Nomura’s Laser Digital launches tokenised yield-bearing Bitcoin fund for institutions
Nomura’s digital-asset arm Laser Digital has launched the Bitcoin Diversified Yield Fund (BDYF), a Cayman-domiciled, tokenised fund targeting institutional and accredited investors. BDYF pairs long-only Bitcoin exposure with market-neutral income strategies — including arbitrage, lending and options — to monetise carry-like opportunities while prioritising capital preservation. Laser Digital says BDYF is the first fund to issue a tokenised share class directly at the main-fund level, enabling on-chain ownership, in‑kind contributions and atomic settlement. KAIO provides tokenisation services and Komainu is the primary custodian; Laser Digital Middle East FZE (regulated by Dubai’s VARA) acts as investment manager. The strategy targets long-term Bitcoin holders such as treasuries, institutions and sovereign allocators and aims to deliver more than 5% excess net returns over BTC across rolling 12-month periods depending on market conditions. BDYF complements Laser Digital’s prior Bitcoin Adoption Fund and other active strategies, reflecting growing institutional demand for yield-bearing, tokenised bitcoin solutions amid macro uncertainty and Bitcoin’s continued institutionalisation.
Bullish
This launch is likely bullish for BTC. The fund creates an institutional on-ramp that combines long Bitcoin exposure with income strategies, which can increase demand for BTC from treasuries, institutions and sovereign allocators seeking yield. Tokenisation and on-chain share classes lower frictions for custody, settlement and secondary trading, potentially broadening the investor base and accelerating flows into Bitcoin. Short-term price impact may be modest unless large allocations are deployed quickly, but the structural implication is positive: more institutional products that monetise idle BTC while preserving capital can reduce selling pressure and support higher net demand over time. The promised target of >5% excess returns could attract long-duration holders, smoothing volatility and improving tail-risk management — a constructive signal for medium-to-long-term BTC price prospects. Risks that temper the bullish view include execution risk of income strategies, counterparty/custody events, and potential tokenisation regulatory issues that could delay or restrict investor flows.