Nomura Explores Sale of Crypto Unit Laser Digital, Marex Interested
Nomura is exploring a sale of its crypto unit Laser Digital, with Marex Group among potential buyers. The talks are preliminary and follow four straight quarterly losses at Nomura's European operations, including a 7.4 billion yen pretax loss for the September quarter.
Four years after launching Laser Digital Holdings AG to serve institutional crypto clients, Nomura Holdings is weighing whether to let it go. The Japanese brokerage has held preliminary talks with potential buyers about selling the Zurich-based subsidiary, Bloomberg reported on November 11, and London's Marex Group is among those evaluating an acquisition.
The Bloomberg reporter behind the scoop, posting on X as @RyanJamesWeeks, said Nomura is exploring a sale after losses at the unit helped push its European arm into the red, and that no final decision has been made.
According to people familiar with the matter, Nomura could still sell to another buyer or keep the business. Bloomberg has not named other prospective bidders, and no price or timetable has been disclosed.
The loss behind the talks
Nomura's October 28 results showed its European operations posting a 7.4 billion yen pretax loss, about $46.5 million, for the quarter ended September 30. Europe has now lost money for four consecutive quarters, while Nomura's other regions stayed profitable. The company's financial statements do not break out Laser Digital's contribution, so the size of the unit's share of that loss is unknown.
Group-wide, the picture is healthier. Net income for the September quarter was 103.7 billion yen, down 29% from the prior three months, on consolidated pretax profit of 148 billion yen. Net income for the six months to September reached 249.3 billion yen.
The trading losses are not new. On a January 30 earnings call, CFO Hiroyuki Moriuchi acknowledged losses tied to Laser Digital's trading in October and November 2025. He said the firm would "lower the risk exposure of our positions" while continuing to expand the unit over the medium to long term.
A unit with licenses to sell
Laser Digital launched in 2022 to serve institutional clients with crypto trading, asset management and venture investment, and its regulatory footprint has widened since. In August, Laser Digital Japan was registered as a crypto exchange service provider under Japan's Payment Services Act, the first new registrant in about four years. In May, the OCC granted preliminary conditional approval for Laser Digital National Trust Bank, which cannot open until it meets preopening requirements and receives final authorization. The unit also holds permissions in the UAE, including the first OTC crypto options license under VARA in Dubai.
Those approvals cut both ways. A sale would shed a unit tied to regional losses, while keeping it would preserve digital asset capabilities and room to grow. Regulatory progress, however hard won, does not automatically translate into profitability.
What it means
Marex, for its part, announced an OTC rolling spot crypto product for institutions on October 1, so it is already building in the category. Nomura's other crypto-related businesses, custody provider Komainu and tokenized products firm Boostry, sit outside the reported talks.
Think of a licensed crypto desk as a building with every permit in order: the paperwork can be immaculate while the tenants still lose money. Laser Digital has collected approvals across Japan, the U.S. and the UAE, yet its trading has weighed on Nomura's European results. Any buyer will be weighing those licenses against that record.
