Nomura Weighs Sale of Laser Digital After Losses Sink Europe Quarter

Nomura Holdings is exploring a sale of its crypto subsidiary Laser Digital Holdings after losses at the unit pushed the Japanese brokerage's European operations into a quarterly deficit, Bloomberg reported on Wednesday, citing people familiar with the matter.

Japan's largest brokerage has held discussions with potential buyers, including Marex Group, which is evaluating a possible acquisition. No final decision has been reached. Nomura could sell Laser Digital to a different buyer or retain the business, according to the report.

Laser Digital's losses amid volatile crypto markets have prompted Nomura's management to tighten risk controls across the digital asset business. The company has previously acknowledged substantial fluctuations in crypto earnings after its European operations reported a quarterly loss.

What does the sale mean for Nomura's digital asset strategy?

Founded in 2022 and headquartered in Zurich, Laser Digital provides institutional crypto trading, asset management and venture capital investments. The unit sits at the center of Nomura's broader digital asset architecture, which also includes tokenization platform Boostry and crypto custody provider Komainu.

A divestment would not necessarily end Nomura's exposure to the sector, but it would mark a significant retreat from the direct trading and asset management operations that generated the losses in question. For institutional clients of Laser Digital, a change of ownership raises practical questions about continuity of service, counterparty relationships and licensing commitments across jurisdictions.

Despite the losses, Laser Digital has kept expanding. The company recently secured a crypto exchange license in Japan and received conditional approval from the US Office of the Comptroller of the Currency in May to establish a national trust bank. The proposed bank would provide custody and administration services for digital assets, tokenized securities and traditional financial assets, subject to final regulatory approval.

Any sale would therefore involve transferring regulatory positions in at least two major jurisdictions, a process that adds both complexity and value to the unit.

Why Marex fits as a buyer

Marex Group has been building out its own institutional crypto offering, including execution, clearing, financing and structured products. In October, the firm introduced a rolling spot crypto product for institutional clients trading over the counter. Acquiring Laser Digital would give Marex an established Zurich base, an OCC trust bank application in progress and a Japanese exchange license, compressing years of licensing work into a single transaction.

The market backdrop

The potential sale comes amid a prolonged crypto market downturn. Bitcoin traded below $74,000 on Wednesday, more than 40 percent below its peak. Japan's crypto transaction volume, including margin trading, fell by more than half to ¥17.2 trillion — roughly $108.5 billion — during the first nine months of 2026, according to industry association data.

That contraction translates directly into thinner trading revenue for institutional desks, which explains both Laser Digital's losses and Nomura's willingness to consider an exit at a time when buyer interest in regulated crypto infrastructure remains selective.

What changes for practitioners

For institutional trading desks and asset managers, the key question is what a Marex-owned Laser Digital would look like. Marex's focus on execution, clearing and financing suggests the venture capital and asset management arms could face restructuring or review under new ownership. Clients of the proposed OCC-regulated trust bank should also watch whether the application proceeds under a new parent.

No timeline for a decision has been disclosed, and Nomura retains the option to keep the business. But with European losses already reported and risk controls tightening, the negotiating window is open now — and a deal or a formal retention decision will likely crystallize before the trust bank application reaches final OCC approval.