Nomura and its digital asset unit Laser Digital say Japanese institutional investors are getting more serious about crypto, but the survey points to measured adoption, not a wholesale shift. The key figure is narrower than some headlines suggest: among respondents already considering crypto exposure over the next three years, 79% said they expect to invest.

What the survey found

Nomura said the survey was conducted from December 16, 2025 to January 29, 2026 and gathered responses from 518 investment professionals in Japan, including institutional investors, family offices, and public-interest organizations. Across the full sample, 65% said they view crypto assets as a portfolio diversification tool, up from 62% in the prior survey, while positive sentiment rose to 31% and negative sentiment fell to 18%.

Among the respondents planning to move ahead, sizing remains conservative. Nomura said 60% of those investors expect crypto allocations of 2% to less than 5% of their portfolios. The same survey also found more than 60% interest in staking or mining, lending, derivatives, tokenized assets, and stablecoin use cases such as treasury management and cross-border payments.

Why it matters

The cautious position sizing matters as much as the top-line adoption number. The data suggests Japanese institutions are not treating crypto as an all-or-nothing macro bet. They are approaching it more like a new sleeve inside a diversified portfolio, helped by Japan's clearer regulatory framework and a broader menu of products.

That makes the survey notable for digital asset infrastructure players, especially firms building custody, stablecoin, tokenization, and institutional execution products for the Japanese market.