Japan's largest brokerage increases investment against the trend! Nomura Securities still applies for three licenses despite losses

Nomura Securities announced on January 30 that Laser Digital has reported losses for two consecutive quarters. However, just 48 hours earlier, they applied for a banking license with the US OCC. Nomura is adopting a dual-track strategy: trading losses are considered short-term risk management, while infrastructure investments are part of a long-term strategy, with license applications simultaneously progressing in the US, Japan, and Dubai.

The Dual-Track Strategy Behind the 48-Hour Contradiction

Nomura Securities’ statements during the quarterly earnings call on January 30 sharply contrasted with its license application on January 27. CFO Hironobu Sone told analysts that the company had “reduced cryptocurrency holdings” and was strengthening risk controls. Laser Digital’s losses in the October to December quarter dragged down the group’s European performance. This frank acknowledgment of losses led many observers to believe that Nomura might be exiting the cryptocurrency space.

However, the license application on January 27 told a completely different story. Laser Digital submitted an application to the US Office of the Comptroller of the Currency (OCC) in New York to establish a federally chartered national trust bank. The subsidiary plans to offer custody, spot trading, and staking services to US institutional clients. Laser Digital Chairman Steve Ashley called the US “the world’s most important financial market,” and stated, “We believe the next chapter of digital finance will be written by those companies prepared to operate under this level of scrutiny and long-term commitment.”

This “double-sided act” within 48 hours may seem abrupt, but a closer look reveals it is not a sudden shift, but a carefully planned, recurring strategy. Laser Digital, a subsidiary of Nomura, appears to operate two entirely different businesses. One is a proprietary trading business mainly investing in cryptocurrencies, which is highly affected by market volatility and has reported consecutive quarterly losses. “We have strengthened our management of positions and risk exposure to suppress short-term profit fluctuations,” Sone told analysts on January 30.

On the other hand, there are investments in infrastructure and licensing—long-term strategic initiatives seemingly unaffected by quarterly trading performance. Nomura’s leadership has conveyed a clear message: trading losses are a risk management issue requiring tighter controls; infrastructure and licensing are strategic priorities that will not be halted due to poor performance. This distinction allows Nomura to reassure shareholders about short-term losses during earnings calls while demonstrating long-term commitment to regulators and institutional clients.

Timeline of Continuous Expansion Despite Consecutive Losses

This is not the first time Laser Digital has dragged down Nomura’s European operations. In October 2025, Sone admitted, “Laser Digital’s performance caused the group’s European business to report a loss in the April to June quarter.” At that time, Nomura’s response was not retreat but continued advancement: Laser Digital was also engaging in pre-consultations with Japan’s Financial Services Agency (FSA) to obtain a domestic crypto trading license for institutional clients. This pattern has repeated again, with losses in October to December 2025 prompting investors to tighten position management, even as expansion plans accelerate.

Complete Timeline of Nomura’s Cryptocurrency Strategy

September 2022: Laser Digital Holdings AG registered in Switzerland (infrastructure)

August 2023: Obtained full crypto business license from Dubai VARA (infrastructure)

April-June 2025: Laser Digital causes European business losses (trading losses)

August 2025: Secured VARA’s first regulated OTC crypto derivatives license (infrastructure)

October 2025: Japan FSA pre-consultation for institutional trading license (infrastructure)

October-December 2025: Laser Digital reports losses again (trading losses)

January 22, 2026: Launched tokenized Bitcoin diversified yield fund (infrastructure)

January 27, 2026: Submitted application for national trust bank license to US OCC (infrastructure)

January 30, 2026: Earnings call announces losses and tightened risk controls (trading losses)

This timeline reveals a clear pattern: after each trading loss, Nomura tightens risk management and reduces holdings, while simultaneously accelerating licensing and infrastructure development. This strategy demonstrates that Nomura separates short-term trading risk management from long-term infrastructure investments—where the former adheres to cautious risk controls, and the latter follows a strategic market positioning approach.

Institutional Long-Term Commitment to Cryptocurrency Remains Unchanged

A 2024 survey conducted jointly by Nomura and Laser Digital found that over half of institutional investors expect to allocate digital assets within three years, typically accounting for 2% to 5% of their portfolios. For traditional brokerages facing pressure on equity and bond commissions, digital assets represent both a diversification opportunity and a necessity to stay competitive. This survey underpins Nomura’s continued investment in infrastructure.

While this juxtaposition may seem abrupt, it actually reflects a mature attitude among institutional investors toward cryptocurrencies. The applications submitted to the US OCC and consultations with Japan’s FSA aim to attract regulatory approval and institutional clients, demonstrating Nomura’s confidence in the long-term role of cryptocurrencies in finance. In contrast, the earnings call targets shareholders and analysts seeking reassurance, emphasizing “strict position management” and “reducing risk exposure” to control short-term volatility.

Nomura is not the only company adopting this approach. Japan’s second-largest broker, Daiwa Securities, began offering yen loans collateralized by Bitcoin and Ethereum in late 2025. Reports indicate that Japan’s FSA is preparing to allow crypto ETFs to be listed under the Investment Trust Law, with products expected to launch before 2028. Both Nomura and SBI Holdings have expressed interest in launching such funds. This industry trend shows that Japanese financial institutions are collectively embracing cryptocurrencies, rather than isolated actions by individual firms.

Therefore, this paradox is only superficial. Nomura does not intend to exit the crypto space; rather, it is readjusting its risk appetite while accelerating structural investments to establish its market position in the next cycle. Whether this license application succeeds will depend on regulatory outcomes in Washington, Tokyo, and elsewhere. But one thing is clear: Nomura will not stand idly by.