Japan’s Largest Wealth Manager Scales Back Crypto After Q3 Losses

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Nomura tightens risk controls at European crypto subsidiary after third-quarter losses as Bitcoin falls below $80,000 and shares drop 6.7% in biggest decline in nine months.

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Anas Hassan

Crypto Journalist

Anas Hassan

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Jun 2025

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Anas is a crypto native journalist and SEO writer with over five years of writing experience covering blockchain, crypto, DeFi, and emerging tech.

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Nomura Holdings is tightening risk controls at its European crypto subsidiary after recording third-quarter losses, marking a cautious retreat from digital assets amid mounting pressure from market volatility.

The move comes as Bitcoin broke below $80,000 over the weekend and firms holding large digital asset reserves report billions in unrealized losses.

According to Bloomberg, shares of the Tokyo-listed firm tumbled 6.7% on Monday, the biggest intraday decline in more than nine months, after net income dropped 9.7% year-over-year to ¥91.6 billion ($590 million) for the quarter ended December 31.

However, Hideyasu Ban, a senior analyst at Bloomberg Intelligence, said Nomura’s market reaction is “likely short-term in nature” as investor unease over crypto losses combined with broader Asian market weakness.

Crypto Losses Tarnish Otherwise Solid Quarter.

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

The subsidiary swung to losses in the third quarter due to market fluctuations, prompting stricter position management across crypto operations.

“As profits fluctuate greatly due to market fluctuations, strict position management is used to reduce risk,” Moriuchi said during an analyst call, though he emphasized the firm’s long-term commitment remains unchanged.

Nomura’s international operations earned ¥16.3 billion before taxes, which is the 10th consecutive profitable quarter, but the level was roughly 70% lower than a year earlier due to European losses.

The crypto setback overshadowed otherwise robust quarterly results, with four-segment pretax income reaching the highest level in 18 years.

Wealth Management hit a record-high recurring revenue while Investment Management assets climbed to an all-time high of ¥134.7 trillion following the $1.8 billion acquisition of Macquarie’s asset management business.

Nomura announced plans to buy back up to ¥60 billion in shares, representing 3.2% of its outstanding stock.

Treasury Firms Report Billions in Unrealized Losses.

Nomura’s difficulties reflect broader struggles across the crypto treasury sector, where major holders are recording massive paper losses.

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

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