Nomura Explores Sale of Crypto Unit Laser Digital

Key Points

European units lost ¥7.4 billion in Q3 2026, marking fourth consecutive quarterly deficit.
Marex evaluates acquisition while Nomura tightens risk controls on volatile digital assets.
No final decision reached; Nomura may retain unit or pursue alternative buyers.

Editorial Deep Dive & Context

Nomura Holdings has initiated preliminary discussions with potential buyers, including London-listed financial services group Marex Group, regarding the sale of its cryptocurrency subsidiary, Laser Digital Holdings AG. The strategic review follows a pretax loss of ¥7.4 billion (approximately $46.5 million) recorded by Nomura’s European operations for the quarter ended September 30, 2026, marking their fourth consecutive quarterly deficit.

While the brokerage has not publicly disclosed the precise contribution of Laser Digital to these regional losses, reports indicate that trading losses at the Zurich-based unit significantly contributed to the broader European financial difficulties. Laser Digital, established in 2022 under former wholesale head Steven Ashley, provides institutional trading, asset management, and venture capital investments across the digital-asset ecosystem.

Despite the current divestment exploration, the subsidiary has continued to scale its institutional footprint, securing a Japanese cryptoasset exchange license and receiving conditional approval from the US Office of the Comptroller of the Currency in May 2026 to establish a national trust bank. A potential acquisition by Marex would align with the buyer's aggressive expansion into institutional digital assets, which recently included the rollout of an over-the-counter rolling spot crypto product. This development marks a notable pivot for Chief Executive Officer Kentaro Okuda, who previously championed Laser Digital as a cornerstone of the firm’s push to capture emerging digital financial opportunities. Management has since moved to tighten internal risk controls and reduce short-term crypto trading exposure to mitigate volatility.