Nomura Holdings (8604.T) has begun exploring a sale of its Zurich-based crypto subsidiary Laser Digital Holdings AG, according to people familiar with the matter cited by Bloomberg L.P. The Japanese financial group is in talks with potential suitors including Marex Group Ltd., a commodities and financial services firm. The discussions remain at an early stage, however, and Nomura could ultimately decide to retain the business or seek a different buyer.
Following the report, Nomura's American depositary receipts (NYSE: NMR) closed 2.3% higher than the previous day, reflecting market expectations that a sale could improve earnings.
The immediate trigger for the review is that losses at Laser Digital stemming from sharp swings in crypto markets pushed Nomura's entire European operations into a quarterly loss. Management has acknowledged the wide swings in crypto-related revenue and has begun tightening its risk-management framework.
Laser Digital was established in 2022 under the leadership of Steven Ashley, who headed Nomura's wholesale division. In addition to trading and asset management for institutional investors, it makes venture investments in crypto startups. Nomura's digital-asset portfolio also includes Boostry, a security-token platform, and Komainu, an institutional custody joint venture.
Laser Digital has expanded its institutional foothold even amid opaque market conditions. It obtained a Japanese crypto exchange license and in May received conditional approval for a U.S. national trust bank charter. Late last year it hired three derivatives traders from Galaxy Digital.
Nomura Chief Executive Officer Kentaro Okuda has positioned Laser Digital as part of the group's effort to capture future business opportunities. The sale review could mark a strategic turning point, signaling a step back from the company's aggressive posture in digital assets.
For Marex, an acquisition would align with its push to expand its digital-asset business. In October, the company added over-the-counter rolling spot crypto trading to its existing execution, clearing and financing services, broadening its suite of institutional products.
Market conditions in Japan are hardly a tailwind. According to data from the Japan Cryptoasset Business Association, Japanese crypto trading volume, including margin trading, totaled ¥17.2 trillion (approximately $107.6 billion) from January through September, less than half the year-earlier level.
Note: Based on reported details and public information.
Meanwhile, Japan is moving toward lifting its ban on spot ETFs that invest in crypto assets. An amendment to the Financial Instruments and Exchange Act was enacted in July 2026, and the first products could list as early as next year. If the regulatory framework takes shape, the profit environment for Japan's crypto-related businesses could change over the medium to long term.
For Nomura, the decision reflects the challenge of balancing investment in growth areas with securing stable earnings. Some market participants believe a sale would improve the profitability of its European operations, while others worry about a retreat from the digital-asset space. Whether the talks with Marex succeed will be the focus going forward.
