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 study by Nomura and its cryptocurrency arm, Laser Digital. The survey, which gathered responses from over 500 investment professionals in Japan, found that 31% of respondents now hold a positive view of cryptocurrency over 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 cryptocurrency as a means to diversify their portfolios, and 79% of those considering investment planning to do so within three years. Most expect to allocate between 2% and 5% of their portfolio to cryptocurrency, suggesting that institutions are still in the early stages of adoption. This shift is supported by a changing regulatory environment.
In Japan, policymakers have spent the past year refining cryptocurrency frameworks, including discussions around classification, taxation, and investor protection. Globally, clearer regulations in major markets, along with 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 institutions.
As a result, interest is expanding beyond simple price exposure. Over 60% of respondents expressed 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 ranging from treasury management to cross-border payments and investment in tokenized securities. However, barriers to adoption remain.
Concerns around volatility, counterparty risk, and the lack of established valuation frameworks continue to weigh on investment decisions. Regulatory uncertainty, while improving, has not been fully eliminated. Despite this, the survey suggests that the conversation is shifting. Rather than debating whether to invest in cryptocurrency, institutions are increasingly focused on how to do so, indicating that digital assets are moving closer to becoming a standard component of institutional portfolios.