Nomura Q3 Profit Drop Triggers Crypto Exposure Reduction

(MENAFN- Crypto Breaking) Nomura Holdings is trimming its crypto exposure as market conditions worsen and overseas profits contract, signaling a cautious stance from Japan's biggest brokerage on digital assets. In the quarter ending December 31, the bank's leadership disclosed that Laser Digital Holdings, its European digital-asset subsidiary, would undergo tighter risk controls in response to turbulence that dragged the unit's results into the red. The steps come despite a continued commitment to crypto, including plans to broaden a Switzerland-based subsidiary in the medium to long term. Bloomberg Japan reported the quarter's surprise losses at Laser Digital alongside Nomura's broader earnings narrative, underscoring the challenge of navigating a volatile crypto environment while trying to preserve diversified growth streams.

Nomura's finance chief, Hiroyuki Moriuchi, emphasized that the firm will manage its stability through tighter position management over the next several months. While the firm remains committed to crypto, Moriuchi stressed that capital and risk would be kept in tighter check as the group navigates a period of weak profitability in overseas ventures and a market that has been prone to rapid swings. The comments come as the bank faces a confluence of factors: a crypto market downturn, a sharp drop in overseas earnings, and a broader macro backdrop that has kept risk appetite subdued among global financial institutions.

In a quarterly briefing, the bank highlighted that its crypto and non-crypto European ventures contributed to a 10.6 billion yen loss on the balance sheet for the third quarter. By contrast, overseas operations still generated a profit, though at a sharply reduced level of 16.3 billion yen, down 70% year over year. The overall quarterly net income stood at 91.6 billion yen, marking a 9.7% year-over-year decline. On the dispositional side, Nomura pointed to a roughly $1.8 billion acquisition of Macquarie Group's US and European public asset management business as a factor in the period's expenses and a contributor to the year-over-year comparison.

The crypto exposure narrative sits against a backdrop of a crypto-price backdrop that has tested investors' risk appetites. Bitcoin, which traded at a peak near $126,000 earlier in October, retraced to roughly $88,000 by the end of December, according to CoinGecko data, underscoring the kind of volatility that has made risk management paramount for banks with dedicated digital-asset units. The market-wide swoon has, in turn, shaped how firms talk about the role of crypto in their strategic mix, with Nomura signaling a measured, longer-horizon approach rather than a rapid expansion in turbulent times.

As part of its ongoing corporate narrative, Nomura reiterated that its crypto strategy is not being rolled back, but rather recalibrated to absorb the ongoing cycle of volatility. The Switzerland-based subsidiary is still on the radar for expansion as part of a longer-term plan, reflecting a cautious optimism about regulatory clarity and the potential for product and market diversification in a changing European landscape. The company's Q3 presentation referred to the Laser Digital episode as a learning moment-one that will inform stricter risk controls and more disciplined capital allocation going forward.

Key takeaways

• Nomura plans tighter risk management at Laser Digital Holdings after losses tied to the crypto market's volatility, signaling a cautious stance rather than a retreat from digital assets.
• Crypto and non-crypto European ventures posted a 10.6 billion yen loss in Q3, while overseas ventures still produced a profit, though down 70% year over year.
• Overall quarterly net income declined 9.7% to 91.6 billion yen, with one-time expenses linked to the Macquarie asset-management acquisition weighing on comparisons.
• The group cites broader market turbulence, including a sharp crypto downturn, as a key driver behind the earnings mix and risk posture.
• Nomura remains focused on medium- and long-term crypto expansion, including ongoing considerations around its Switzerland-based subsidiary.

Tickers mentioned: $BTC

Price impact: Negative. Nomura's shares fell about 6.8% on Monday after the quarterly results, reflecting investor concerns about crypto exposure and weaker overseas earnings.

Market context: The quarter's results arrived amid a broader crypto market backdrop characterized by volatility, with Bitcoin 's price trajectory illustrating the sensitivity of institutional exposure to rapid price moves and regulatory signals. The data points referenced above align with a period of tightening liquidity and cautious risk sentiment among financial services firms navigating digital-asset ventures.

