Nomura Holdings is reviewing a possible sale of its cryptocurrency subsidiary Laser Digital as its European operations recorded another pretax loss. Discussions with prospective buyers, including Marex Group, remain preliminary, and the firm has not decided whether to proceed or retain the unit.

European Results Drive Review

Nomura’s European businesses posted a pretax loss of 7.4 billion yen, or $46.5 million, in the quarter ended September 30, 2026. The result marked the fourth straight quarterly deficit for the region, while the company reported pretax profits across its other geographic segments in the same period. Laser Digital is headquartered in Switzerland. Nomura has not disclosed whether the crypto unit contributed to the latest European figures.

Earlier trading losses at Laser Digital during a period of cryptocurrency market volatility in late 2025 had previously pushed the European business into the red, according to accounts of the situation. Nomura’s overall group results remained positive. The brokerage reported consolidated pretax profit of 148 billion yen and net income of 103.7 billion yen for the September quarter.

Talks With Potential Buyers

Nomura has held discussions with potential acquirers. Marex Group, a London-based financial services firm active in commodities, clearing and digital assets, is evaluating a possible acquisition. Marex already offers institutional cryptocurrency trading, financing and related services, and recently introduced an over-the-counter rolling spot product for clients. No purchase price or timeline has been disclosed. Nomura could still choose to keep Laser Digital or pursue other options.

Both companies have declined to comment on the reports.

Laser Digital’s Growth and Licenses

Nomura established Laser Digital in 2022 to serve institutional clients with cryptocurrency trading, asset management and venture investment services. The unit has expanded its regulated footprint. In August 2026, Laser Digital Japan obtained registration as a cryptocurrency exchange service provider, becoming the first new entrant in Japan in approximately four years. The license supports plans to offer liquidity and institutional trading services in the domestic market.

In May 2026, the unit received preliminary conditional approval from the U.S. Office of the Comptroller of the Currency for a proposed national trust bank. The bank would focus on custody of digital assets, securities and currencies for institutional clients, subject to further regulatory requirements before operations can begin. Laser Digital also holds permissions in the United Arab Emirates and has developed additional activities, including on-chain credit partnerships.

Risk Management and Broader Strategy

During a January 2026 earnings discussion, Nomura Chief Financial Officer Hiroyuki Moriuchi addressed prior losses linked to Laser Digital’s trading positions in October and November 2025. He stated the company would lower the risk exposure of its positions to limit short-term volatility while continuing to expand the subsidiary over the medium to long term.

Nomura’s investment management division oversaw 152.8 trillion yen, or about $960 billion, in assets as of September 2026. The firm maintains other digital asset initiatives outside Laser Digital, including custody and tokenization-related businesses. The current review of Laser Digital occurs against a backdrop of ongoing efforts to balance near-term risk controls with longer-term development in regulated digital asset markets.

Any final decision on the unit’s future remains pending as talks continue.