A growing number of institutional investors are embracing digital assets, driven by improving sentiment and the emergence of new use cases, according to a recent survey conducted by Nomura, a Tokyo-based bank, and its cryptocurrency division, 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, up from 25% in 2024.
Meanwhile, the percentage of respondents with negative sentiments has decreased, indicating a gradual shift in perception as the asset class matures. A key theme emerging from the study is the importance 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 allocating between 2% and 5% of their portfolios to crypto, suggesting that they are still in the early stages of adoption. This shift is being supported by a changing regulatory landscape, with policymakers in Japan refining crypto frameworks over the past year, including discussions around classification, taxation, and investor protection.
Globally, the introduction of clearer rules in major markets, alongside the approval and expansion of crypto investment products such as exchange-traded funds (ETFs) and tokenized assets, has 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 fully eliminated.
Nevertheless, 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.