Key Takeaways
- • Nearly 80% of institutional investors surveyed by Nomura plan to allocate 2–5% of assets under management to cryptocurrencies, signaling a substantial shift in institutional adoption over the next three years.
- • Positive sentiment toward crypto assets increased to 31% of respondents (up 6 percentage points from 25% in June 2024), while negative outlook fell to 18%, reflecting improved confidence driven by regulatory progress in Japan.
- • 65% of surveyed institutions now view cryptocurrencies as a legitimate diversification tool equivalent to stocks, bonds, and commodities, up 3 percentage points from the previous survey.
- • Decentralized finance (DeFi) and stablecoins emerge as primary investment focuses, with over two-thirds of respondents seeking DeFi returns through staking, lending, and tokenized assets; 63% view stablecoins as practical for cash management and cross-border payments.
- • Regulatory clarity, enhanced risk management frameworks, and improved security protocols are identified as critical enablers for expanded institutional investment, though asset valuation uncertainty and regulatory ambiguity remain persistent challenges.
Summary
Nomura Holdings and its digital asset subsidiary Laser Digital released their 2026 Institutional Investor Survey on Digital Asset Investment Trends on April 16, 2026, surveying 518 investment professionals across Japan between December 2025 and January 2026. The survey covers institutional investors, family offices, and public organizations managing over $60 billion in assets, providing fresh data on institutional crypto adoption as Japan's regulatory framework for digital assets continues to mature.
The survey reveals a decisive shift toward institutional cryptocurrency investment. Nearly 80% of respondents indicated plans to allocate between 2% and 5% of their total assets under management to crypto over the next three years, representing what Nomura characterizes as "a preparatory period rather than immediate investment." Sentiment has improved materially, with 31% of respondents now expressing a positive outlook on crypto assets—a 6-percentage-point increase from 25% in the prior June 2024 survey. Conversely, negative sentiment declined to 18% from 23%, indicating broad-based improvement in institutional confidence toward digital assets.
Portfolio diversification has become the dominant investment rationale. Sixty-five percent of surveyed institutions now view cryptocurrencies as a bona fide diversification tool on par with traditional asset classes including stocks, bonds, and commodities—up 3 percentage points from the previous survey. This reframing of crypto from speculative instrument to legitimate portfolio diversifier reflects evolving institutional risk frameworks and asset allocation methodologies.
Within the cryptocurrency ecosystem, DeFi and stablecoins command the highest institutional interest. Over two-thirds of respondents plan to generate returns through DeFi mechanisms such as staking, while 65% focus on lending and tokenized assets. Sixty-three percent are exploring derivatives and stablecoins, with institutional-grade stablecoins emerging as particularly trusted vehicles for cash management, cross-border payments, and exposure to tokenized assets.
Nomura identifies regulatory clarity, enhanced risk management frameworks, and improved security protocols as essential drivers of expanded institutional adoption. However, material challenges persist: asset valuation methodology remains unclear, volatility continues, and regulatory uncertainty lingers in certain jurisdictions. Despite these headwinds, Nomura notes that adoption is accelerating due to the proliferation of institutional-grade investment products, advances in risk management practices, and regulatory progress—particularly Japan's ongoing development of its crypto-asset regulatory framework through the Financial System Council's Working Group.
The survey reveals a decisive shift toward institutional cryptocurrency investment. Nearly 80% of respondents indicated plans to allocate between 2% and 5% of their total assets under management to crypto over the next three years, representing what Nomura characterizes as "a preparatory period rather than immediate investment." Sentiment has improved materially, with 31% of respondents now expressing a positive outlook on crypto assets—a 6-percentage-point increase from 25% in the prior June 2024 survey. Conversely, negative sentiment declined to 18% from 23%, indicating broad-based improvement in institutional confidence toward digital assets.
Portfolio diversification has become the dominant investment rationale. Sixty-five percent of surveyed institutions now view cryptocurrencies as a bona fide diversification tool on par with traditional asset classes including stocks, bonds, and commodities—up 3 percentage points from the previous survey. This reframing of crypto from speculative instrument to legitimate portfolio diversifier reflects evolving institutional risk frameworks and asset allocation methodologies.
Within the cryptocurrency ecosystem, DeFi and stablecoins command the highest institutional interest. Over two-thirds of respondents plan to generate returns through DeFi mechanisms such as staking, while 65% focus on lending and tokenized assets. Sixty-three percent are exploring derivatives and stablecoins, with institutional-grade stablecoins emerging as particularly trusted vehicles for cash management, cross-border payments, and exposure to tokenized assets.
Nomura identifies regulatory clarity, enhanced risk management frameworks, and improved security protocols as essential drivers of expanded institutional adoption. However, material challenges persist: asset valuation methodology remains unclear, volatility continues, and regulatory uncertainty lingers in certain jurisdictions. Despite these headwinds, Nomura notes that adoption is accelerating due to the proliferation of institutional-grade investment products, advances in risk management practices, and regulatory progress—particularly Japan's ongoing development of its crypto-asset regulatory framework through the Financial System Council's Working Group.
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