Key Takeaways
- • Nomura-Laser Digital survey of 518 Japanese institutional investors (conducted Dec. 2025–Jan. 2026) shows positive sentiment on crypto at 31%, up 6 percentage points from 25% in June 2024, while negative sentiment fell to 18% from 23%.
- • Portfolio diversification is the primary driver: 65% of respondents view crypto as a diversification opportunity alongside traditional assets, citing low correlation with equities, bonds, and commodities.
- • Nearly 80% of institutional investors with concrete investment plans expect to allocate between 2% and 5% of total assets under management to crypto, signaling material capital deployment ahead.
- • Japanese corporate treasury adoption accelerating: Metaplanet, the largest non-US digital asset treasury (DAT), purchased $451 million in Bitcoin at end of 2025 and aims to hold 1% of global Bitcoin supply by 2027; Allied Architects (Tokyo marketing firm, ~$33.5M market cap) appointed former Solana Foundation executive as chief crypto officer and announced plans for digital asset treasury.
- • Regulatory tailwinds expected: Japan's cabinet approved a draft amendment reclassifying cryptocurrencies as financial products under the Financial Instruments and Exchange Act, with implementation anticipated in fiscal 2027, coupled with major wealth managers preparing crypto investment trusts ahead of regulatory relief.
Summary
Japanese institutional investors are demonstrating measurably increased appetite for cryptocurrency allocations, according to a comprehensive survey released April 16, 2026 by Nomura Holdings and its digital asset subsidiary Laser Digital. The survey polled 518 investment professionals across institutional investors, family offices, and public-interest organizations between December 2025 and January 2026, capturing a significant shift in institutional sentiment compared to the previous survey conducted in June 2024.
Positive sentiment toward crypto assets over the next 12 months reached 31% of respondents, representing a 6-percentage-point increase from 25% eighteen months prior. Concurrently, negative sentiment declined to 18% from 23%, with 51% maintaining neutral positions. The survey identified a strong correlation between crypto knowledge and optimism: 58% of respondents self-identifying as having high crypto familiarity held positive outlooks, suggesting that deeper technical and market understanding drives institutional confidence. Portfolio diversification emerged as the dominant investment rationale, with 65% citing crypto's role as a complementary asset class alongside traditional holdings (cash, equities, bonds, commodities) and its documented low correlation with conventional markets.
Among the 518 respondents, nearly four in five with concrete investment plans anticipated deploying between 2% and 5% of total assets under management into digital assets over the next three years—a meaningful allocation size that would funnel substantial capital into crypto markets. This institutional deployment contrasts sharply with the U.S. market, where corporate digital asset treasuries (DATs) experienced significant losses in late 2025. In Japan, however, DAT adoption is accelerating: Metaplanet, the world's largest non-U.S. digital asset treasury, purchased $451 million in Bitcoin at the end of 2025 and has publicly stated an objective to accumulate 1% of global Bitcoin supply by 2027. Allied Architects, a Tokyo-based marketing firm with a market capitalization near $33.5 million, recently appointed Yu Oki—formerly head of the Solana Foundation's Superteam Japan—as chief crypto officer and announced plans to build a digital asset treasury with forthcoming acquisitions of Bitcoin, Ethereum, and Solana.
Regulatory tailwinds are expected to further accelerate institutional adoption. Japan's cabinet has approved a draft amendment reclassifying cryptocurrencies as financial products under the Financial Instruments and Exchange Act rather than treating them as payment instruments, with implementation anticipated in fiscal 2027. Major Japanese wealth managers are reportedly preparing cryptocurrency investment trusts ahead of these regulatory changes, which would unlock tax relief structures and remove barriers restricting limited partners from crypto allocation. Industry observers cite yen depreciation and macroeconomic volatility as additional hedging drivers for Japanese corporate crypto exposure.
Positive sentiment toward crypto assets over the next 12 months reached 31% of respondents, representing a 6-percentage-point increase from 25% eighteen months prior. Concurrently, negative sentiment declined to 18% from 23%, with 51% maintaining neutral positions. The survey identified a strong correlation between crypto knowledge and optimism: 58% of respondents self-identifying as having high crypto familiarity held positive outlooks, suggesting that deeper technical and market understanding drives institutional confidence. Portfolio diversification emerged as the dominant investment rationale, with 65% citing crypto's role as a complementary asset class alongside traditional holdings (cash, equities, bonds, commodities) and its documented low correlation with conventional markets.
Among the 518 respondents, nearly four in five with concrete investment plans anticipated deploying between 2% and 5% of total assets under management into digital assets over the next three years—a meaningful allocation size that would funnel substantial capital into crypto markets. This institutional deployment contrasts sharply with the U.S. market, where corporate digital asset treasuries (DATs) experienced significant losses in late 2025. In Japan, however, DAT adoption is accelerating: Metaplanet, the world's largest non-U.S. digital asset treasury, purchased $451 million in Bitcoin at the end of 2025 and has publicly stated an objective to accumulate 1% of global Bitcoin supply by 2027. Allied Architects, a Tokyo-based marketing firm with a market capitalization near $33.5 million, recently appointed Yu Oki—formerly head of the Solana Foundation's Superteam Japan—as chief crypto officer and announced plans to build a digital asset treasury with forthcoming acquisitions of Bitcoin, Ethereum, and Solana.
Regulatory tailwinds are expected to further accelerate institutional adoption. Japan's cabinet has approved a draft amendment reclassifying cryptocurrencies as financial products under the Financial Instruments and Exchange Act rather than treating them as payment instruments, with implementation anticipated in fiscal 2027. Major Japanese wealth managers are reportedly preparing cryptocurrency investment trusts ahead of these regulatory changes, which would unlock tax relief structures and remove barriers restricting limited partners from crypto allocation. Industry observers cite yen depreciation and macroeconomic volatility as additional hedging drivers for Japanese corporate crypto exposure.
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