Nomura Posts Crypto Losses—But That’s Only Half the Story
Japan’s largest brokerage, Nomura, disclosed on January 30 that its crypto subsidiary, Laser Digital, posted losses in the October–December quarter. The agency has decreased cryptocurrency positions and tightened danger controls.
But simply two days earlier, that very same subsidiary had utilized for a US financial institution constitution. This will not be a contradiction—it’s a sample.
48 Hours Apart
On January 27 in New York, Laser Digital filed an application with the US Office of the Comptroller of the Currency (OCC) to ascertain a federally chartered nationwide belief financial institution. The subsidiary needs to supply custody, spot buying and selling, and staking companies to American institutional purchasers. Steve Ashley, Laser Digital’s chairman, referred to as the US “the most vital monetary market globally.”
On the thirtieth in Tokyo, nonetheless, Chief Financial Officer Hiroyuki Moriuchi told analysts at Nomura’s quarterly earnings call that the agency had “decreased its positions in cryptocurrencies” and was tightening danger controls. Laser Digital had posted losses in the October–December quarter, dragging down the group’s European outcomes.
The juxtaposition appears jarring. But a better look reveals this isn’t a sudden reversal—it’s a deliberate, recurring technique.
Not the First Time
This will not be the first quarter Laser Digital has dragged down Nomura’s European outcomes. In October 2025, Moriuchi acknowledged that “Laser Digital’s efficiency contributed to losses in the group’s European operations throughout the April–June quarter.” At that point, Nomura’s response was to not retreat however to push ahead: Laser Digital was concurrently in pre-consultation talks with Japan’s Financial Services Agency (FSA) to acquire a home crypto buying and selling license for institutional purchasers.
The sample has now repeated. Losses in the October–December 2025 quarter have once more prompted tighter place administration, whereas the growth pipeline has solely accelerated.
The Two-Track Strategy
Nomura seems to be operating two distinct operations underneath the Laser Digital umbrella. On one observe, there’s the proprietary buying and selling e-book—positions in cryptocurrencies which can be topic to market volatility and have generated losses in a number of quarters. “We have tightened our administration of positions, in addition to danger publicity, to curb short-term volatility in revenue,” Moriuchi advised analysts on January 30.
On the different observe, there’s the infrastructure and licensing buildout—a long-term play that seems insulated from quarterly buying and selling outcomes. Consider the timeline:
| Date | Event | Track |
|---|---|---|
| Sep 21, 2022 | Laser Digital Holdings AG integrated in Switzerland | 🔵 Infrastructure |
| Aug 1, 2023 | Full crypto enterprise license secured from Dubai VARA | 🔵 Infrastructure |
| Apr–Jun 2025 | Laser Digital contributes to losses in European operations | 🔴 Trading loss |
| Aug 6, 2025 | First regulated OTC crypto derivatives license underneath VARA pilot framework | 🔵 Infrastructure |
| Oct 3, 2025 | FSA pre-consultation for Japan institutional buying and selling license disclosed | 🔵 Infrastructure |
| Oct–Dec 2025 | Laser Digital posts losses once more, triggering place discount | 🔴 Trading loss |
| Jan 22, 2026 | Tokenized Bitcoin Diversified Yield Fund launched | 🔵 Infrastructure |
| Jan 28, 2026 | OCC nationwide belief financial institution constitution utility filed in the US | 🔵 Infrastructure |
| Jan 30, 2026 | Losses and danger tightening introduced at earnings name | 🔴 Trading loss |
The message from Nomura’s management is obvious: buying and selling losses are a risk-management drawback; the institutional infrastructure buildout is a strategic crucial that doesn’t pause for dangerous quarters.
Different Audiences, Different Messages
The obvious contradiction additionally displays the actuality that Nomura is chatting with a number of audiences concurrently. The OCC utility and FSA consultations are aimed toward regulators and institutional purchasers, projecting confidence in crypto’s long-term position in finance.
Steve Ashley, Laser Digital’s chairman and co-founder, framed the US utility in sweeping phrases: “The US is the most vital monetary market globally, and we imagine the subsequent chapter of digital finance shall be written by corporations which can be ready to function at that degree of scrutiny and permanence.”
The earnings name, in contrast, is aimed toward shareholders and analysts who need reassurance that short-term volatility is being managed. Moriuchi’s emphasis on “strict place administration” and “decreased danger publicity” serves exactly that objective.
The Bigger Picture
Nomura will not be alone on this strategy. Japan’s second-largest brokerage, Daiwa Securities, started providing Bitcoin and Ethereum-backed yen loans in late 2025. Japan’s FSA is reportedly making ready to permit crypto exchange-traded funds underneath the Investment Trust Act, with merchandise doubtlessly itemizing by 2028. Both Nomura and SBI Holdings have expressed curiosity in launching such funds.
A 2024 survey conducted by Nomura and Laser Digital found that greater than half of institutional traders anticipate to allocate to digital property inside three years, sometimes in the 2–5% vary of portfolios. For conventional brokerages dealing with strain on fee-based revenues from equities and bonds, the digital asset house represents each a diversification alternative and a aggressive necessity.
The paradox, then, is barely on the floor. Nomura will not be retreating from crypto—it’s recalibrating the way it takes danger in the house whereas accelerating the structural investments that can outline its place when the subsequent cycle arrives. Whether the licensing gamble pays off will rely on regulatory outcomes in Washington, Tokyo, and past. But one factor is obvious: Nomura has no intention of sitting on the sidelines.
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