Nomura pulls back crypto trading to steady earnings while keeping long-term bets alive
Nomura, Japan’s largest brokerage and banking group, said it will temporarily trim some cryptocurrency positions after a weak quarter that cut into profits and forced tighter short‑term risk limits. The move is intended to smooth earnings volatility rather than signal an exit from digital assets.
What happened
- In the quarter ended Dec. 31, Nomura’s net income fell nearly 10% year‑on‑year, management disclosed alongside its 3Q results on Jan. 30, 2026. That weaker profit line reflected trading losses at its European crypto arm, Laser Digital, and one‑off charges tied to a large acquisition completed during the period.
- In response, Nomura has tightened position limits and stepped up oversight of trading desks that took losses, reducing large directional bets and scaling back position sizes to avoid sharp swings in quarterly results.
Why it matters
- Executives described the measures as temporary and targeted — designed to dampen short‑term volatility while preserving the firm’s broader crypto strategy. Analysts and management frame this as a two‑track approach: curb risky trading exposures now, while continuing to build crypto infrastructure and services over the medium to long term.
- Supporting that long‑term signal, Laser Digital has been filing to expand services internationally, including an application for a U.S. national trust bank charter to offer custody and trading to institutional clients.
Market reaction and implications
- Investors reacted quickly: Nomura shares slipped after the earnings update, reflecting concern about the hit to European operations and the extra costs from the recent acquisition.
- The immediate effect of tighter controls is lower profit volatility. The trade‑off is reduced upside if crypto prices rebound sharply, since the bank will hold fewer large directional positions while the controls remain in place.
Bottom line
Nomura’s adjustments look like a defensive, short‑term risk management step rather than a strategic retreat from crypto. The bank is reining in volatile trading exposures to stabilize quarterly results, even as it pushes ahead with expansion plans for institutional crypto custody and trading through Laser Digital.
Featured image: The Exchange Asia; chart: TradingView.
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