In a bold yet pragmatic move, Japanese financial powerhouse Nomura Holdings has announced a temporary reduction in its cryptocurrency exposure following a sharp profit decline in the third quarter of fiscal 2025. This decision, revealed by Chief Financial Officer Hiroyuki Moriuchi during an earnings call on January 30, 2026, reflects the intensifying challenges of navigating the volatile digital asset market. While Laser Digital Holdings, Nomura’s European crypto subsidiary, posted losses amid market turbulence from October to December 2025, the bank is not abandoning the sector. Instead, it is tightening risk controls and scaling back proprietary trading positions to stabilize short-term earnings, all while doubling down on long-term infrastructure investments.
The Profit Slump and Crypto’s Role
Nomura’s Q3 results painted a picture of resilience in core operations overshadowed by regional setbacks. The bank’s net income dropped 9.7% year-over-year to ¥91.6 billion, primarily due to a ¥10.6 billion loss in its European business. This included exceptional costs from acquiring Macquarie Group’s public asset management unit, but digital asset volatility played a significant part. Laser Digital, headquartered in Zurich and launched in 2022, offers trading, asset management, bespoke solutions, and venture investments. Its proprietary trading book suffered repeated hits from crypto market swings, dragging down group performance and prompting a 5.3% dip in Nomura’s shares post-announcement.
Despite gains in wealth management and equities trading, these were insufficient to offset the European headwinds. Moriuchi emphasized that the crypto losses were confined to the trading operations, not indicative of broader weakness. Nomura’s overall financial health remains robust, underscored by a ¥60 billion share buyback program announced alongside the earnings, signaling confidence in its foundational businesses.
Laser Digital: A Dual-Track Powerhouse
At the heart of Nomura’s crypto strategy lies Laser Digital, which operates on two distinct tracks: high-risk proprietary trading and steady infrastructure development. The former has been the pain point, with losses in multiple quarters, including the latest October-December period. To address this, Nomura is implementing strict position management and reducing holdings in cryptocurrencies, effectively curbing exposure to short-term volatility.
Yet, this recalibration does not signal retreat. The infrastructure track marches forward aggressively. Key milestones illustrate this commitment:
- August 6, 2025: Obtained the first regulated OTC crypto derivatives license under Dubai’s VARA pilot framework.
- October 3, 2025: Disclosed FSA pre-consultation for a Japan institutional trading license.
- January 22, 2026: Launched the Tokenized Bitcoin Diversified Yield Fund.
- January 28, 2026: Filed an application for an OCC national trust bank charter in the US, focusing on institutional clients without retail deposits.
These moves position Laser Digital as a regulated custodian and market maker, pursuing licenses in Japan, Dubai, and the US. The timing is telling: the US charter application came just two days before the earnings call announcing trading cuts, highlighting a deliberate separation of volatile trading from structural growth initiatives.
Risk Management in a Volatile Market
Moriuchi’s comments during the January 30 earnings call were unequivocal: “We have tightened our management of positions, as well as risk exposure, to curb short-term volatility in profit.” This tactical pause aims to protect earnings stability without halting expansion. Nomura is scaling back prime-brokerage services tied to proprietary positions, focusing instead on client offerings and compliant infrastructure.
This approach mirrors challenges faced by other traditional institutions entering crypto. Market downturns expose the perils of speculative trading, yet blockchain’s transformative potential—tokenization, decentralized finance, and institutional adoption—demands participation. Nomura’s strategy balances prudence with ambition, using losses as a catalyst to refine its risk profile.
Long-Term Vision Amid Short-Term Pain
Nomura’s leadership views digital assets as a strategic growth area, undeterred by quarterly setbacks. Moriuchi stressed medium- to long-term expansion, with Laser Digital poised to capitalize on regulatory tailwinds. A successful US bank charter, for instance, would enable secure custody and trading for institutions, mitigating the volatility that plagued recent results.
The bank’s broader portfolio diversification further bolsters this outlook. While crypto represents a small slice of operations, its evolution could yield substantial returns in the next market cycle. Analysts note that Nomura’s core revenue streams—wealth management, equities, and now enhanced asset management post-Macquarie—provide a safety net, allowing calculated risks in emerging sectors like digital assets.
Implications for the Crypto Industry
Nomura’s pivot sends ripples through the financial world. For crypto enthusiasts, it reaffirms institutional interest despite bearish phases; for skeptics, it validates the need for robust risk frameworks. As regulators in key jurisdictions clarify rules, players like Laser Digital could bridge traditional finance and blockchain, unlocking trillions in tokenized assets.
This is not an isolated case. Peers have similarly recalibrated, trimming exposures during downturns while building compliant platforms. Nomura’s experience underscores a maturing market where volatility tests resolve, giving way to sustainable models.
In conclusion, Nomura’s temporary crypto pullback is a masterclass in strategic duality—pruning risky trades to nurture enduring infrastructure. By prioritizing risk-adjusted growth, the bank positions itself not just to weather storms, but to thrive when digital assets inevitably rebound. Investors and the industry alike should watch closely: this recalibration could define Nomura as a crypto leader in the institutional era.