Why it matters

The strategic stance Nomura is taking underscores a broader theme among traditional financial players-the balancing act between participating in blockchain-enabled finance and maintaining prudent risk controls in an unsettled market. Laser Digital Holdings, which has been a flagship for Nomura's crypto ambitions in Europe, now carries a clearer mandate to tighten risk exposure, a move that could influence how similar institutions allocate capital to crypto-related ventures in the near term.

From a strategic perspective, Nomura's continued commitment to crypto, despite near-term headwinds, signals that the bank views digital assets as a long-run growth vector rather than a short-term revenue driver. The planned expansion of its Switzerland-based subsidiary hints at pursuing a more formalized, regulated product slate in a jurisdiction known for its crypto-friendly stance and robust financial framework. Yet the balance sheet pressures-the 10.6 billion yen loss tied to crypto and related ventures and the substantial deceleration in overseas profitability-illustrate the difficult path ahead for any bank attempting to scale a crypto-enabled business in a choppy macro environment.

Observers note that the market reaction to such disclosures is shaped not only by the numbers but by how banks communicate the risk framework around crypto operations. The CFO's emphasis on position management suggests a shift from aggressive exposure growth toward disciplined risk controls, a posture that could become a template for other institutions seeking to weather similar cycles. The broader implication for the market is a potential re-pricing of crypto bets among legacy financial firms, with more selective investment and a focus on sustainability over speed.

What to watch next

• Updates on Laser Digital's risk-management reform and any capital-adequacy adjustments tied to crypto positions in the coming quarters.
• Progress on the expansion plans for the Switzerland-based subsidiary, including licensing steps or product launches that may signal deeper European market penetration.
• Next quarterly earnings and disclosures outlining how much of the overseas profit dip is structural versus cyclical, and how much is tied to crypto exposure.
• Regulatory developments affecting bank crypto exposure in Japan and Europe, including any shifts in guidance that could impact strategic buy-and-hold investments in digital assets.

Sources & verification

• Nomura Holdings, Q3 2026 earnings press materials and financial summary (official statements and filings) referenced in the release.
• Bloomberg Japan report on Laser Digital Holdings' Q3 results and crypto exposure (Bloomberg Japan article cited in coverage).
• Bitcoin price data around Oct 2023–Dec 2023 from CoinGecko (price trajectory used for context).
• Nomura press materials detailing the Macquarie asset-management acquisition and related expenditures (documented in the 2026 Q3 materials).
• Nomura's quarterly disclosures referencing overseas profitability and the impact of crypto-related losses (as shown in the earnings presentation).

Market reaction and key details

The third quarter of Nomura's fiscal year was framed by a difficult market environment for crypto assets and a visible tightening of risk controls across the group's digital-asset initiatives. The CFO's comments highlight a deliberate strategy to pare back high-risk exposures at Laser Digital while preserving the long-run blueprint for the firm's crypto ambitions. The decision aligns with broader trends among traditional banks reevaluating crypto bets as volatility persists and as regulators seek greater clarity on how institutions hold and manage digital assets.

What happened in numbers

Quarterly highlights include a 10.6 billion yen loss linked to crypto and non-crypto European ventures, a 16.3 billion yen overseas profit that contracted 70% year over year, and an overall net income of 91.6 billion yen, down 9.7% from the previous year. The quarter also reflected a roughly 1.8 billion-dollar outlay connected to Macquarie Group's US and European public asset management business, underscoring how strategic acquisitions can influence quarterly comparables even as core operations stabilize. These figures, in combination with a sharp stock reaction-Nomura shares down about 6.8% on the day-paint a portrait of a lender recalibrating its crypto exposure within a tough earnings environment.

In the narrative of crypto-market resilience, the narrative around institutional participation remains nuanced. While Laser Digital's losses represent a setback, the leadership's messaging about ongoing risk controls and a longer-term expansion plan indicates that Nomura's crypto program is not retreating. The implications for investors hinge on the speed and quality of the next set of disclosures, particularly around how Laser Digital repositions its product lineup, risk limits, and capital allocation as the market seeks greater clarity on the path to sustainable profitability in digital assets.

Risk & affiliate notice: Crypto assets are volatile and capital is at risk. This article may contain affiliate links.

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