Nomura Weighs Laser Digital Sale Less Than Three Months after Japan Crypto Approval

Nomura is exploring a sale of Laser Digital after losses at the crypto subsidiary pushed Nomura’s European operations into the red.

The talks come as Laser continues to expand, gaining registration in Japan and preliminary approval for a US trust bank while supporting new tokenised investment products.

The Japanese securities group is speaking with potential buyers, including Marex Group, which is evaluating a deal, according to Bloomberg, citing people familiar with the matter.

Founded in 2022, Zurich-based Laser Digital provides institutional trading and asset management and invests in crypto startups. It is one of several Nomura digital-asset businesses, alongside tokenisation specialist Boostry and custody provider Komainu.

Marex already provides institutional digital-asset execution, clearing, financing and structured products. In October, it added an over-the-counter rolling spot crypto product, extending a business that overlaps with Laser’s institutional trading operations.

Losses Prompted Lower Trading Exposure

Crypto-market volatility has already led Nomura to reduce Laser’s risk-taking. In January, Chief Financial Officer Hiroyuki Moriuchi said the group would lower position risk to limit short-term earnings volatility while continuing to develop the business.

The remarks followed losses linked to market movements in October and November 2025. By April, Nomura reported that a similarly steep crypto-market decline during January–March had only a limited effect on consolidated results.

It had reduced market-making exposure while retaining some long positions, including venture investments and seed capital.

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Expansion Continued Despite the Losses

Reducing trading exposure did not stop Laser’s work on licences and institutional products.

In May, its proposed US trust bank received preliminary conditional approval from the Office of the Comptroller of the Currency. The bank cannot begin operations until it meets pre-opening requirements and receives final authorisation.

Laser Digital Japan subsequently registered as a crypto-asset exchange service provider in August, becoming the first new entrant in that category in about four years.

It initially focused on providing liquidity to domestic crypto businesses, with institutional trading services planned later.

Laser’s partnership with ZIG Finance also produced its first product this week. On November 11, ZIG launched zEMS Vault, a BNB Chain vehicle offering eligible institutions exposure to Saudi SME loans and targeting a $100 million raise.

Laser advises on the risk framework and tokenisation; subscriptions and redemptions are available in stablecoins.

Nomura has made no final decision on a sale. It could reach a deal with Marex or another buyer, or retain Laser Digital.