Nomura Weighs Sale of Laser Digital Months After Japan Approval

By Elena Vasquez

Nomura is considering a sale of Laser Digital, its Zurich-based crypto arm, less than three months after the unit's Japanese entity won registration as a crypto-asset exchange service provider. Marex, the listed derivatives broker that already operates an overlapping institutional digital-asset business, is a potential buyer, according to the report. Nomura has made no final decision; it could still retain the unit.

The deliberation caps a volatile stretch for the subsidiary. Founded in 2022, Laser Digital provides institutional trading and asset management and invests in crypto startups. It sits alongside two other Nomura digital-asset businesses: Bootry's sister tokenisation specialist Boostry and the custody provider Komainu. The sale review, in plain terms, signals that a bank that built three digital-asset lines may be willing to unwind the largest of them.

What drove the retreat?

Market losses did. In October and November 2025, Laser recorded losses linked to crypto-market movements. In January, Nomura Chief Financial Officer Hiroyuki Moriuchi said the group would lower position risk to limit short-term earnings volatility while continuing to develop the business.

A second test followed. Nomura reported in April that a similarly steep crypto-market decline during January to March had only a limited effect on consolidated results. The group had already cut market-making exposure while retaining some long positions, including venture investments and seed capital. The caveat is obvious: reduced exposure limited the damage, but it also reduced the upside that justified the unit's existence.

Why does Marex fit?

The overlap is direct. 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 mirrors Laser's institutional trading operations. For Marex, an acquisition would consolidate two firms chasing the same institutional flow; for Nomura, it would convert a loss-making trading book into capital.

Expansion continued regardless

Reducing trading exposure did not stop Laser's licensing and product work.

• 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.
• In August, Laser Digital Japan registered as a crypto-asset exchange service provider, the first new entrant in that category in roughly four years. It initially focused on providing liquidity to domestic crypto businesses, with institutional trading services planned later.
• On November 11, $ZIG Finance, a Laser partner, 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.

The irony is hard to miss. A unit that secured an OCC preliminary approval, a rare Japanese registration and a tokenised-product debut within six months is simultaneously a candidate for disposal. What Nomura has not said is which outcome its management prefers, or what price it would accept.

What happens next?

Three outcomes remain open: a deal with Marex, a deal with another buyer, or retention. Each carries operational consequences. A sale would leave Nomura's digital-asset presence resting on Boostry and Komainu, while transferring Laser's US trust-bank application and Japanese registration into new ownership, subject to regulatory review. The OCC's pre-opening requirements and the final authorisation step, in particular, remain unfinished business regardless of who owns the entity.