Japan's Nomura cuts down crypto exposure following Q3 losses

Japan's Nomura Holdings is scaling back its cryptocurrency positions following losses in its digital asset business during the third quarter of its fiscal year.

The move comes after Nomura said its Swiss-based crypto trading subsidiary, Laser Digital Holdings, recorded losses due to market volatility in October to December 2025, according to Bloomberg.

Nomura's Chief Financial Officer, Hiroyuki Moriuchi, reportedly said during the earnings briefing on Jan. 30 that the company has implemented stricter position management to reduce risk exposure and limit earnings fluctuations from crypto market swings.

While bitcoin and crypto set all-time highs during the market rally in October, the momentum faded over the following two months, with bitcoin falling over 30% from its peak. Crypto prices have fallen further since, and bitcoin is now trading under $75,500 — the lowest level since 2024.

Despite Q3 losses, Nomura reaffirmed its long-term commitment to the digital asset sector, describing it as a promising area for future growth, Bloomberg reported.

The crypto-related losses contributed to the firm's third-quarter consolidated net profit coming in at ¥91.6 billion ($591.6 million), below the average analyst forecast of ¥95.1 billion ($614 million). Core operations remained strong, according to the report.

On February 2, Nomura's shares opened lower and dropped as much as 6.7% to ¥1,318 on the Tokyo Stock Exchange, which is still in trading hours at the time of writing. To support shareholder returns, the company simultaneously announced a share buyback program of up to ¥600 billion ($38.7 billion), equivalent to about 3.2% of outstanding shares.