Nomura pushed back Wednesday against suggestions it is stepping away from crypto, saying tighter controls at its Laser Digital unit are meant to smooth short-term swings rather than signal a retreat from the sector.
In emailed comments to CoinDesk, the Tokyo-based bank said the crypto business inherently produces earnings volatility and that it is taking a “medium- to long-term perspective.” To blunt near-term fluctuations, Nomura said it has “further tightened position and risk limits” at Laser Digital, and will continue to pursue growth opportunities while strengthening services and its customer base.
The clarification follows remarks by Nomura CFO Hiroyuki Moriuchi during an earnings briefing, when he said the firm introduced “stricter position management” at Laser Digital to curb risk exposure and limit crypto-driven earnings swings. Losses at the unit were a key factor in a 9.7% drop in Nomura’s fiscal third-quarter profit.
Nomura’s move comes amid a sharp market downturn. CoinGecko data show the crypto market has lost nearly $500 billion in value since Jan. 29. Bitcoin dipped to a low of $72,870 on Tuesday — its weakest level since early November 2024 — before recovering above $76,000, according to CoinDesk.
The bank also pointed to last year’s market turbulence as context: the Oct. 10 flash crash erased more than $19 billion in leveraged positions just days after bitcoin surged past a record-high of $126,200. Bitcoin finished the year around $87,000, roughly 31% below its peak, while total crypto market capitalization dropped more than 30% to just over $3 trillion.
Nomura denied the tighter limits reflect a loss of faith in digital assets. “Laser Digital’s risk controls performed as designed: exposure was reduced early, losses were contained, and the firm avoided the more severe impacts felt worldwide,” the bank said. It stressed that Laser Digital’s risk-taking is “at Trad-Fi institutional grade,” and that Q3 results do not indicate any fundamental weakness.
Nomura — Japan’s largest investment bank, with about $673 billion in assets under management as of late last year — framed the changes as risk management aligned with a long-term playbook: contain short-term volatility now while maintaining the ability to capture upside as the crypto market evolves.
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