# Nomura Explores Potential Sale of Crypto Subsidiary Laser Digital Japan's largest brokerage considers divesting its digital asset unit following significant operational losses. - **Source:** [The Japan Times](https://www.japantimes.co.jp) - **Published:** 2026-11-12 - **Topic:** [Finance](https://brifing.si/c/finance) - **Original article:** - **On Brifing:** https://brifing.si/s/c3a57207-5caa-4c81-bd59-4de2d6fe224c ## Strategic Divestment Considerations Nomura Holdings is currently in discussions regarding the potential sale of its cryptocurrency subsidiary, Laser Digital Holdings. The brokerage firm is evaluating interest from potential buyers, including Marex, though no final agreement has been reached. Management retains the option to either proceed with a divestment or maintain ownership of the Zurich-based entity. ## Financial Impact of Volatility The decision to explore a sale follows substantial losses incurred by Laser Digital due to severe fluctuations in the crypto market. These losses negatively impacted Nomura’s broader European operations, pushing the regional division into the red. Consequently, Nomura management has prioritized tighter risk controls to mitigate future exposure to digital asset volatility. ## Shift in Corporate Strategy This development represents a notable setback for CEO Kentaro Okuda, who previously identified Laser Digital as a key component for capturing future business opportunities. Founded in 2022 and led by veteran Steven Ashley, the unit provides institutional trading and asset management services, alongside venture capital investments in various emerging cryptocurrency startups. ## Operational Scope of Laser Laser Digital operates alongside other Nomura offshoots like Boostry and Komainu, which focus on tokenization and custody services. Despite current challenges, the unit recently secured a license for exchange services in Japan and received conditional approval for a U.S. national trust-bank charter, demonstrating its ongoing efforts to expand its regulatory footprint. ## Market Landscape Challenges The broader digital assets market is currently experiencing a prolonged slump, with Bitcoin trading significantly below its historical peak. Data indicates that cryptocurrency transaction values in Japan have more than halved over the past year, reaching ¥17.2 trillion. This contraction reflects a wider cooling of investor interest across the domestic digital asset sector. ## Competitive Industry Context Marex, a potential buyer, maintains a robust suite of digital asset tools, including execution, clearing, and structured products. The firm recently expanded its institutional offerings with an over-the-counter rolling spot product. Such capabilities suggest that Marex could integrate Laser Digital’s existing infrastructure to bolster its own specialized services for institutional clients. ## Regulatory and Tax Outlook Despite current market headwinds, Japan is moving toward permitting exchange-traded funds that invest in cryptocurrencies, with potential listings expected as early as next year. Furthermore, the government plans to reduce tax rates on gains from crypto investments. These regulatory shifts could eventually benefit asset managers and brokerages involved in the digital ecosystem. ## Broader Sector Consolidation The potential sale highlights the ongoing consolidation within the Japanese crypto sector. Earlier this year, the Line Bitmax exchange was shut down, illustrating the difficulty firms face in maintaining profitable digital asset operations. Nomura’s current evaluation reflects a broader trend of reassessing high-risk ventures in response to sustained market downturns and profitability pressures. ## Sources covering this story - https://www.japantimes.co.jp/business/2026/11/12/companies/nomura-europe-crypto-unit-sale-talks/ — --- _Summary written by Brifing from the original reporting. Copyright in the original article belongs to its publisher; read the full piece at the link above._