Wall2029

BTC/ETH/XRP/NDX100/Quantum/Securitize/INX/tZero/Security Token/2029年10B/🇬🇧

[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

[Wall2029 @wall2029]

先日の提案が修正されて、転換に応じる場合、tzerop1株あたり、普通株8株が追加されることになりました（シリーズB優先株3株はそのまま）。見かけの数字ほどの恩恵はないにしても、tzeropホルダーへ、一定の配慮を示してくれたようです。#tzero

https://t.co/zpjDnD3D35

[Wall2029 @wall2029]

$10/株以上のRedemption保証も、資金がないと義務を果たせないですしね...

[Wall2029 @wall2029]

結局、先駆者投資の失敗例が増えることになる可能性が高そうですね。今回の話が成立しないと、事業継続が困難になりそうですし、すでにトークン価格も下落しているので、宝くじ気分で転換に応じることになるのでしょうか。来週まで考えます... #tZero

[tZERO @tZERO]

@tZERO is seeking the consent of all tZERO holders to enable the conversion of TZROP security tokens into tokenized Series B preferred equity, strengthening alignment with long-term shareholders and supporting potential future capital formation and strategic transactions.

If approved, the proposal would:
• provide TZROP holders with equity participation in future value creation
• simplify tZERO’s capital structure
• support a potential up to $10M capital commitment from @BedBathBeyond

Resulting Series B shares are expected to remain tokenized and custodied on-chain within tZERO’s regulated infrastructure, with planned semi-annual, auction-based liquidity opportunities over time.

If you are a TZROP holder, please visit our secure voting portal, available here, to learn more about our proposal and to cast your vote. Voting ends at 5:00 p.m. EDT on April 28. 2026.

Link to full release in the comments section.

[Wall2029 @wall2029]

@NenCLTMW2aCD7Z0 @joinrepublic 買い戻し価格が0.09$だと集団訴訟みたいな話になるかもしれないですね。republicが発行済INXトークンをどの程度回収したいかにもよると思いますが、0.2$から0.3$の間くらいなら回収率は上がるように思います。

[10倍株・テンバガー🚀世界のデジタル投資 @ris_bun]

今朝ニュースレターを配信しました⭐️

INXの今後はいかに!? デジタル証券業界のIPOラッシュが到来🚀。tZERO・Securitizeに続くのか? Republic・INX

#INX

https://t.co/Ze07ThkcoX

[Wall2029 @wall2029]

INX特別配当の入金を確認しました。再投資するか、時期をみてビットコインを買うか、迷うところです。税金は引かれていないようにみえます。#INX

[INX Japan @inx_japan]

📣コミュニティニュース📣
アメリカを代表する経済専門紙ウォール ストリート ジャーナルの報道によると、INXのパートナー、Republicが、SpaceXの未公開株価格連動トークンを一般投資家に提供する計画を発表。

記事サマリー
『一般投資家にも人気スタートアップへの投資機会を提供する動きが広がる中、投資プラットフォームRepublicがブロックチェーン技術を活用し、SpaceXへの間接的な投資商品を販売する計画を明らかにした。

Republicは今週から、イーロン マスク氏のロケット、衛星企業であるSpaceXの未公開株パフォーマンスに連動するデジタル「トークン」の販売を開始すると発表。これまで富裕層に限られていた投資機会を一般投資家にも提供してきた同社は、将来的にOpenAIやAnthropicといった注目のAI企業の未公開株についても、同様のトークン化サービスを拡大する予定だ。』

参考記事⇩
https://t.co/uHHWjNNhqR

#INX #Republic #RWA #SpaceX #OpenAI #Anthropic

[pasome @pasomehyun]

Republic and INX have begun concretizing several innovative projects that bridge traditional private markets and tokenized asset markets, positioning themselves to expand the unlisted/private investment ecosystem. Key executive statements break down as follows:

1. Tokenizing a Major U.S. Sports Team
Andrew Durgee (Co-CEO, Republic) said Republic will partner this year with one of the four major U.S. professional sports leagues to tokenize team equity or related rights.
- Fan engagement:
Fractional ownership stakes and governance voting rights to deepen fan and community participation
- Broader asset tokenization:
Plans are underway to extend the model to other real-world assets such as music, art, and real estate

2. Tokenized CLO Secondary Market Launch Imminent
Bob Ejodame (VP of Capital Markets, INX) announced plans to roll out tokenized collateralized loan obligation (CLO) products that will be tradable on a secondary market in the coming weeks.
- Key features:
CLOs issued as digital tokens
Instant secondary-market trading capability
- Market impact:
The private credit market-including CLOs-is worth trillions of dollars. A successful pilot could bring digital innovation to a vast, traditionally illiquid asset class.

