Headline: Nomura survey finds institutions increasingly view crypto as a portfolio diversifier — 65% say it’s vital
Lead: Institutional attitudes toward crypto are shifting from skepticism to selective adoption, according to a new Nomura study with its crypto unit Laser Digital. Based on responses from more than 500 investment professionals in Japan, the survey shows improving sentiment, rising interest in yield and tokenized products, and a growing focus on execution rather than on the question of whether to invest.
What the survey found
- Sentiment is warming: 31% of respondents now have a positive outlook on crypto for the coming year, up from 25% in 2024, while negative sentiment has declined.
- Diversification is the main driver: 65% view crypto as a portfolio diversifier.
- Near-term plans: 79% of those considering crypto exposure intend to invest within three years.
- Modest allocations for now: Most institutions expect allocations in the 2%–5% range, indicating early-stage adoption rather than full-scale deployment.
- Broader use cases: Over 60% of respondents expressed interest in staking, lending, derivatives and tokenized assets — signalling demand for yield-generating strategies and more sophisticated portfolio construction.
- Stablecoin utility: 63% see practical use cases for stablecoins, including treasury management, cross-border payments and investing in tokenized securities.
Why adoption is rising
- Regulatory progress: In Japan, policymakers spent the past year clarifying classifications, taxation and investor protections. Internationally, clearer rules in major markets and the approval/expansion of crypto investment products — such as ETFs and tokenized assets — have reduced some of the uncertainty that previously deterred institutions.
- Move beyond price exposure: The growing interest in staking, lending and tokenization shows institutions are evaluating crypto not only for upside potential but also for income, operational efficiencies, and new structural exposures.
Remaining hurdles
- Key concerns persist: Volatility, counterparty risk and an absence of widely accepted valuation frameworks continue to restrain larger allocations. Regulatory uncertainty is improving but remains a factor for risk committees and compliance teams.
Implication
The survey suggests a market inflection: institutional conversations are evolving from “if” to “how.” With clearer rules, product innovation, and a focus on limited, strategic allocations, digital assets appear closer to being treated as a standard portfolio component — albeit one that institutions plan to scale cautiously.
Bottom line: Institutions in Japan are warming to crypto, treating it increasingly as a diversifier and a source of yield and new exposures, but adoption will likely proceed gradually as regulatory clarity and risk frameworks continue to develop.
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