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, a Tokyo-based bank, and its cryptocurrency division, Laser Digital. The survey, which gathered responses from over 500 investment professionals in Japan, found that 31% of respondents now hold a favorable view of cryptocurrency over the next year, representing a 6% increase from 2024.
Conversely, negative sentiment has decreased, suggesting a gradual shift in perception as the asset class continues to mature. A key theme emerging from the survey is the importance of diversification, with 65% of respondents viewing cryptocurrency as a means to diversify their portfolios, while 79% of those considering investment plan to do so within the next three years. Most institutions anticipate allocating a modest portion of their portfolios, typically between 2% and 5%, indicating that they are still in the early stages of adoption.
This shift is being supported by an evolving regulatory landscape. In Japan, policymakers have spent the past year refining cryptocurrency frameworks, including discussions around classification, taxation, and investor protections. Globally, the introduction of clearer regulations in major markets, alongside the approval and expansion of cryptocurrency 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 cryptocurrency 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. Nevertheless, 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. Despite these challenges, the survey suggests that the conversation around cryptocurrency is shifting, with institutions increasingly focused on how to invest in digital assets, rather than debating whether to do so, indicating that cryptocurrency is moving closer to becoming a standard component of institutional portfolios.