Nomura Tightens Crypto Risk After 9.7% Profit Drop and $80,000 Bitcoin Slide
On February 2, 2026, Japan’s Nomura Holdings began adjusting its digital asset strategy after volatility in its European crypto unit...
Quick overview
- Nomura Holdings is tightening risk controls in its digital asset strategy following significant trading losses in its European crypto unit, Laser Digital.
- The company's shares fell 6.8% after reporting a 9.7% year-over-year drop in net income, largely due to losses from Laser Digital and high acquisition costs.
- Despite the volatility in crypto markets, Nomura's core business segments achieved record highs, supported by a recent acquisition of Macquarie Group's asset management units.
- Nomura is applying for a U.S. National Trust Bank charter to enhance its digital asset services while maintaining a focus on long-term infrastructure investments.
On February 2, 2026, Japan’s Nomura Holdings began adjusting its digital asset strategy after volatility in its European crypto unit, Laser Digital, caused a strong market response. This article looks at why the Tokyo-listed company is tightening risk controls while also investing in long-term U.S. infrastructure by applying for a new federal bank charter.
Nomura Holdings (TSE: 8604) shares fell 6.8% on February 2, 2026, after investors saw a 9.7% year-over-year drop in net income to ¥91.6 billion ($590 million). Part of this decline came from trading losses at Laser Digital, which was affected by the October 2025 market selloff when Bitcoin dropped from $126,000 to $88,000.
Even with a “vague sense of unease” about crypto exposure, Nomura’s main wealth and investment management divisions hit record highs, showing a strong base beneath the digital asset volatility.
Key Takeaways
- Risk Reduction: Nomura CFO Hiroyuki Moriuchi confirmed the firm is “lowering risk exposure” and implementing stricter position management at Laser Digital to curb short-term profit volatility.
- Earnings Impact: Laser Digital and other European ventures accounted for a ¥10.6 billion ($68.5 million) loss, contributing to a 70% decrease in overseas pretax income.
- U.S. Expansion: Just 48 hours before reporting these losses, Laser Digital filed a de novo application with the OCC to form Laser Digital National Trust Bank (LDNTB) for U.S. institutional custody and trading.
- Global Context: Nomura’s retreat mirrors record-breaking paper losses across the sector, including an estimated $17.44 billion Q4 unrealized loss for Michael Saylor’s Strategy.
Nomura’s Core Resilience Amid the Crypto “Surprise”
Although crypto news was negative, Nomura’s overall business remained strong. Its four main segments reported their highest combined pretax income in 18 years. This strength was supported by the $1.8 billion purchase of Macquarie Group’s public asset management units, which greatly expanded Nomura’s global reach.
LATEST: 🇯🇵 Nomura Holdings in Japan has reduced its crypto exposure due to losses in Q3 2025. pic.twitter.com/XdfjCDW8n8
— crypto.news (@cryptodotnews) February 2, 2026
To reward shareholders despite the quarterly dip, Nomura announced a ¥60 billion share buyback program, underscoring management’s confidence in the firm’s intrinsic value.
What Caused the 9.7% Profit Drop: Top 4 Reasons
High acquisition costs combined with market losses created a “perfect storm” for Nomura’s Q3 results:
- Laser Digital Trading Losses: The October “flash crash,” which erased $19 billion in leveraged positions worldwide, directly impacted Laser Digital’s trading book.
- Macquarie Acquisition Costs: Integrating the $1.8 billion public asset management unit from Macquarie added significant short-term expense to the balance sheet.
- European Market Slump: Nomura’s European operations were the primary drag on international earnings, largely due to the digital asset setbacks.
- Investor Anxiety: Bloomberg Intelligence analysts said the stock drop was made worse by a “vague sense of unease” about the market’s direction, with the crypto surprise sparking more selling.
Digital Asset Forecast: Long-Term Infrastructure vs. Short-Term Risk
Nomura’s strategy shows a clear contrast. While the company reduced active trading risk, it also pushed hard to get top regulatory licenses.
- Federal Banking Charter: By applying for a U.S. National Trust Bank charter, Laser Digital could offer custody, spot trading, and staking for U.S. government securities and digital assets without needing separate state licenses.
- Institutional Shift: Laser Digital Chairman Steve Ashley says institutional markets are entering a “new phase defined by scale and regulation,” putting the firm in a strong position to lead the next stage of digital finance.
- Regional Licenses: Outside the U.S., Laser Digital still holds licenses in the UAE (VARA and ADGM) and is working to grow in Japan and Dubai.
Trade Idea: Keep an eye on Nomura’s shares (8604) for a possible rebound as the market reacts to record core business revenues. Watch for support around the 50-day moving average of $8.46 for ADR entries.
Bottom Line: Navigating the Alchemy of 2026 Crypto Markets
Nomura’s experience is part of a wider trend among “crypto-centric” companies like Metaplanet (with a $680M impairment) and Bitmine Immersion (which holds 3.55% of all ETH). The main lesson from early 2026 is that even as institutional use grows, shown by SGB Net’s $2B monthly volume, the market still faces sharp “mark-to-market” swings. Nomura is handling this by keeping its short-term trading risks separate from its long-term investment in global digital infrastructure.
Navigating Crypto’s Price Volatility and Institutional AdoptiNavigating Crypto’s Price Volatility and Institutional Adoption in 2026. This video shares expert views on handling crypto’s ups and downs in 2025 and what to expect for institutional adoption in 2026, which ties directly to Nomura’s strategy.
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