Nomura: 65% of institutional investors now view crypto as a portfolio diversifier
Institutional interest in crypto is shifting from skepticism to strategic allocation, according to a new survey from Tokyo-based Nomura and its crypto arm Laser Digital. Based on responses from more than 500 investment professionals in Japan, the study shows improving sentiment, broader use cases and growing appetite for yield-focused strategies as key drivers of adoption.
Key findings
- Positive outlooks rising: 31% of respondents say they have a positive view of crypto for the year ahead, up from 25% in 2024; negative sentiment has fallen, signaling a gradual softening of institutional resistance.
- Diversification motive: 65% of respondents now see crypto as a portfolio diversifier. Of those considering exposure, 79% intend to invest within three years.
- Modest allocations for now: Typical target allocations are conservative — generally in the 2–5% range — indicating institutions remain cautious and in early-stage adoption.
- Demand for advanced exposure: More than 60% expressed interest in staking, lending, derivatives and tokenized assets, highlighting a move beyond pure price speculation to yield-generating and more sophisticated strategies.
- Stablecoins gaining traction: 63% identified stablecoins as useful for treasury management, cross-border payments and investing in tokenized securities.
What’s driving the shift
Regulatory progress appears to be a major factor. In Japan, policymakers have spent the past year refining crypto rules — from classification and taxation to investor protections. Internationally, clearer frameworks in major markets and the roll-out of regulated products such as ETFs and tokenized assets have reduced some of the uncertainty that kept institutions on the sidelines.
Remaining obstacles
Despite improving sentiment, hurdles persist. Respondents still point to high volatility, counterparty risk, and a lack of established valuation models as key concerns. And while regulatory clarity has improved, it has not been fully resolved in every market.
Bottom line
The Nomura/Laser Digital survey suggests the industry conversation is evolving. Institutional players appear to be past the “if” debate and are increasingly asking “how” to integrate crypto — whether through small strategic allocations, yield-focused products, or tokenized instruments. That shift hints at digital assets moving closer to a normalized component of institutional portfolios, albeit cautiously and incrementally.
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