え、税制改正を背景とした「新アセット」の組成も複数実行されると予測されます。

■税制改正と「新アセット」の関係については、1枚でまとめると画像３枚目のとおりです。要は「動産ST」「出資持分ST（VCファンドのST化等）」「海外アセットST」がやりやすくなりました。

■「海外アセットST」は、例えば機関投資家しかアクセス機会がなかった米国の一等不動産（ポートフォリオではなく、特定のコレというアセット）に、日本の個人投資家が少額から投資可能になる商品です。（下がり続ける）日本円ではなく、海外から外貨のまま継続的に賃料収入を得る機会を手にできます。

■ビジネスの観点からは、STの文脈で「世界展開」（まず日本→海外）に繋がる1歩目でもあります。

＝＝＝

ここまでの内容は、すべて公募ST（端的にはリテール向け商品）の話です。

2025年のST市場のもう1つの注目は「新たな取引形態の私募ST（端的には機関投資家向け商品）」です。私募という性質上なかなかマーケットデータは公開しづらい（ので前述の計数には含まれない）のですが、SCの登場による「ST×SC」の効果で、トークン化がもつ本来のポテンシャルを”まずは論点の少ない機関投資家から”実現していこうという取り組みです。

海外、特に米国との対比でいうと、「ST×SC」は日本よりも先行しています。日本では、STといえば「有価証券」（証券会社領域)、SCといえば「決済手段」（金融機関領域）という見方が強いですが、米国ではSTもSCもむしろクリプト取引と地続きにあります。

オンチェーン上で売買する際にリスクオフの円滑な媒介手段としてのSCがあり、SCの裏付資産として従来の米国債に代わる"オンチェーン資産"、又は"ユーザーが利子を受け取れるSC代替商品"としてのST（トークン化MMF）があります。
発行/償還もST⇄SCでオンチェーン完結させることで、クリプト取引に馴染んだオンチェーンユーザー（発行体を含む）からの強い需要を喚起しています。

典型例は、2024年にBlackRockが始めたBUIDLですが、他のプロジェクトも勃興しており、直近でその市場規模は40億ドル（6,280億円、1ドル＝157円換算）にまで急伸しています。

日本のSTビジネスが世界に冠たるプレゼンスを発揮するうえでは、既存の公募STの質/量拡大に加えて、クリプトと地続きのオンチェーン世界向け「ST× SC」商品の探求も欠かせないということです。

この可能性を探求するうえで欠かせないのが、日本でのSC展開と、一見遠いと思われる日本のクリプト法制の動向です。

ということで、3日目～4日目はSCの問いに答えます。

■「停滞感を打破できるか？AI Agentと金融トークン化のこれからの話。」（note）
https://t.co/FN98RKb1Ty

[イデ @ideonsan]

あけましておめでとうございます！
今年も皆様にとって素敵な一年になりますように🙇‍♂️

最近は色んな意味で資産ロックされてる状態（笑）なので、ブロックチェーンを活用した金融システムの行末を注視しつつエアドロ系、DePINなどお触りしてます。

今年は色々動きがありそうなのでワクワクです😆

[Haluhalo(ハロハロ) @INX_Haluhalo]

【🎍2024年@INX_Group 年表🎍】

2023年に比べ、退職や中止が目立った年でしたが、上場銘柄数が大きく増加し、プラットフォームも継続して改善。ライセンスも取得してきました🇺🇸

新たに株式トークンが上場し、カード入金が可能となりました💰

#INX
#デジタル証券

1/3

[イデ @ideonsan]

ミニミートアップ気付くの遅れた😭
偶然にも都内にいたのに…

[岡部典孝 JPYC代表取締役 @noritaka_okabe]

https://t.co/ww0YWJZqXB

[GO@Security Token & RWA @go_cantab]

「国内デジタル証券業界カオスマップ2024」を作成したので公開します！（2021年・2022年に作成したマップを改修更新したものです）
https://t.co/r3By7IABGU