3. Exploring Going-Private and Tokenization Models for Large Public Companies
Kendrick Nguyen (Co-CEO, Republic) revealed that Republic is in discussions with three well-known large public companies about going private while retaining hundreds of thousands to millions of shareholders. They’re evaluating two main structures:
- Token-based model:
Issue equity as blockchain-based digital tokens that can be traded peer-to-peer.
- Traditional equity model:
Use existing share transfer and custody systems for a conventional take-private.
Recent changes in securities laws and regulations now formally allow these hybrid structures. Infrastructure is being built to give the general public and communities access to private-company ownership, enabling capital raising and enhanced liquidity beyond a simple delisting.

In summary, Republic and INX are tearing down the walls between traditional private/venture-capital markets and blockchain-based tokenization. By pursuing going-private deals with token models, launching a secondary market for tokenized private credit, and tokenizing sports franchises, they aim to dramatically boost liquidity and broaden access across the private-investment landscape.

[晴れ、ときどきデモ＠Berlin @berberberlinlin]

ベルリン政府は来年度の総額30億€の予算削減計画を発表。文化部門は約1億3000万€の削減になる見込み。文化担当大臣はこれをめぐって再交渉を望んでいる。
https://t.co/gfXdBzjmOa

[晴れ、ときどきデモ＠Berlin @berberberlinlin]

ベルリンのテーゲル空港跡はランドスケープパークになる。190ヘクタールの敷地に、レジャーおよびレクリエーション空間と、動植物たちの保護区がつくられる。オープンは2029年春で、入場は無料の予定。
https://t.co/WfVYm5Y90v

[Wall2029 @wall2029]

@k_souten0204 ありがとうございます。しばらく見るだけだったので色々忘れています。INX Oneに表示されていたのは売る際に必要なガス代ということですね。

[Wall2029 @wall2029]

今さらながらrepublic noteを買ってみましたが、ネットワークがアバランチということを忘れていました。ガス代のAVAXを用意しないと、ウォレットには表示されないのですね（INX Oneには表示されています）。#INX

[晴れ、ときどきデモ＠Berlin @berberberlinlin]

KaDeWeが破産か。
KaDeWeは1907年に設立された。6万㎡の広さがありヨーロッパ最大の百貨店。昨年は約1000万人が訪れた。2500人の従業員が働いており、品ぞろえは100万種類。
https://t.co/YaRHnPLfL4

[tZERO @tZERO]

tZERO’s broker dealer subsidiary, tZERO ATS, will add investment banking business lines to its leading secondary trading platform under new tZERO Securities brand on October 20.  Combined offering will bring seamless product offerings and operating efficiency.

[Wall2029 @wall2029]

Trucpalの配当のお知らせが届き、ウォレット上でも入金を確認できました。配当総額は前回より増えていますが、ホルダー数も増えたということか、私の配当額は前回とほぼ同じでした。今はまだ急拡大のフェーズではないようですが、今後が楽しみですね。#INX #Trucpal

[INX Japan @inx_japan]

📣公式発表📣
PRNewswire/ニューヨーク&トロント/ #INX Digitalは、普通株式の買戻し(Normal Course Issuer Bid/#NCIB/公開会社が自社株を消却するために買い戻すこと）プログラム更新およびINX Limitedトークン買戻しプログラム更新を発表しました。
詳しくは公式発表とコミュニティへ #INXD #INXDF

[DealMaker @Dealmakertech]

We are excited to support our newest Partner @tZERO to the DealMaker family. Together, we bring world-class technology to the #EquityCrowdfunding space & aim to democratize the global capital markets. 🚀 #startupfunding #investorcrowdfunding https://t.co/lSe9WS5Z0N

[Wall2029 @wall2029]

@acgcoiner トークン配布のあと、すぐにセカンダリー市場で売買できるようになるのかどうかは気になりますよね。ただ、STOで新規で買ってもらうことを会社が優先すると、しばらく先になるような気も…

[Wall2029 @wall2029]

TrucpalがSTOを延長とのことですが、価格は固定ではなく業績にある程度連動する形とのこと。次回とその次の配当は対象トークンが少ないので配当額も多めになりそうですね。配当対象トークンが増えるまでの間に業績が急成長することを願いつつ、今後の発展を見守りたいと思います。#trucpal #INX