Nomura Holdings is considering selling crypto subsidiary Laser Digital, with Marex evaluating the deal
According to Bloomberg, people familiar with the matter said that Nomura Holdings, Japan's largest brokerage, is considering selling its crypto business subsidiary Laser Digital Holdings AG and is currently in talks with potential buyers including Marex Group, which is evaluating the deal.
People familiar with the matter said Nomura has not made a final decision and could ultimately sell to another party, or could continue to hold it. Spokespeople for Nomura and Marex both declined to comment.
The report said that Zurich-based Laser Digital posted a loss last year due to sharp volatility in the crypto market, dragging Nomura's overall Europe business into a loss. Laser Digital was established in 2022, and its business covers institutional crypto trading, asset management and venture capital.
Original source: cryptotimes.io/2026/11/12/nomura-explores-sale-of-crypto-unit-laser-digital-after-losses-marex-among-potential-buyers
ABAB AI Insight
Traditional brokerages often view independent digital asset subsidiaries as a source of earnings volatility during periods of crypto market swings. When losses drag on regional performance, management re-evaluates whether to keep or divest them. Nomura established Laser Digital in 2022, positioning it for institutional trading and asset management. Last year's sharp market volatility led to losses and affected overall Europe performance, prompting discussion of a sale. People familiar with the matter said the decision has not been finalized, leaving open the possibility of continuing to hold it.
Unlike earlier models in which banks directly embedded trading, Laser Digital operates as an independent entity and holds registrations and licenses in multiple places. The potential buyer Marex itself provides institutional crypto services. In similar situations, capital is more focused on whether divestment can reduce earnings volatility while retaining the value of established licenses and customer relationships. The spokespeople's refusal to comment indicates the transaction remains at an early evaluation stage and has not formed a public commitment.
This discussion would shift Laser Digital from an internal Nomura business to a potential external transaction target, potentially reducing Nomura's direct exposure to crypto market volatility. Beneficiaries would include buyers seeking institutional crypto infrastructure, such as Marex, and Nomura management, which wants to reduce regional losses; if a sale is completed, Nomura would lose the business's licenses and customer base. The structural change is that the brokerage would move the loss-making crypto subsidiary from a long-term holding path to an optional divestiture review, with capital allocation shifting from internal expansion to evaluation of an external transfer.
Cognitive laws
When a crypto subsidiary's losses drag on regional performance, a brokerage shifts from a holding option to a divestiture review.
Licenses and customer relationships of an independent digital asset entity become the core value sought by potential buyers.
Reports from people familiar with the matter and spokespeople's refusal to comment indicate the deal is still undecided rather than completed.