Nomura Explores Sale of Crypto Unit Laser Digital After Losses, Marex Among Potential Buyers

Nomura Holdings Inc., Japan’s largest securities firm, is exploring a possible sale of its cryptocurrency subsidiary, Laser Digital Holdings AG. The move follows losses at the Zurich-based unit last year that pushed the group’s entire European operation into the red. Marex Group Ltd., a London-headquartered financial services firm, is among the potential buyers and is evaluating a deal.

Bloomberg reported the talks on November 11, 2026, citing people familiar with the matter. Those people said no final decision has been made, and that Nomura could sell the business to another party or keep it. Representatives for Nomura and Marex declined to comment on the report.

What Laser Digital Is

Nomura named its digital asset business Laser Digital on September 21, 2022, and incorporated the holding company, Laser Digital Holdings AG, in Switzerland. AG stands for Aktiengesellschaft, the Swiss term for a joint-stock company. Nomura said at the time that it picked Switzerland for its established regulatory regime for digital assets and its talent pool.

At launch, the unit focused on three areas: secondary trading, venture capital and investor products. Steven Ashley, who previously led Nomura’s wholesale division, became chairman, and Jez Mohideen became chief executive officer (CEO).

Over the past four years, Laser Digital has built a network of regulated entities across several countries. Its Abu Dhabi entity received in-principle approval from Abu Dhabi Global Market (ADGM) on September 26, 2023, and the firm also holds a crypto business license in Dubai.

In Japan, Laser Digital Japan Co., Ltd. completed its registration as a Crypto Asset Exchange Service Provider under the Payment Services Act (PSA) on August 21, 2026. It is registered with the Director-General of the Kanto Local Finance Bureau under Registration No. 00032, and it was the first new entrant in Japan’s crypto industry since 2022.

In the United States, Laser Digital Americas Group Holdings Inc. filed a de novo application with the Office of the Comptroller of the Currency (OCC) on January 27, 2026. A de novo application is a request to charter a new bank from scratch, and this one was to form Laser Digital National Trust Bank. 

In May 2026, the OCC granted preliminary conditional approval for the proposed trust bank. Under that approval, the bank cannot begin operating until it meets all pre-opening requirements, and the OCC can modify, suspend, or rescind the approval before then.

Why Nomura Is Reconsidering the Business

The possible sale comes after a difficult stretch for Laser Digital’s trading business. Nomura’s fiscal year runs from April to March. At an earnings briefing on January 30, 2026, Chief Financial Officer (CFO) Hiroyuki Moriuchi said the firm had reduced its crypto positions and tightened position management at Laser Digital. That followed losses at the unit in the October to December 2025 quarter, a period that included a sharp sell-off in digital asset prices.

Nomura said then that some earnings volatility is inherent in the crypto business. It said it had tightened position and risk limits to curb short-term swings in profit while continuing to pursue growth in the sector.

According to Bloomberg, Laser Digital’s losses last year were large enough to push Nomura’s whole European operation to a loss. A sale would remove that source of volatility from the group’s results. Keeping the unit would preserve the licenses Nomura has spent four years building in Asia, the Middle East and the United States.

Who Is Marex

Marex describes itself as a diversified global financial services platform that provides liquidity, market access and infrastructure services to clients in the energy, commodities and financial markets. Its shares trade on Nasdaq under the ticker MRX.

The firm has been building out its crypto business. Its digital assets offering includes crypto clearing, settlement and execution, market making, structured products, crypto treasury management and crypto financing. In June 2026, Marex was onboarded as a broker on Deribit, a crypto derivatives trading platform.

Buying Laser Digital would give Marex, or any other buyer, an established institutional crypto business that already holds registrations in Japan and the United Arab Emirates and has a pending US trust bank charter.

What Happens Next

The people familiar with the matter gave no timeline for a decision, and the talks may not lead to a transaction. A change in ownership would likely require review by regulators overseeing Laser Digital’s licensed entities, including those in Japan and the United States, where the OCC’s charter approval remains conditional.

For now, Laser Digital is still operating under Nomura’s ownership.

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