Nomura Holdings is in talks to sell its Zurich‑based digital‑asset subsidiary Laser Digital after the unit posted a loss that dragged down its European operations.
Japan’s largest brokerage, Nomura Holdings, is reportedly in negotiations to divest its entire crypto arm, Laser Digital, according to Bloomberg and BeInCrypto. The move follows a loss recorded by the unit in 2025 that weighed on Nomura’s European operations, prompting senior executives to consider whether the digital‑asset business fits the firm’s long‑term strategy.
Update, Nov 11, 21:50 UTC: According to Bloomberg, Nomura’s European segment recorded a pretax loss of 7.4 billion yen in the quarter ended September 30, 2026, marking its fourth straight quarterly loss, while other regions posted pretax profits. The report also notes that CFO Hiroyuki Moriuchi said the firm would cut its cryptocurrency trading positions to curb short‑term volatility but would keep expanding Laser Digital over the medium to long term, and that Laser Digital has received preliminary approval from the U.S. Office of the Comptroller of the Currency for a national trust bank.
Laser Digital was launched in 2022 in Zurich as Nomura’s gateway to institutional crypto services, offering trading, asset‑management and on‑chain credit products. The subsidiary has expanded into DeFi‑linked fixed‑income and emerging‑market private credit, and in August 2025 secured Japan’s first crypto‑exchange licence in four years, covering Bitcoin, Ethereum, XRP, Bitcoin Cash, Litecoin and Shiba Inu.
The unit’s loss in 2025 coincided with a broader downturn in crypto markets, where Bitcoin remains roughly 40% below its all‑time high. According to BeInCrypto, the underperformance reduced trading volumes and asset‑management fees, dragging Nomura’s European business into an overall loss for the year.
Sources familiar with the matter say Nomura is in talks with several parties, including Marex Group, but a definitive buyer has not yet been identified. The possible sale contrasts with recent moves by European banks; for example, Deutsche Bank announced a new crypto‑custody service for Bitcoin, Ethereum and stablecoins on the same day.
The outcome will indicate whether Japan’s biggest broker views crypto as a core growth area or a non‑strategic experiment. Observers will monitor any formal announcement from Nomura, the identity of a potential buyer, and whether the firm retains its Japanese exchange licence after a sale.
Discussion 0