Nomura, Japan's largest securities company, announced on January 30 that its cryptocurrency subsidiary Laser Digital had posted a loss for the October-December period. The company reduced its virtual currency positions and strengthened risk management.
But just two days earlier, that same subsidiary had applied for a U.S. banking license. This is not a contradiction, but a pattern.
48 hour interval
On January 27, Laser Digital filed an application with the Office of the Comptroller of the Currency (OCC) in New York to establish a federally chartered national trust bank. The subsidiary hopes to provide custody, spot trading, and staking services to institutional customers in the United States. Steve Ashley, chairman of Laser Digital, called the United States “the most important financial market in the world.”
However, in Tokyo on the 30th, Chief Financial Officer Hiroyuki Moriuchi told analysts at Nomura's quarterly results conference that the company was “reducing its crypto position” and strengthening risk management. Laser Digital posted a loss in the October-December period, hurting the group's European performance.
They look uncomfortable when lined up side by side. However, a closer look reveals that this is not a sudden reversal, but a deliberately repeated strategy.
It's not the first time
This isn't the first quarter that Laser Digital has hurt Nomura's European results. In October 2025, Mr. Moriuchi admitted that “Laser Digital's performance contributed to the loss of the group's European business in the April-June period.'' At the time, Nomura's response was to move forward, not retreat. Laser Digital was also in preliminary discussions with Japan's Financial Services Agency (FSA) to obtain a domestic virtual currency trading license for institutional customers.
This pattern continues to repeat today. While losses in the October-December 2025 period have once again prompted stricter position management, the expansion pipeline is only accelerating.
two track strategy
Nomura appears to be operating two separate businesses under Laser Digital. One track has its own trading book. This is a crypto position that has been affected by market volatility and has incurred losses in multiple quarters. Mr. Moriuchi told analysts on January 30, “In order to reduce short-term profit fluctuations, we have strengthened our management of positions as well as risk exposure.''
On the other side, there are infrastructure and licensing enhancements. This is a long-term effort that appears to be separate from quarterly trading results. Consider your timeline.
The message from Nomura management is clear. Trading losses are a risk management issue. Building institutional infrastructure is a strategic imperative that will not stop because of a bad quarter.
Different audience, different message
This apparent contradiction also reflects the reality that Nomura is speaking to multiple audiences simultaneously. The OCC filing and FSA consultation target regulators and institutional investors, demonstrating confidence in the long-term role of cryptocurrencies in finance.
Steve Ashley, Chairman and Co-Founder of Laser Digital, described the US filing in comprehensive terms: “The United States is the most important financial market globally, and we believe the next chapter in digital finance will be written by companies prepared to operate with that level of scrutiny and persistence.”
Earnings reports, by contrast, are aimed at shareholders and analysts seeking reassurance that short-term volatility is under control. Mr. Moriuchi's emphasis on “rigorous position management'' and “reducing risk exposure'' exactly serves that purpose.
big picture
Nomura is not alone in taking this approach. Daiwa Securities, Japan's second-largest securities company, began offering yen loans backed by Bitcoin and Ethereum at the end of 2025. Japan's Financial Services Agency is preparing to approve virtual currency exchange-traded funds based on the Investment Trusts Act, and it is reported that the products could be listed by 2028. Both Nomura and SBI Holdings have expressed interest in launching such funds.
A 2024 study conducted by Nomura and Laser Digital found that more than half of institutional investors expect to allocate to digital assets (typically in the range of 2-5% of their portfolio) within three years. For traditional brokerages facing the pressure of fee income from stocks and bonds, the digital asset space represents both a diversification opportunity and a competitive necessity.
So this contradiction is only superficial. Nomura is not retreating from crypto, but is recalibrating how it takes risks in the space while accelerating structural investments that will define its position when the next cycle arrives. The success of the license gamble will depend on the outcome of regulations in Washington, Tokyo and elsewhere. But one thing is clear: Nomura has no intention of sitting on the sidelines.
