Japan’s Top Wealth Manager Reduces Crypto Holdings Following Q3 Losses

Nomura Holdings is enhancing risk management at its European cryptocurrency subsidiary following third-quarter losses, signaling a careful retreat from digital assets in light of increasing market volatility.

This decision comes after Bitcoin dipped below $80,000 over the weekend, with companies holding substantial digital asset reserves reporting billions in unrealized losses.

As reported by Bloomberg, shares of the Tokyo-listed company fell 6.7% on Monday, marking the largest intraday drop in over nine months, after net income declined 9.7% year-over-year to ¥91.6 billion ($590 million) for the quarter ending December 31.

Source: Google Finance

However, Hideyasu Ban, a senior analyst at Bloomberg Intelligence, noted that Nomura’s market response is “likely short-lived” as investor anxiety over crypto losses coincides with broader weaknesses in the Asian market.

Crypto Losses Dim Otherwise Strong Quarter

Chief Financial Officer Hiroyuki Moriuchi confirmed during a Friday earnings conference that Nomura is “reducing the level of risk” at Laser Digital Holdings, its Switzerland-based digital asset subsidiary.

The subsidiary incurred losses in the third quarter due to market volatility, leading to tighter position management across its crypto activities.

“As profits vary significantly due to market fluctuations, stringent position management is implemented to mitigate risk,” Moriuchi stated during an analyst call, though he stressed that the firm’s long-term commitment remains steadfast.

Nomura’s international operations generated ¥16.3 billion before taxes, marking its 10th consecutive profitable quarter, but this figure was approximately 70% lower than the previous year due to losses in Europe.

The crypto challenges overshadowed otherwise strong quarterly performance, with pretax income across four segments reaching the highest level in 18 years.

Wealth Management achieved record-high recurring revenue, while Investment Management assets surged to a historic peak of ¥134.7 trillion following the $1.8 billion acquisition of Macquarie’s asset management division.

Excerpt from the Q3 Report. | Source: Nomura Holdings

Nomura has announced plans to repurchase up to ¥60 billion in shares, equating to 3.2% of its outstanding stock.

Treasury Firms Report Billions in Unrealized Losses

Nomura’s challenges reflect a wider struggle across the crypto treasury sector, where major holders are facing significant paper losses.

Strategy reported a $17.44 billion unrealized loss on digital assets for the three months ending December 31, along with a $5.01 billion deferred tax benefit, according to an 8-K filing on Monday.

Despite the quarterly setback, the company continued to accumulate Bitcoin, purchasing an additional 2,932 BTC for approximately $264.1 million during the period from January 20 to January 25.

Strategy’s BTC holdings are now facing an unrealized loss exceeding $900 million after Bitcoin fell to $75,314 per coin on Monday.#Strategy #MichaelSaylor #BitcoinPricehttps://t.co/HFkPhFHqG1

— Cryptonews.com (@cryptonews) February 2, 2026

Bitmine Immersion Technologies, associated with investor Tom Lee, is experiencing over $6 billion in unrealized losses on its Ether reserves after acquiring an additional 40,302 ETH last week.

The firm’s total holdings of more than 4.24 million ETH are now valued at around $9.6 billion, a sharp decline from an estimated peak of $13.9 billion in October as Ether prices fell towards $2,300.

Japan’s Metaplanet also reported an impairment of 104.6 billion yen ($680 million) on its Bitcoin holdings, projecting a consolidated ordinary loss of 98.56 billion yen ($640 million) for fiscal 2025.

The Tokyo-listed company announced a $137 million capital raise through third-party allotment following a 70% drop from its June highs.

Banking License Application Indicates Long-Term Vision

Despite financial challenges, Laser Digital submitted an application for a U.S. national bank trust charter with the Office of the Comptroller of the Currency on Tuesday, as reported by the Financial Times.

This application positions the Nomura subsidiary to provide spot digital asset trading without needing state-by-state custody licenses.

The two-part approval process generally takes over a year, following preliminary approval expected within four months.

The filing coincides with a rise in applications from fintechs and crypto firms taking advantage of the Trump administration’s more relaxed regulatory environment.

World Liberty Financial applied in early January, while European fintech Revolut is preparing its own submission after abandoning plans to acquire an American bank.

Despite these proactive regulatory strategies, market sentiment remains mixed regarding short-term forecasts.

A new report from Bitwise suggests that the fourth quarter of 2025 may have quietly indicated the end of the crypto bear market.#Crypto #Bearhttps://t.co/40lVi7FMQx

— Cryptonews.com (@cryptonews) January 22, 2026

Bitwise chief investment officer Matt Hougan proposed that Q4 2025 may have “quietly signaled the end of the crypto bear market,” drawing comparisons to early 2023 when fundamentals improved despite low prices.

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