Institutional investors are turning to digital assets, with improving sentiment and broader use cases emerging as key drivers of adoption, according to a new survey from Tokyo-based bank Nomura and its crypto unit Laser Digital.
The study, based on responses from more than 500 investment professionals in Japan, found that 31% of respondents now have a positive outlook on crypto over the next year, up from 25% in 2024. At the same time, negative sentiment has declined, pointing to a gradual shift in perception as the asset class matures.
A central theme is diversification. Around 65% of respondents said they view crypto as a way to diversify their portfolio, while 79% of those considering exposure plan to invest within three years. Most expect relatively modest allocations – typically between 2% and 5% – suggesting that institutions are still in the early stages of adoption.
This change is supported by a changing regulatory and policy context. In Japan, policymakers have spent the last year refining crypto frameworks, including discussing classification, taxation and investor protection. Globally, clearer rules across major markets – alongside the approval and expansion of crypto investment products such as exchange-traded funds (ETFs) and tokenized assets – have reduced some of the uncertainty that previously kept institutions on the sidelines.
As a result, interest extends beyond simple price exposure. More than 60% of respondents expressed interest in staking, lending, derivatives and tokenized assets, reflecting the 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 cash management to cross-border payments and investing in tokenized securities.
However, barriers remain. Concerns over volatility, counterparty risk and the lack of established valuation frameworks continue to weigh on adoption. Regulatory uncertainty, although improving, has not completely disappeared.
Still, the survey suggests the conversation is changing. Rather than debating whether to invest in crypto, institutions are increasingly focusing on how to do so – a sign that digital assets are becoming a standard part of institutional portfolios.
