Losses repeat as Nomura separates crypto trading from infrastructure buildout

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Laser Digital’s recent losses are not an isolated incident. Nomura previously reported that the crypto unit dragged down European results in mid-2025, yet the firm continued expanding its regulatory footprint rather than pulling back.

Nomura appears to be running a two-track crypto strategy: actively managing and reducing proprietary trading exposure while accelerating infrastructure and licensing efforts. While trading losses have triggered tighter controls, investments in regulated platforms, custody services, and institutional products have continued uninterrupted. Executives emphasized that short-term volatility is being addressed through risk management, not by abandoning the firm’s broader digital asset strategy.