Nomura weighs sale of Laser Digital after European losses

Nomura established Laser Digital in 2022 to serve institutional cryptocurrency investors. The subsidiary has since expanded beyond trading into decentralized finance and private credit. Bloomberg reported that losses at Laser Digital during an earlier period of crypto market volatility contributed to losses in Nomura’s European business; the company’s financial statements do not break out the subsidiary’s contribution to the latest result.

Nomura’s European operations posted a pretax loss of ¥7.4 billion ($46.5 million) in the quarter ended September 30, according to results released October 28. The region has recorded losses for four consecutive quarters, while the company’s other geographic operations remained profitable in the latest quarter. Group net income was ¥103.7 billion, down 29% from the preceding three months. Consolidated pretax profit reached ¥148 billion, and net income for the six months ended September was ¥249.3 billion.

Nomura had already moved to curb crypto-related risk. On a January 30 earnings call, Chief Financial Officer Hiroyuki Moriuchi acknowledged losses tied to Laser Digital’s trading in October and November 2025. He said Nomura would “lower the risk exposure of our positions” while continuing to expand the subsidiary over the medium to long term. The steps included tighter position management to reduce swings in trading earnings.

The sale discussions come after regulatory advances for Laser Digital. In August, Laser Digital Japan registered as a cryptocurrency exchange service provider under Japan’s Payment Services Act, becoming the country’s first newly registered exchange operator in about four years. In May, the US Office of the Comptroller of the Currency granted preliminary conditional approval for Laser Digital National Trust Bank. The proposed bank would offer custody for digital assets, securities and traditional currencies, but must meet preopening requirements before receiving final authorization. Laser Digital also holds regulatory permissions in the United Arab Emirates.

Marex already serves institutional clients in digital-asset markets, offering trading, clearing, financing and structured products. On October 1, it announced a cash-settled, over-the-counter rolling spot crypto product that lets clients take long or short positions without holding the underlying assets. Bloomberg has not named other potential buyers; no price or timetable has been disclosed. Nomura also operates Komainu, an institutional custody provider, and Boostry, which works on tokenized financial products.

The reported talks surfaced as other banks announced crypto services. Deutsche Bank launched custody for institutional and corporate customers in Europe, covering Bitcoin, Ethereum and selected stablecoins. Israel Discount Bank said it plans to offer Bitcoin and Ethereum trading through its mobile app from November 26 for eligible adult customers with securities trading access. Fireblocks will provide wallet infrastructure for the service.