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 discus