Nomura Shops Laser Digital to Marex After Winning Japan and U.S. Crypto Approvals

Nomura Holdings is exploring a sale of Laser Digital, the Zurich-based crypto business it launched in 2022, according to a Bloomberg report published on Wednesday.

Japan’s largest brokerage is talking to potential buyers, including Marex Group, which is evaluating a deal, people familiar with the matter told Bloomberg. No final decision has been made. Nomura could still sell to another party or keep the unit, and spokespeople for both firms declined to comment.

The timing stands out. Laser Digital won a preliminary U.S. trust-bank approval in May and a Japanese exchange registration in August. Now its parent may hand those hard-won licences to someone else.

Why Nomura Is Rethinking Laser Digital

The trigger is earnings volatility, not a lack of demand. Bloomberg reported that losses at Laser last year were large enough to push Nomura’s entire European operation into a quarterly loss.

Those losses were tied to the sharp market moves of October and November 2025. Bitcoin closed at $124,720, its highest close in the period shown below, on Oct. 6, 2025, on Coinbase, then fell below $91,000 by the end of November.

In January, Chief Financial Officer Hiroyuki Moriuchi said Nomura would lower position risk at Laser to limit short-term earnings swings while continuing to develop the business over the medium to long term.

Chief Executive Officer Kentaro Okuda had highlighted Laser as part of Nomura’s push to capture “future business opportunities.” A sale would mark a clear change of course, even if the reasoning is mostly about accounting volatility.

A Unit That Kept Collecting Licences

Laser Digital provides trading and asset management services to institutional investors and makes venture investments in crypto startups. It sits alongside two other Nomura digital-asset businesses: Boostry, which focuses on tokenising financial products, and Komainu, a custody venture.

Even after its trading book was cut back, the unit kept expanding its regulatory footprint.

On May 29, 2026, the Office of the Comptroller of the Currency granted preliminary conditional approval for Laser Digital National Trust Bank in New York, in Corporate Decision 1377. The charter covers trust-company operations, including fiduciary activities. The bank cannot open until it meets the OCC’s pre-opening requirements and receives final authorisation.

In August, Laser Digital Japan registered as a crypto-asset exchange service provider, which local reports described as the first new entrant in that category in about four years.

For a buyer, that combination of a Swiss base, a Japanese registration and a pending U.S. trust charter could be worth more than the trading book itself.

Why Marex Fits the Picture

Marex is a London-based commodities and financial services group that already offers institutional crypto execution, clearing, financing and structured products.

In October, it added an over-the-counter rolling spot crypto product. That overlaps directly with Laser’s institutional trading work.

If a deal goes ahead, the licences and client relationships would stay inside the regulated market rather than disappear. One firm stepping back would simply make room for another that wants to step forward.

Banks Are Still Lining Up for Crypto Charters

Nomura’s rethink comes as U.S. regulators keep approving crypto-focused trust banks at a steady pace.

The OCC’s public decisions index shows preliminary approvals for Ripple National Trust Bank and First National Digital Currency Bank in December 2025, then Bridge National Trust Bank and Foris DAX National Trust Bank in February 2026.

Coinbase National Trust Company followed on April 2, Laser Digital on May 29 and Morgan Stanley Digital Trust on June 18. World Liberty Trust Company was approved on Aug. 14 and Agora National Trust Bank on Sept. 18.

That list includes one of Wall Street’s biggest banks. Morgan Stanley is building a dedicated digital trust entity while Nomura weighs its options, which shows the two firms are making different calls on the same opportunity.

Traditional finance is moving into Bitcoin in other ways too. Large banks have been adding spot Bitcoin ETF exposure, as seen when Barclays and Citi increased their Bitcoin fund positions in the third quarter. In Israel, Israel Discount Bank plans to offer Bitcoin trading in its app from Nov. 26.

What This Says About Bitcoin’s Market Structure

A sale would not reduce demand for Bitcoin. It would move a set of institutional services from one owner to another that may have a bigger appetite for the volatility.

Bitcoin itself has already absorbed the swings that hurt Laser’s results. After bottoming at a $58,524 close on June 30, 2026, it closed at $73,928 on Nov. 11, a gain of about 26.3% in a little over four months.

The network kept producing blocks throughout, and its rules will not change if Laser Digital changes hands.

That gap between short-term trading profit and long-term infrastructure is why firms keep applying for charters even after a rough year. Custody, settlement and regulated access are the parts of the market that tend to last.

What to Watch Next

The first signal is whether Nomura confirms talks or announces a buyer. Bloomberg’s sources said nothing has been decided, so a deal is not guaranteed.

The second is what happens to Laser Digital National Trust Bank. Because its OCC approval is preliminary, any change of ownership would likely need regulatory review before the bank could open.

The third is whether other Japanese and European banks take the opposite approach and expand their own crypto units. Index decisions such as the MSCI review that removed Strategy show that traditional finance is still working out how to treat crypto exposure on its books.

For now, Laser Digital looks less like a failed experiment and more like a licensed asset searching for the right owner. In a market where U.S. regulators keep issuing crypto trust charters, there may be no shortage of interest.