Nomura Weighs Sale of Laser Digital After Crypto Losses

Nomura Holdings is exploring a possible sale of its digital-asset subsidiary Laser Digital Holdings AG, as losses at the Zurich-based business add pressure to the Japanese financial group's European operations.

According to a November 11 Bloomberg report, Nomura has held discussions with potential buyers, including financial services firm Marex Group, which is evaluating a possible transaction. The talks remain preliminary, and Nomura could still decide to retain the business or pursue another buyer. No final decision or sale terms have been disclosed.

Laser Digital was established in 2022 as Nomura's dedicated digital-asset business, with activities spanning institutional cryptocurrency trading, asset management and venture investments. A potential sale would mark a change in direction for a business that has been central to Nomura's efforts to expand into digital finance.

Crypto Trading Losses Put Pressure on Nomura's European Business

The possible divestment follows a difficult period for Laser Digital's trading operations. Bloomberg reported that losses at the subsidiary last year were significant enough to push Nomura's wider European operations into a quarterly deficit.

The development comes as Nomura has acknowledged the volatility of earnings generated by cryptocurrency-related activities and moved to tighten risk controls. The group has previously said it was reducing crypto trading positions and adjusting position management to limit short-term earnings swings.

Nomura's European operations have also recorded consecutive quarterly losses. The company has not publicly disclosed how much of those results can be attributed specifically to Laser Digital.

Marex's reported interest reflects the potential value of Laser Digital's institutional business and its established regulatory footprint. Marex already offers digital-asset services covering execution, clearing, financing and structured products, and has been expanding its institutional crypto offering.

Laser Digital Has Continued Expanding Its Institutional Business

Despite the reported financial pressure, Laser Digital has continued to build its presence across several digital-asset markets.

In Japan, Laser Digital Japan secured registration as a crypto-asset exchange service provider in August 2026, allowing it to expand institutional trading activities in its home market. The registration was reported as Japan's first new crypto exchange approval in around four years.

In the United States, its proposed national trust bank received conditional approval from the Office of the Comptroller of the Currency (OCC) in May. The approval remains subject to pre-opening requirements and does not mean the proposed bank is already operational. If it meets those conditions and receives final approval, the entity would be able to provide custody and administration services for digital, tokenized and traditional assets under federal supervision.

Laser Digital has also expanded into tokenized private credit. On November 11, the company and ZIG Finance introduced the zEMS Vault, an onchain investment vehicle targeting $100 million to finance Saudi small and medium-sized enterprises. The product uses Beehive's lending infrastructure, with KAIO handling tokenization and administration on BNB Chain and Zamanat providing structuring and Sharia advisory.

The launch builds on Laser Digital's earlier partnership with ZIGChain to develop tokenized private-credit products across emerging markets. Unlock Blockchain previously covered Laser Digital's role in the UAE's onchain private-credit initiative.

A Potential Sale Could Reshape Nomura's Digital-Asset Strategy

Laser Digital is part of a broader digital-asset portfolio developed by Nomura, which also includes its involvement in Komainu, an institutional digital-asset custodian founded with Ledger and CoinShares, and Boostry, a platform focused on security-token infrastructure.

The relationship between Nomura and Komainu illustrates how the group has approached digital assets through different business models, including trading, custody and tokenization. Unlock Blockchain interviewed Komainu on its institutional custody model and its relationship with Nomura.

A sale of Laser Digital would therefore raise questions about how Nomura intends to allocate capital across its digital-asset businesses, particularly as financial institutions continue developing custody, tokenization and blockchain-based investment services.

For a potential buyer such as Marex, acquiring Laser Digital could provide an established institutional crypto operation, together with its existing licenses, partnerships and investment products. For Nomura, a transaction could reduce exposure to crypto trading volatility while potentially allowing it to retain other digital-asset activities.

For now, discussions remain ongoing, and there is no confirmed transaction. Whether Nomura proceeds with a sale or keeps the subsidiary will determine the next phase of its digital-asset strategy.