A growing number of institutional investors are embracing digital assets, driven by improving sentiment and expanding use cases, as indicated by a new survey from Nomura, a Tokyo-based bank, and its crypto-focused unit, 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 for the upcoming year, marking an increase from 25% in 2024. Meanwhile, negative sentiment has decreased, signifying a gradual shift in perception as the asset class continues to mature. A key theme emerging is the role of crypto in diversifying portfolios, with 65% of respondents viewing it as a vital diversification tool, 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 evolving regulatory and policy frameworks.
In Japan, policymakers have spent the past year refining crypto regulations, including discussions on classification, taxation, and investor protections. Globally, clearer rules 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 remain, including concerns over 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.