Nomura Posts Crypto Losses—But That’s Only Half the Story

Japan’s largest brokerage, Nomura, disclosed on January 30 that its crypto subsidiary, Laser Digital, posted losses in the October–December quarter. The firm has reduced cryptocurrency positions and tightened risk controls.

But just two days earlier, that same subsidiary had applied for a US bank charter. This is not a contradiction—it is a pattern.

48 Hours Apart

On January 27 in New York, Laser Digital filed an application with the US Office of the Comptroller of the Currency (OCC) to establish a federally chartered national trust bank. The subsidiary wants to offer custody, spot trading, and staking services to American institutional clients. Steve Ashley, Laser Digital’s chairman, called the US “the most important financial market globally.”

On the 30th in Tokyo, however, Chief Financial Officer Hiroyuki Moriuchi told analysts at Nomura’s quarterly earnings call that the firm had “reduced its positions in cryptocurrencies” and was tightening risk controls. Laser Digital had posted losses in the October–December quarter, dragging down the group’s European results.

The juxtaposition looks jarring. But a closer look reveals this is not a sudden reversal—it is a deliberate, recurring strategy.

Not the First Time

This is not the first quarter Laser Digital has dragged down Nomura’s European results. In October 2025, Moriuchi acknowledged that “Laser Digital’s performance contributed to losses in the group’s European operations during the April–June quarter.” At that time, Nomura’s response was not to retreat but to push forward: Laser Digital was simultaneously in pre-consultation talks with Japan’s Financial Services Agency (FSA) to obtain a domestic crypto trading license for institutional clients.

The pattern has now repeated. Losses in the October–December 2025 quarter have again prompted tighter position management, while the expansion pipeline has only accelerated.

The Two-Track Strategy

Nomura appears to be running two distinct operations under the Laser Digital umbrella. On one track, there is the proprietary trading book—positions in cryptocurrencies that are subject to market volatility and have generated losses in multiple quarters. “We have tightened our management of positions, as well as risk exposure, to curb short-term volatility in profit,” Moriuchi told analysts on January 30.

On the other track, there is the infrastructure and licensing buildout—a long-term play that appears insulated from quarterly trading results. Consider the timeline:

DateEventTrackSep 21, 2022Laser Digital Holdings AG incorporated in Switzerland