Nomura is exploring a sale of Laser Digital after losses at the crypto subsidiary pushed Nomura’s European operations into the red.

The talks come as Laser continues to expand, gaining registration in Japan and preliminary approval for a US trust bank while supporting new tokenised investment products.

The Japanese securities group is speaking with potential buyers, including Marex Group, which is evaluating a deal, according to Bloomberg, citing people familiar with the matter.

Founded in 2022, Zurich-based Laser Digital provides institutional trading and asset management and invests in crypto startups. It is one of several Nomura digital-asset businesses, alongside tokenisation specialist Boostry and custody provider Komainu.

Marex already provides institutional digital-asset execution, clearing, financing and structured products. In October, it added an over-the-counter rolling spot crypto product, extending a business that overlaps with Laser’s institutional trading operations.

Crypto-market volatility has already led Nomura to reduce Laser’s risk-taking. In January, Chief Financial Officer Hiroyuki Moriuchi said the group would lower position risk to limit short-term earnings volatility while continuing to develop the business.

The remarks followed losses linked to market movements in October and November 2025. By April, Nomura reported that a similarly steep crypto-market decline during January–March had only a limited effect on consolidated results.

It had reduced market-making exposure while retaining some long positions, including venture investments and seed capital.

Reducing trading exposure did not stop Laser’s work on licences and institutional products.

In May, its proposed US trust bank received preliminary conditional approval from the Office of the Comptroller of the Currency.

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