Nomura Cuts Crypto Trading Exposure While Doubling Down on Institutional Infrastructure
Nomura Holdings announced a temporary reduction in cryptocurrency trading exposure after a 9.7% year‑on‑year net income drop to ¥91.6 billion in Q3 fiscal 2025, driven largely by a ¥10.6 billion loss in its European business. CFO Hiroyuki Moriuchi said losses stemmed from Laser Digital’s proprietary trading book, which suffered repeated hits during October–December 2025. Nomura will tighten position and risk management and scale back proprietary trading and related prime‑brokerage services to stabilise short‑term earnings. Crucially, the bank is not exiting crypto: it is accelerating long‑term infrastructure and regulated services via Laser Digital. Recent milestones include a Dubai VARA OTC derivatives licence (Aug 6, 2025), FSA pre‑consultation for a Japan institutional trading licence (Oct 3, 2025), launch of a Tokenized Bitcoin Diversified Yield Fund (Jan 22, 2026), and an OCC national trust bank charter application in the US (filed Jan 28, 2026). Nomura also announced a ¥60 billion share buyback alongside the results. For traders, the move signals reduced short‑term institutional prop selling pressure but continued institutional build‑out that may support crypto custody, market‑making and tokenisation demand over the medium to long term.
Neutral
Nomura’s decision to cut proprietary crypto trading positions is a risk‑management response that reduces potential short‑term selling pressure from a major institutional player, which can be supportive or stabilising for spot prices. The losses were confined to Laser Digital’s trading book, while Nomura simultaneously advances regulated infrastructure (licenses, tokenized products, US trust charter application). Historically, when institutions trim prop exposure after losses (e.g., banks cutting prop desks during crypto drawdowns), markets often see reduced sudden liquidity shocks but also less professional market‑making, which can increase volatility in thin markets. In the short term expect muted negative price action tied to position reductions and possible lower intraday liquidity. In the medium to long term, Nomura’s push for custody, regulated trading and tokenisation tends to be bullish for institutional adoption and liquidity once licenses and products roll out. Overall impact balances near‑term dampening of volatility from reduced proprietary speculation with potential longer‑term demand as infrastructure matures, so the net classification is neutral.