A growing number of institutional investors are embracing digital assets, driven by improving sentiment and an expanding range of use cases, as indicated by a recent survey from Nomura and its digital assets arm, Laser Digital. The study, which gathered responses from over 500 investment professionals in Japan, found that 31% of respondents now hold a positive view of crypto over the next year, marking an increase from 25% in 2024.
Meanwhile, negative sentiment has decreased, suggesting a gradual shift in perception as the asset class matures. A key theme emerging from the survey is the role of diversification, with 65% of respondents viewing crypto as a means to diversify their portfolios, and 79% of those considering investment planning to do so within the next three years. Most institutions anticipate modest allocations, typically between 2% and 5%, indicating that they are still in the early stages of adoption. This shift is supported by an evolving regulatory landscape, with policymakers in Japan refining crypto frameworks over the past year, including discussions around classification, taxation, and investor protection.
Globally, clearer regulations in major markets, alongside 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 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.
Despite this, barriers to adoption persist, including concerns around volatility, counterparty risk, and the lack of established valuation frameworks. Regulatory uncertainty, although improving, has not been fully alleviated.
Nevertheless, the survey suggests a shift in the conversation, with institutions increasingly focused on how to invest in crypto, rather than whether to do so, indicating that digital assets are moving closer to becoming a standard component of institutional portfolios.