Japan’s largest brokerage, Nomura, disclosed on January 30 that its crypto subsidiary, Laser Digital, posted losses in the October–December quarter. The firm has reduced cryptocurrency positions and tightened risk controls.
But just two days earlier, that same subsidiary had applied for a US bank charter. This is not a contradiction—it is a pattern.
Sponsored48 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 establish a federally chartered national trust bank. The subsidiary wants to offer custody, spot trading, and staking services to American institutional clients. Steve Ashley, Laser Digital’s chairman, called the US “the most important financial market globally.”
On the 30th in Tokyo, however, Chief Financial Officer Hiroyuki Moriuchi told analysts at Nomura’s quarterly earnings call that the firm had “reduced its positions in cryptocurrencies” and was tightening risk controls. Laser Digital had posted losses in the October–December quarter, dragging down the group’s European results.
The juxtaposition looks jarring. But a closer look reveals this is not a sudden reversal—it is a deliberate, recurring strategy.
Not the First Time
This is not the first quarter Laser Digital has dragged down Nomura’s European results. In October 2025, Moriuchi acknowledged that “Laser Digital’s performance contributed to losses in the group’s European operations during the April–June quarter.” At that time, Nomura’s response was not to retreat but to push forward: Laser Digital was simultaneously in pre-consultation talks with Japan’s Financial Services Agency (FSA) to obtain a domestic crypto trading license for institutional clients.
SponsoredThe pattern has now repeated. Losses in the October–December 2025 quarter have again prompted tighter position management, while the expansion pipeline has only accelerated.
The Two-Track Strategy
Nomura appears to be running two distinct operations under the Laser Digital umbrella. On one track, there is the proprietary trading book—positions in cryptocurrencies that are subject to market volatility and have generated losses in multiple quarters. “We have tightened our management of positions, as well as risk exposure, to curb short-term volatility in profit,” Moriuchi told analysts on January 30.
On the other track, there is the infrastructure and licensing buildout—a long-term play that appears insulated from quarterly trading results. Consider the timeline:
| Date | Event | Track |
|---|---|---|
| Sep 21, 2022 | Laser Digital Holdings AG incorporated in Switzerland | 🔵 Infrastructure |
| Aug 1, 2023 | Full crypto business 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 under VARA pilot framework | 🔵 Infrastructure |
| Oct 3, 2025 | FSA pre-consultation for Japan institutional trading license disclosed | 🔵 Infrastructure |
| Oct–Dec 2025 | Laser Digital posts losses again, triggering position reduction | 🔴 Trading loss |
| Jan 22, 2026 | Tokenized Bitcoin Diversified Yield Fund launched | 🔵 Infrastructure |
| Jan 28, 2026 | OCC national trust bank charter application filed in the US | 🔵 Infrastructure |
| Jan 30, 2026 | Losses and risk tightening announced at earnings call | 🔴 Trading loss |
The message from Nomura’s leadership is clear: trading losses are a risk-management problem; the institutional infrastructure buildout is a strategic imperative that does not pause for bad quarters.
Different Audiences, Different Messages
The apparent contradiction also reflects the reality that Nomura is speaking to multiple audiences simultaneously. The OCC application and FSA consultations are aimed at regulators and institutional clients, projecting confidence in crypto’s long-term role in finance.
Steve Ashley, Laser Digital’s chairman and co-founder, framed the US application in sweeping terms: “The US is the most important financial market globally, and we believe the next chapter of digital finance will be written by firms that are prepared to operate at that level of scrutiny and permanence.”
SponsoredThe earnings call, by contrast, is aimed at shareholders and analysts who want reassurance that short-term volatility is being managed. Moriuchi’s emphasis on “strict position management” and “reduced risk exposure” serves precisely that purpose.
The Bigger Picture
Nomura is not alone in this approach. Japan’s second-largest brokerage, Daiwa Securities, began offering Bitcoin and Ethereum-backed yen loans in late 2025. Japan’s FSA is reportedly preparing to allow crypto exchange-traded funds under the Investment Trust Act, with products potentially listing by 2028. Both Nomura and SBI Holdings have expressed interest in launching such funds.
A 2024 survey conducted by Nomura and Laser Digital found that more than half of institutional investors expect to allocate to digital assets within three years, typically in the 2–5% range of portfolios. For traditional brokerages facing pressure on fee-based revenues from equities and bonds, the digital asset space represents both a diversification opportunity and a competitive necessity.
The paradox, then, is only on the surface. Nomura is not retreating from crypto—it is recalibrating how it takes risk in the space while accelerating the structural investments that will define its position when the next cycle arrives. Whether the licensing gamble pays off will depend on regulatory outcomes in Washington, Tokyo, and beyond. But one thing is clear: Nomura has no intention of sitting on the sidelines.
