Nomura Temporarily Cuts Crypto Exposure at Laser Digital After Q3 Losses
Nomura Holdings will temporarily reduce cryptocurrency risk at its European digital-asset arm, Laser Digital, after the unit posted losses in the quarter ended Dec. 31. CEO Hiroyuki Moriuchi and CFO Nobuyuki Sone said the bank is enforcing stricter position management and a short-term pullback in crypto exposure to limit downside amid recent market volatility. Nomura reported Q3 net income of ¥91.6bn (down 9.7% YoY). Overseas results included a ¥10.6bn loss in Europe but an overall overseas profit of ¥16.3bn, down 70% YoY. The quarter was also impacted by the Macquarie US/European asset-management acquisition and share buyback costs. Despite the near-term reduction in crypto positions, Nomura reiterated its medium- to long-term commitment to digital assets and plans to expand Laser Digital operations in Switzerland once market conditions improve. Key implications for traders: increased risk control at a regulated European crypto unit may reduce institutional flow and volatility in affected venues in the short term, while the firm’s stated long-term commitment keeps strategic demand intact.
Bearish
The announcement of a temporary reduction in crypto exposure and stricter position management at Laser Digital signals a near-term pullback in institutional risk-taking by a regulated European unit of a major bank. That is likely to reduce buy-side flow and liquidity into the crypto market segments where Laser Digital operates, exerting downward pressure on prices in the short term. Traders may see lower volume and muted rallies while the unit shrinks positions and de-risks. However, Nomura’s reaffirmation of medium- to long-term commitment and plans to expand operations in Switzerland suggest the move is tactical rather than an exit; this preserves longer-term institutional demand, which could support prices over months to years once volatility subsides. In summary: short-term bearish due to reduced flows and tighter risk controls; neutral-to-supportive over the long term given continued strategic commitment.