Institutional Allocation Shift
What happened
- A Nomura survey summarized by P2P.org found 80% of institutions with $600B+ AUM plan 2–5% allocations to digital assets. (x.com) - That is a sharp increase from prior figures (24%), with many institutions targeting DeFi staking and lending exposures. (x.com) - Respondents flagged infrastructure gaps, signaling demand for custody, compliance, and enterprise settlement rails. (x.com)
Why it matters
Nearly four in five Japanese institutional investors now plan to put digital assets into portfolios within three years, according to Nomura’s latest survey. (nomuraholdings.com) Nomura and its digital-asset unit, Laser Digital, surveyed 518 investment professionals in Japan from December 16, 2025, to January 29, 2026, including institutions, family offices and public-interest organizations. Among respondents considering crypto over the next three years, 79% said they plan to invest, and 60% of that group expect allocations of 2% to less than 5% of portfolios. (nomuraholdings.com) That marks a clear jump from Nomura’s previous June 24, 2024 survey, when 54% said they intended to invest in crypto assets over the next three years and 25% said they had a positive impression of the asset class. In the 2026 survey, positive sentiment rose to 31% and negative sentiment fell to 18% from 23% in 2024. (nomuraholdings.com 1) (nomuraholdings.com 2) The shift is not just about buying Bitcoin. More than 60% of respondents in the 2026 survey said they were interested in staking or mining, lending or collateralized loans, derivatives and tokenized assets, while 63% also saw use cases for stablecoins in treasury management and cross-border foreign-exchange transactions. (nomuraholdings.com) Staking is the crypto equivalent of locking up assets to help run a blockchain network in exchange for yield, while lending lets investors post digital assets as collateral or earn income by lending them out. P2P.org, which summarized the Nomura findings on April 21, said more than two-thirds of institutions were specifically targeting DeFi, or decentralized-finance, strategies such as staking, lending and tokenized assets. (p2p.org) (nomuraholdings.com) Nomura said the backdrop changed materially between the two surveys as Japan developed its crypto rulebook. The firm pointed to discussions by the Financial System Council’s Working Group on Crypto-asset Systems in late 2025, and Japan’s Financial Services Agency published that working group’s report on February 16, 2026. (nomuraholdings.com) (fsa.go.jp) That report proposed treating many cryptoassets more like investment products under Japan’s Financial Instruments and Exchange Act instead of regulating them mainly as payment instruments, according to a January 8, 2026 analysis from Nomura Research Institute. The same analysis said legal amendments could reach lawmakers as early as 2026. (nri.com) Institutions also still see practical barriers. Nomura’s 2024 survey said non-investors cited counterparty risk, volatility and regulatory requirements as hurdles, and the new survey’s emphasis on stablecoins, lending and tokenized assets points to demand for custody, compliance and settlement systems that look more like traditional market plumbing. (nomuraholdings.com 1) (nomuraholdings.com 2) For now, the signal from Japan is measured rather than all-in: institutions are talking about low-single-digit allocations, not wholesale balance-sheet bets. But after two years of regulatory work and improving sentiment, digital assets are moving from watchlist status toward portfolio construction. (nomuraholdings.com)
Key numbers
- A Nomura survey summarized by P2P.org found 80% of institutions with $600B+ AUM plan 2–5% allocations to digital assets.
- (x.com) That is a sharp increase from prior figures (24%), with many institutions targeting DeFi staking and lending exposures.
- (nomuraholdings.com) Nomura and its digital-asset unit, Laser Digital, surveyed 518 investment professionals in Japan from December 16, 2025, to January 29, 2026, including institutions, family offices and public-interest organizations.
- Among respondents considering crypto over the next three years, 79% said they plan to invest, and 60% of that group expect allocations of 2% to less than 5% of portfolios.
What happens next
- Nearly four in five Japanese institutional investors now plan to put digital assets into portfolios within three years, according to Nomura’s latest survey.
- Among respondents considering crypto over the next three years, 79% said they plan to invest, and 60% of that group expect allocations of 2% to less than 5% of portfolios.
- (nomuraholdings.com) That marks a clear jump from Nomura’s previous June 24, 2024 survey, when 54% said they intended to invest in crypto assets over the next three years and 25% said they had a positive impression of the asset class.
Quick answers
What happened in Institutional Allocation Shift?
A Nomura survey summarized by P2P.org found 80% of institutions with $600B+ AUM plan 2–5% allocations to digital assets. (x.com) That is a sharp increase from prior figures (24%), with many institutions targeting DeFi staking and lending exposures. (x.com) Respondents flagged infrastructure gaps, signaling demand for custody, compliance, and enterprise settlement rails. (x.com)
Why does Institutional Allocation Shift matter?
Nearly four in five Japanese institutional investors now plan to put digital assets into portfolios within three years, according to Nomura’s latest survey. (nomuraholdings.com) Nomura and its digital-asset unit, Laser Digital, surveyed 518 investment professionals in Japan from December 16, 2025, to January 29, 2026, including institutions, family offices and public-interest organizations. Among respondents considering crypto over the next three years, 79% said they plan to invest, and 60% of that group expect allocations of 2% to less than 5% of portfolios. (nomuraholdings.com) That marks a clear jump from Nomura’s previous June 24, 2024 survey, when 54% said they intended to invest in crypto assets over the next three years and 25% said they had a positive impression of the asset class. In the 2026 survey, positive sentiment rose to 31% and negative sentiment fell to 18% from 23% in 2024. (nomuraholdings.com 1) (nomuraholdings.com 2) The shift is not just about buying Bitcoin. More than 60% of respondents in the 2026 survey said they were interested in staking or mining, lending or collateralized loans, derivatives and tokenized assets, while 63% also saw use cases for stablecoins in treasury management and cross-border foreign-exchange transactions. (nomuraholdings.com) Staking is the crypto equivalent of locking up assets to help run a blockchain network in exchange for yield, while lending lets investors post digital assets as collateral or earn income by lending them out. P2P.org, which summarized the Nomura findings on April 21, said more than two-thirds of institutions were specifically targeting DeFi, or decentralized-finance, strategies such as staking, lending and tokenized assets. (p2p.org) (nomuraholdings.com) Nomura said the backdrop changed materially between the two surveys as Japan developed its crypto rulebook. The firm pointed to discussions by the Financial System Council’s Working Group on Crypto-asset Systems in late 2025, and Japan’s Financial Services Agency published that working group’s report on February 16, 2026. (nomuraholdings.com) (fsa.go.jp) That report proposed treating many cryptoassets more like investment products under Japan’s Financial Instruments and Exchange Act instead of regulating them mainly as payment instruments, according to a January 8, 2026 analysis from Nomura Research Institute. The same analysis said legal amendments could reach lawmakers as early as 2026. (nri.com) Institutions also still see practical barriers. Nomura’s 2024 survey said non-investors cited counterparty risk, volatility and regulatory requirements as hurdles, and the new survey’s emphasis on stablecoins, lending and tokenized assets points to demand for custody, compliance and settlement systems that look more like traditional market plumbing. (nomuraholdings.com 1) (nomuraholdings.com 2) For now, the signal from Japan is measured rather than all-in: institutions are talking about low-single-digit allocations, not wholesale balance-sheet bets. But after two years of regulatory work and improving sentiment, digital assets are moving from watchlist status toward portfolio construction. (nomuraholdings.com)
