I think it's a merger between Bitmart and NSAV as well. As you said, developing an exchange takes years of work. After that, it will take some time to get its name out and generate volume. In this case, I recall in one of the twits from JT was saying the 24-hour volume of this exchange that they will launch already has $2B volume, which I think he accidently released too much information. So it has to be Bitmart.
Not sure why you keep mentioning a merger. NSAV is a holding company, not a shell. It owns percentages of companies to produce multiple revenue streams. Even when it owns 100% interest, it still isn't a merger candidate. NSAV COULD become a 100% owner of bitmart (unlikely) but a merger would not be part of the package.