Institutional investors are warming to digital assets, with improved sentiment and broader use cases emerging as key drivers of adoption, according to a new study by Tokyo-based bank Nomura and its crypto unit Laser Digital.
The survey, based on responses from more than 500 investment professionals in Japan, found that 31% of respondents now have a positive view of crypto over the next year, up from 25% in 2024. Meanwhile, negative sentiment has declined, indicating a gradual shift in perception as the asset class matures.
A central theme is diversification. About 65% of respondents said they consider crypto as a portfolio diversifier, 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.
That shift is supported by a changing legislative and political background. In Japan, policymakers have spent the past year refining crypto frameworks, including discussions around classification, taxation and investor protection. Globally, clearer regulations in 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 expands beyond simple price exposure. More than 60% of respondents expressed interest in stakes, lending, derivatives and tokenized assets, reflecting increasing demand for return-generating strategies and more sophisticated portfolio construction.
Stablecoins are also gaining traction, with 63% of respondents identifying potential use cases ranging from financial management to cross-border payments and investing in tokenized securities.
Yet barriers remain. Concerns about volatility, counterparty risk and the lack of established valuation frameworks continue to weigh on adoption. The legislative uncertainty, although it has improved, has not completely disappeared.
Still, the survey suggests that 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 moving closer to becoming a standard component of institutional portfolios.
