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Japan’s largest brokerage, Nomura, disclosed on January 30 that its cryptocurrency subsidiary, Laser Digital, posted losses in the October-December quarter. The company reduced its positions in digital currencies and relaxed risk controls.
But just two days earlier, the same branch had applied for a US bank card. This is not a contradiction – it is a recurring approach.
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On January 27 in New York, Laser Digital has submitted an application To the Office of the Comptroller of the Currency (occ) of the United States to establish a federal national credit bank. The subsidiary seeks to provide custody, spot trading and aggregation services to US institutional clients. Steve Ashley, president of Laser Digital, said the US market is “the most important financially in the world”.
On the 30th of the month in Tokyo, CFO Hiroiki Moriuchi told analysts In Nomura’s quarterly announcement, the company is “reducing its positions in cryptocurrencies” and refreshing risk controls. Laser Digital recorded losses in the quarter from October to December, which negatively affected the results of the group in Europe.
It shows the juxtaposition with a conflicted aspect. But a closer look reveals that this is not a sudden change – rather, it is a deliberate and repeated strategy.
Not the first time
This was not the first time that Laser Digital had dragged down Nomura’s European results. In October 2025, Moriouchi admitted “Laser Digital’s performance contributed to the losses in the European Group’s operations during the April to June quarter.” At that time, Nomura was not backing down, but moving forward: Laser Digital was in preliminary consultations with Japan’s Financial Services Agency to obtain a domestic cryptocurrency trading license for institutional clients.
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Now repeat the same pattern. Losses in the quarter of October-December 2025 led once again to a narrowing of the position management, while the pace of expansion only accelerated.
Two-track strategy
Nomura appears to be running two separate operations under the Laser Digital umbrella. On the one hand, there is the private trading book, that is, positions in cryptocurrencies that are exposed to market fluctuations and have recorded losses in many quarters. “We have tightened position management and risk exposure, to reduce short-term earnings volatility,” Moriuchi told analysts on January 30.
On the other hand, there is the construction of infrastructure and the obtaining of licenses – a long-term strategy that seems protected by quarterly business results. Check out the schedule:
| the date | Event | Track |
|---|---|---|
| September 21, 2022 | Establishment of Laser Digital Holdings AG in Switzerland | 🔵 Infrastructure |
| August 1, 2023 | Get a full cryptocurrency trading license from Dubai VARA | 🔵 Infrastructure |
| April-June 2025 | Laser Digital has caused losses in European operations | 🔴 Business loss |
| August 6, 2025 | Obtain the first regulated OTC cryptocurrency derivatives license under the VARA pilot framework | 🔵 Infrastructure |
| October 3, 2025 | Disclosure of preliminary consultations with the Japanese Financial Services Authority regarding the institutional business license | 🔵 Infrastructure |
| October-December 2025 | Laser Digital reported losses again, which led to a reduction in positions | 🔴 Business loss |
| January 22, 2026 | Launch of a Bitcoin tokenized diversified yield fund | 🔵 Infrastructure |
| January 28, 2026 | Submit a national credit card application to the US OCC | 🔵 Infrastructure |
| January 30, 2026 | Announce losses and squeeze risks during the earnings call | 🔴 Business loss |
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Nomura’s leadership has made it clear that trading losses are a risk management issue; Building the institutional infrastructure is a strategic matter that does not stop even in bad periods.
Different audiences, different messages
This apparent contradiction also reflects the fact that Nomura is speaking to multiple audiences at the same time. The OCC order and FSA consultations to regulators and institutional clients are intended to reflect confidence in the long-term role of cryptocurrencies in finance.
Steve Ashley, Chairman and Co-Founder of Laser Digital, said that the request of the United States represents a broad step: the United States is the most important financial market in the world, and we believe that the next chapter of digital finance will be written by companies that are willing to operate with that level of scrutiny and sustainability.
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Earnings call, by contrast, targeted shareholders and analysts seeking reassurance that short-term volatility has been managed. Moriuchi’s focus on “rigorous site management” and “risk exposure reduction” achieved precisely this goal.
The bigger picture
Nomura doesn’t take this approach alone. Daiwa Securities, the second largest brokerage in Japan, will begin to offer yen loans collateralized by Bitcoin and Ethereum at the end of 2025. Reports indicate that the Japanese Financial Services Authority (FSA) is preparing to allow cryptocurrency ETFs under the Investment Funds Law, with the possibility of listing the products from 2028 Both Nomura launch such funds have shown.
show Survey conducted by Nomura and Laser Digital in 2024 More than half of institutional investors expect to allocate to digital assets in three years, often in the range of 2-5% of investment portfolios. For traditional brokerages that face pressure on their commission-based revenues from stocks and bonds, the digital asset space represents both a diversification opportunity and a competitive necessity.
The contradiction, therefore, appears only on the surface. Nomura continued not to give up on cryptocurrency, rather, he recalibrated how he takes risks in this area while accelerating the structural investments that will define where he will be when the next cycle arrives. The success of his bet on the license depended on the results of the regulation in Washington, Tokyo and beyond. But one thing is clear: Nomura has shown no intention of staying out.
