Nomura accelerates expansion in cryptocurrency space despite losses in quarterly results

Japanese financial giant Nomura finds itself in an interesting situation: its cryptocurrency subsidiary Laser Digital reported significant losses in Q4 2025, but at the same time applied for a U.S. banking license. At first glance, this seems contradictory. In reality, it reflects a clearly chosen dual-track strategy where short-term trading results do not impact long-term infrastructure investments.

How Laser Digital handles quarterly losses

Nomura’s management openly discussed the issues during the January 30 earnings conference. Hiroyuki Moriuchi, the company’s CFO, confirmed that Laser Digital “reduced its crypto positions” and strengthened risk controls. The company actively cut market exposure to try to reduce profit volatility in European operations.

However, Moriuchi also admitted that this is the second time a crypto subsidiary has negatively affected the European division’s results. As early as October 2025, he reported that Laser Digital caused losses in the quarter from April to June. Meanwhile, Nomura did not back down—in fact, the company simultaneously initiated preliminary consultations with Japan’s Financial Services Agency (FSA) regarding obtaining an institutional trading license.

Institutional expansion amid trading volatility

This scenario repeated itself. In January 2026, when Laser Digital again showed deficits, Nomura simultaneously filed an application with the U.S. Office of the Comptroller of the Currency (OCC) to establish a national bank with a federal charter. Two aspects of this operation reveal the true nature of the strategy:

Trading operation — this is short-term. Crypto positions are subject to market volatility, which has caused losses over several consecutive quarters. Managing these positions is about managing risks in the short term.

Institutional infrastructure — this is a long game. Obtaining licenses from regulators, building services for institutional clients (custody, spot trading, staking), issuing tokenized products—all of this moves according to its own logic, independent of short-term trading results.

Development logic: from licenses to portfolio diffusion

Looking at Laser Digital’s timeline, the methodical approach becomes clear. Founded in Switzerland in 2022, it then steadily obtained regulatory approvals: full crypto license from Dubai’s VARA (August 2023), first OTC derivatives permit in a pilot (August 2025), and now—an application for a U.S. banking charter (January 2026).

Each step is not a reaction to current quarterly results but part of a long-term plan. Meanwhile, consultations with the FSA regarding the Japanese license continue in parallel. In early 2026, the company launched a tokenized Bitcoin income fund, demonstrating portfolio expansion.

Different messages for different audiences

The paradox is resolved when understanding that Nomura communicates simultaneously with different stakeholder groups:

Regulators and institutional clients: applications to OCC and consultations with FSA demonstrate confidence in the long-term role of digital assets in the global financial system. Steve Ashley, head of Laser Digital, called the U.S. “the most important financial market in the world,” citing its resilience and level of scrutiny.

Shareholders and analysts: emphasis on “strict position management” and “reduced risk exposure” reassures about control over short-term volatility. This allows the company to explain quarterly losses as risk management rather than strategic retreat.

Broader context: Japanese financial institutions and crypto

Nomura is not alone in this approach. Daiwa Securities (Japan’s second-largest financial institution) began offering yen-denominated loans backed by Bitcoin and Ethereum in late 2025. Japan’s FSA is preparing to allow crypto funds to trade on exchanges, with product launches possibly around 2028.

Both companies—Nomura and SBI Holdings—have shown interest in launching such funds. Behind this is a shift in preconditions: Nomura and Laser Digital’s research in 2024 found that over half of institutional investors plan to allocate digital assets within three years, typically at 2–5% of their portfolios.

For traditional brokerage firms feeling pressure on commissions from stocks and bonds, the crypto sector offers both a diversification opportunity and a necessity to adapt to a changing market.

Market expectations for the coming quarters

Nomura’s paradox is only surface-level. Deeper is the view that crypto infrastructure is a multi-year endeavor, and trading results are cyclical. The company is not abandoning the industry; it recalibrates risks while simultaneously building structural presence.

Whether this pioneering course pays off will depend on regulatory outcomes in jurisdictions like Washington, Tokyo, and beyond. But one thing is clear: Nomura intends to stay at the forefront of digital finance changes, regardless of how individual quarterly cycles look. For competitors and observers, this signals that major institutions are seriously betting on long-term positions in cryptocurrencies despite short-term noise.