Nomura’s Crypto Tango: Losses, Licenses, and a Dash of Chaos

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Japan’s financial powerhouse, Nomura, just did the corporate equivalent of tripping on the red carpet but still waving to the crowd. On January 30, they admitted their crypto subsidiary, Laser Digital, took a tumble in the October-December quarter. Ouch. But don’t worry, they’ve got a plan: fewer crypto positions and tighter risk controls. Because, you know, balance.

But wait-just two days earlier, Laser Digital was all like, “Hey, USA, can we be a bank now?” Spoiler alert: they’re not confused. They’re just strategic. Or maybe they’re just really good at multitasking. Who knows?

48 Hours of Financial Whiplash

On January 27, Laser Digital was in New York, filing for a US bank charter like it was no big deal. “We want to custody, trade, and stake for the big kids,” they said. Steve Ashley, their chairman, basically declared the US the financial prom queen of the world. Meanwhile, on January 30 in Tokyo, CFO Hiroyuki Moriuchi was like, “Yeah, we lost some money, but we’re tightening our belts. It’s fine. Everything’s fine.”

The juxtaposition is like watching someone order a salad after eating an entire cake. But hey, it’s a vibe.

Déjà Vu, Anyone?

This isn’t Laser Digital’s first rodeo in the loss department. Back in October 2025, they dragged down Nomura’s European results, and what did Nomura do? Doubled down, of course. They were like, “Losses? Pfft. Let’s get a crypto trading license in Japan instead.” Because why fix the problem when you can just add more problems?

Fast forward to now, and it’s the same song, second verse. Losses? Tighten positions. Expansion? Full speed ahead. It’s like they’re playing financial Jenga, and we’re all just waiting for the tower to wobble.

The Two-Track Tightrope Walk

Nomura’s basically running a financial circus under the Laser Digital tent. On one side, there’s the trading ring, where they’re juggling cryptocurrencies and occasionally dropping them. On the other side, there’s the infrastructure buildout-a long-term game where they’re laying bricks for the future. Moriuchi summed it up perfectly: “We’re losing money, but don’t worry, we’re building an empire.”

Here’s the timeline, because who doesn’t love a good table?

Date Event Track
Sep 21, 2022 Laser Digital Holdings AG incorporated in Switzerland 🔵 Infrastructure
Aug 1, 2023 Full crypto business license secured from Dubai VARA 🔵 Infrastructure
Apr-Jun 2025 Laser Digital contributes to losses in European operations 🔴 Trading loss
Aug 6, 2025 First regulated OTC crypto derivatives license under VARA pilot framework 🔵 Infrastructure
Oct 3, 2025 FSA pre-consultation for Japan institutional trading license disclosed 🔵 Infrastructure
Oct-Dec 2025 Laser Digital posts losses again, triggering position reduction 🔴 Trading loss
Jan 22, 2026 Tokenized Bitcoin Diversified Yield Fund launched 🔵 Infrastructure
Jan 28, 2026 OCC national trust bank charter application filed in the US 🔵 Infrastructure
Jan 30, 2026 Losses and risk tightening announced at earnings call 🔴 Trading loss

The message? Losses are just a Tuesday. Building an empire? That’s the real flex.

Talking Out of Both Sides of Their Mouth

Nomura’s got a split personality-one for the regulators and one for the shareholders. To the OCC and FSA, they’re like, “Crypto is the future, baby!” To the analysts, they’re all, “Don’t worry, we’re being super careful with our money.” It’s like financial gaslighting, but make it corporate.

Steve Ashley put it best: “The US is the prom queen, and we’re here for the coronation.” Meanwhile, Moriuchi was busy reassuring everyone that they’re not going to trip on the stairs.

The Bigger, Crazier Picture

Nomura’s not alone in this crypto circus. Daiwa Securities is lending Bitcoin like it’s library books, and Japan’s FSA is thinking about crypto ETFs. Everyone’s jumping on the bandwagon, because why not? A 2024 survey said half of institutional investors are ready to dip their toes in the crypto pool. For traditional brokerages, it’s less of a choice and more of a survival tactic.

So, is Nomura retreating? Heck no. They’re just doing the financial equivalent of the cha-cha-two steps forward, one step back. Whether it works out depends on regulators, but one thing’s for sure: Nomura’s not sitting this dance out.

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2026-02-02 07:16