A growing number of institutional investors are embracing digital assets, driven by improving sentiment and the emergence of new use cases, as indicated by a recent survey from Nomura and its digital assets arm, Laser Digital. The survey, which gathered responses from over 500 investment professionals in Japan, found that 31% of respondents now hold a positive outlook on crypto for the upcoming year, marking an increase from 25% in 2024.
Meanwhile, negative sentiment has decreased, reflecting a gradual shift in perception as the asset class continues to mature. A key finding is that 65% of respondents view crypto as an essential tool for diversifying their portfolios, with 79% of those considering investment planning to do so within the next three years. Most institutions anticipate allocating a modest portion of their portfolios to crypto, typically between 2% and 5%, suggesting that they are still in the early stages of adoption. This shift is being supported by evolving regulatory and policy environments.
In Japan, policymakers have spent the past year refining crypto frameworks, including discussions on classification, taxation, and investor protections. Globally, clearer regulations in major markets, alongside the approval and expansion of crypto investment products such as 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 that the conversation is shifting, 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.