Nomura explores sale of Laser Digital amid persistent European losses

Nomura is in early discussions to divest Laser Digital, its Swiss-based digital asset subsidiary, with Marex Group cited as one party involved in those conversations, according to Bloomberg reporting based on unnamed sources. The move follows sustained losses in Nomura’s European division, a segment in which Laser Digital has been identified as a material contributor.

Ledger Insights reported in February that Nomura had flagged Laser Digital losses occurring in October and November 2025. Losses across the relevant European segment have continued for at least three subsequent quarters, though Nomura has not publicly attributed them to Laser Digital specifically during earnings calls, leaving the precise quantum attributable to the subsidiary unclear from public disclosures.

The timing is complicated by Laser Digital’s recent regulatory wins, which represent sunk-cost investments in new market access. The subsidiary obtained a cryptocurrency exchange licence in Japan and, in May, received conditional approval from the US Office of the Comptroller of the Currency for a national trust charter, subject to conditions including a minimum capital requirement of ten million dollars. Whether those licences travel with any sale, or whether a buyer would need to re-apply, is a question any acquirer would need to work through. The likelier read is that Nomura is weighing whether the cost of building out those franchises to profitability exceeds the return available from an exit.