A new survey conducted by Nomura, a Tokyo-based bank, and its digital asset arm, Laser Digital, reveals that institutional investors are increasingly embracing digital assets, driven by improving sentiment and expanding use cases. The study, which gathered responses from over 500 investment professionals in Japan, found a notable shift in sentiment, with 31% of respondents now holding a positive outlook on crypto for the upcoming year, up from 25% in 2024. Meanwhile, the percentage of respondents with negative views has decreased, indicating a gradual change in perception as the asset class matures. A key finding is that 65% of respondents view crypto as a vital tool for diversifying their portfolios, while 79% of those considering investment plan to do so within the next three years.
Most institutions anticipate allocating between 2% and 5% of their portfolios to crypto, suggesting they are still in the early stages of adoption. This shift is supported by evolving regulatory and policy frameworks.
In Japan, policymakers have been refining crypto regulations over the past year, including discussions on classification, taxation, and investor protection. Globally, clearer rules in major markets, along with the approval and expansion of crypto investment products such as exchange-traded funds (ETFs) and tokenized assets, have reduced some of the uncertainty that previously deterred institutions.
As a result, interest in crypto is expanding beyond simple price exposure, with over 60% of respondents expressing interest in staking, lending, derivatives, and tokenized assets, reflecting a growing demand for yield-generating strategies and more sophisticated portfolio construction. Stablecoins are also gaining traction, with 63% of respondents identifying potential use cases ranging from treasury management to cross-border payments and investment in tokenized securities.
However, barriers to adoption remain, including concerns around volatility, counterparty risk, and the lack of established valuation frameworks. Regulatory uncertainty, although improving, has not been completely eliminated.
Nonetheless, the survey suggests a shift in the conversation, with institutions increasingly focused on how to invest in crypto, rather than debating whether to do so, indicating that digital assets are moving closer to becoming a standard component of institutional portfolios.