Nomura explores possible sale of Laser Digital crypto unit

Nomura Holdings, Japan's largest securities firm, is currently evaluating potential buyers for its crypto business, Laser Digital Holdings. The company is considering Marex, a firm that is also assessing the proposed deal, according to sources familiar with the situation. However, no final decision has been made, and Nomura may also choose to retain the business or sell it to another entity, sources said, without providing their names to maintain confidentiality.

This move comes after severe fluctuations in the crypto market caused significant losses at Laser Digital, leading to a quarterly loss for Nomura's European operations. Management acknowledged the volatility of crypto-related earnings and tightened risk controls. The development is considered a setback for Nomura's CEO Kentaro Okuda, who had previously highlighted Laser as part of the firm's efforts to seize future business opportunities.

Founded in 2022, Laser provides trading and asset-management services to institutional investors and makes venture-capital investments in crypto startups. It is one of several Nomura subsidiaries focused on digital assets, including Boostry and Komainu. In recent years, Laser has added several key hires, including derivatives traders from Mike Novogratz's Galaxy Digital and obtained a license to provide cryptoasset exchange services in Japan.

In May, the company received conditional approval for a U.S. national trust-bank charter. Despite these efforts, the digital-assets market has been facing a prolonged slump, with Bitcoin trading below $74,000 and cryptocurrency transactions in Japan more than halving from the previous year. Meanwhile, Japan is moving toward allowing exchange-traded funds that invest in cryptocurrencies, which could benefit asset managers and brokerages.