A growing number of institutional investors are embracing digital assets, driven by improving sentiment and an expanding range of use cases, according to a new study conducted by 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 have a positive outlook on cryptocurrency over the next year, up from 25% in 2024. Meanwhile, the percentage of respondents with negative views has decreased, indicating a gradual shift in perception as the asset class continues to mature.
A key finding of the study is the importance of diversification, with 65% of respondents viewing cryptocurrency as a vital component of portfolio diversification. Furthermore, 79% of those considering investment in cryptocurrency plan to do so within the next three years, with most expecting to allocate between 2% and 5% of their portfolio to digital assets.
This shift is supported by a changing regulatory landscape, with policymakers in Japan refining cryptocurrency frameworks over the past year, including discussions around classification, taxation, and investor protection. Globally, clearer regulations in major markets, as well as the approval and expansion of cryptocurrency investment products such as exchange-traded funds (ETFs) and tokenized assets, have reduced some of the uncertainty that previously deterred institutional investment.
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. However, barriers to adoption still exist, including concerns around volatility, counterparty risk, and the lack of established valuation frameworks.
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 whether to do so, indicating that cryptocurrency is moving closer to becoming a standard component of institutional portfolios.