Nomura is reportedly in preliminary discussions with potential buyers, including Marex Group, as cryptocurrency market volatility weighs on its European operations and prompts a reassessment of its digital asset strategy. Japan’s largest brokerage, Nomura Holdings, is exploring a potential sale of its cryptocurrency subsidiary Laser Digital Holdings AG after trading losses contributed to financial difficulties across its European operations. According to Bloomberg reporting published on November 11, 2026, Nomura has held preliminary discussions with prospective buyers, including London-listed financial services group Marex, which is evaluating a possible acquisition.
No final decision has been made, and Nomura could retain Laser Digital or pursue negotiations with another buyer. Representatives of Nomura and Marex declined to comment on the reported discussions. The potential divestment comes as prolonged cryptocurrency market weakness challenges the profitability of institutional digital asset businesses, prompting financial institutions to reconsider their exposure to volatile trading activities. Laser Digital, headquartered in Zurich, was established in 2022 as Nomura’s dedicated cryptocurrency business, offering institutional trading, asset management and venture capital investments.
European Losses Prompt Review of Crypto Operations
Nomura‘s European operations recorded a pretax loss of ¥7.4 billion, approximately $46.5 million, during the quarter ended September 30, 2026, marking their fourth consecutive quarterly loss. Other geographic regions remained profitable, highlighting the concentrated pressure affecting the brokerage’s European business. Bloomberg reported that losses at Laser Digital had previously contributed to the region’s financial difficulties. However, Nomura has not publicly disclosed the subsidiary’s precise contribution to its latest quarterly results. The brokerage’s overall financial performance remained comparatively resilient. Nomura reported second-quarter net income of ¥103.7 billion and pretax income of ¥148 billion, according to its October financial disclosures.
Nevertheless, management has acknowledged the volatility associated with cryptocurrency-related earnings and introduced measures to reduce trading exposure. During a January earnings call, Chief Financial Officer Hiroyuki Moriuchi indicated that Nomura intended to limit short-term fluctuations by reducing cryptocurrency trading positions while continuing to develop Laser Digital over the medium to long term. The reported sale discussions therefore represent a potential change from the company’s earlier expansion strategy.
Laser Digital’s Regulatory Expansion Attracts Potential Buyers
Despite its financial challenges, Laser Digital has continued expanding its institutional cryptocurrency infrastructure across major financial markets. The company recently obtained a Japanese cryptoasset exchange license, allowing it to develop regulated trading services for institutional customers. In May 2026, the U.S. Office of the Comptroller of the Currency granted preliminary conditional approval for Laser Digital National Trust Bank, a proposed institution focused on digital asset custody and related trust services. That approval remains conditional and does not authorize the bank to commence operations before fulfilling outstanding requirements.
Laser Digital also maintains regulatory operations in the Middle East and has expanded its derivatives trading capabilities through experienced institutional hires. Marex, meanwhile, has strengthened its cryptocurrency offerings through execution, clearing, financing and structured products, making Laser Digital a potentially complementary acquisition. In October, Marex introduced an over-the-counter rolling spot cryptocurrency product for institutional clients. A transaction could broaden Marex’s digital asset capabilities while allowing Nomura to reduce direct exposure to cryptocurrency trading volatility.
However, no purchase price, transaction structure or completion timetable has been disclosed. The discussions underscore how established financial institutions are reassessing cryptocurrency investments as market conditions weaken, even while regulatory developments create additional opportunities for institutional adoption.