Nomura/Laser Digital Survey: 30% of Japanese Asset Managers Bullish on Crypto; 518 Professionals Polled via Rakuten Insight

## Strategic Analysis: Shift in Japanese Institutional Sentiment Toward Digital Assets Nomura Holdings, Inc. and its digital asset subsidiary, Laser Digital Holdings AG, released the "2026 Institutional Investor Survey on Digital Asset Investment Trends" on April 16, 2026. Conducted by Rakuten Insight between December 2025 and January 2029, the survey polled 518 investment professionals across Japanese institutional investors, family offices, and public interest corporations. The findings confirm a broad improvement in market sentiment compared to the previous June 2024 study. ## Executive Summary of Key Findings - Bullish Outlook: 31% of respondents expressed a "Positive" outlook for crypto assets over the next 12 months, up 6 percentage points from June 2024. "Negative" sentiment decreased to 18% (from 23%). - Diversification & Intent: 65% now view crypto assets as a diversification opportunity. Among those interested in investing within the next three years, 79% have concrete plans to allocate capital, with 60% targeting an allocation of 2% to 5%. - Investment Rationale: Capturing diversification opportunities and low correlation with traditional asset classes remain the primary drivers. - Broad Interest in Ecosystem: Interest exceeds 60% across multiple sub-sectors, including Staking/Mining (66%), Lending (65%), Tokenized Assets (65%), and Derivatives (63%). ## Strategic Context The survey signals that the foundation for a significant influx of institutional capital into Japan's digital asset market is now firmly in place. This shift is catalyzed by major brokerage firms (Nomura, Daiwa, SMBC Nikko) accelerating their infrastructure development in anticipation of a potential crypto ETF debut by 2028. Previously dominant concerns—such as the lack of valuation methodologies (32%) and security risks (29%)—are steadily diminishing, moving the market from an "Observation Phase" to a "Preparation Phase." ## Business Development Insights ## 1. Scaling for the "Quiet Entry" (2026–2028 Window) The critical metric is the specific intent of 79% of interested investors to allocate 2% to 5% of their portfolios. Given Japan’s institutional AUM (estimated at ¥900 trillion across life insurance, pensions, and mutual funds), a 2–5% allocation represents a potential demand of ¥18 trillion to ¥45 trillion. - Strategic Implication: The 2026–2027 period should be viewed as a critical "Infrastructure Readiness Phase." Focus should be placed on Institutional-grade Custody, Prime Brokerage, and advanced KYC/AML processes to capture this imminent demand. ## ## 2. Shift from "Bitcoin Only" to "Total Digital Asset Portfolio" Institutional interest has moved beyond BTC spot trading toward the broader blockchain infrastructure as a source of yield. - Strategic Implication: - Yield Product Expansion: Opportunities exist for integrated platforms offering ETH staking, liquid staking (Lido/EigenLayer), and stablecoin lending for institutional menus. - Tokenization Solutions: There is significant market potential for "Digital Diversification Packages" that bundle tokenized government bonds, real estate, and corporate debt for pension funds and family offices. - Standardization of Instruments: Success depends on providing "Standardized Vehicles" (ETFs, Trust-wraps, Tokenized Funds) that fit seamlessly into existing asset allocation frameworks. ## ## 3. Structural Resolution of Entry Barriers The "Three Walls" identified in 2024—Valuation, Security, and Volatility—are being dismantled by the maturity of on-chain analytics, the entry of global custodians (e.g., State Street, BNY Mellon), and the rise of indirect holding via ETFs. - Strategic Implication: - Institutional Research & Education: There is a high-alpha opportunity for B2B services providing Japan-specific compliance training and institutional-grade research. - Custody-Insurance Bundling: Collaborative products between domestic trust banks and non-life insurers for "Insured Digital Asset Storage" will be a key differentiator. - Quantitative Valuation Tools: Developing quantitative models for on-chain valuation and risk parity calculations will be essential for asset management firms seeking to justify their crypto allocations.