A new study from Nomura and its digital assets arm, Laser Digital, reveals that institutional investors are increasingly embracing digital assets, driven by improving sentiment and the emergence of new use cases. The survey, which gathered responses from over 500 investment professionals in Japan, found a notable increase in positive sentiment towards crypto, with 31% of respondents now holding a favorable outlook for the next year, up from 25% in 2024. Meanwhile, negative sentiment has decreased, indicating a gradual shift in perception as the asset class matures.
Diversification is a key theme, with 65% of respondents viewing crypto as a vital portfolio diversifier, 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%, suggesting they are still in the early stages of adoption.
This shift is supported by a changing regulatory landscape, with Japan's policymakers refining crypto frameworks over the past year, including discussions on classification, taxation, and investor protection. Globally, clearer rules in major markets, alongside the approval and expansion of crypto investment products such as ETFs and tokenized assets, have reduced uncertainty, encouraging institutions to participate.
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 growing demand for yield-generating strategies and more sophisticated portfolio construction. Stablecoins are also gaining traction, with 63% of respondents identifying potential use cases, including treasury management, 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. Despite these challenges, the survey suggests the conversation is shifting, 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.