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. Source: Google Finance 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. Excerpt from the Q3 Report. | Source: Nomura Holdings 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. Despite the quarterly hit, the company continued accumulating Bitcoin, acquiring an additional 2,932 BTC for approximately $264.1 million during the period from Jan. 20 to Jan. 25. Strategy's BTC holdings is now facing an unrealized loss of over $900 million after Bitcoin slipped to $75,314 per coin on Monday. #Strategy #MichaelSaylor #BitcoinPrice https://t.co/HFkPhFHqG1 — Cryptonews.com (@cryptonews) February 2, 2026 Bitmine Immersion Technologies, linked to investor Tom Lee, faces more than $6 billion in unrealized losses on its Ether reserves after acquiring an additional 40,302 ETH last week. The firm’s total holdings of over 4.24 million ETH are now valued at roughly $9.6 billion, down sharply from an estimated peak of $13.9 billion in October as Ether prices slid toward $2,300. Japan’s Metaplanet also reported an impairment of 104.6 billion yen ($680 million) on its Bitcoin holdings, forecasting a consolidated ordinary loss of 98.56 billion yen ($640 million) for fiscal 2025. The Tokyo-listed firm announced a $137 million capital raise through third-party allotment following a 70% decline from June highs. Banking License Application Signals Long-Term Vision Despite financial setbacks, Laser Digital filed for a U.S. national bank trust charter with the Office of the Comptroller of the Currency on Tuesday, according to the Financial Times . The application positions the Nomura subsidiary to offer spot digital asset trading without requiring state-by-state custody permits. The two-stage approval process typically takes upwards of a year, following preliminary clearance expected within four months. The filing joins a surge of applications from fintechs and crypto firms capitalizing on the Trump administration’s lighter regulatory touch. World Liberty Financial applied in early January , while European fintech Revolut is preparing its own submission after scrapping plans to acquire an American lender. Despite these forward-looking regulatory moves, market sentiment remains divided on near-term prospects. The fourth quarter of 2025 may have quietly signaled the end of the crypto bear market, according to a new report from Bitwise. #Crypto #Bear https://t.co/40lVi7FMQx — Cryptonews.com (@cryptonews) January 22, 2026 Bitwise chief investment officer Matt Hougan suggested Q4 2025 may have “ quietly signaled the end of the crypto bear market, ” drawing parallels to early 2023 when fundamentals improved despite weak prices. The post Japan’s Largest Wealth Manager Scales Back Crypto After Q3 Losses appeared first on Cryptonews .
