Reading Osaka Digital Exchange’s own materials today, I realized I may have left a gap in Record 004. ODX already operates Japan’s first secondary market for security tokens, and SBI Group holds 59% of its voting rights. If SBI already has exposure to a live tokenized securities venue, then investing in Strium may not be a straightforward vertical integration story. It raises a harder question: why build another layer?
The next thing I want to understand is whether ODX and Strium target different parts of the stack — or whether Record 004 overstates the case for a single integrated strategy.