Institutional investors are flocking 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 Laser Digital crypto unit.
The study, based on responses from more than 500 investment professionals in Japan, found that 31% of respondents now have a positive outlook on cryptocurrencies over the next year, up from 25% in 2024. Meanwhile, negative sentiment has declined, pointing to a gradual shift in perception as the asset class matures.
A central theme is diversification. About 65% of respondents said they see cryptocurrencies 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 change is supported by a changing regulatory and political context. In Japan, policymakers spent the past year refining crypto frameworks, including discussions on classification, taxation, and investor protection. Globally, clearer rules in major markets, along with 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 is expanding beyond simple price exposure. More than 60% of respondents expressed interest in staking, lending, derivatives and tokenized assets, reflecting growing 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 treasury management to cross-border payments and investments in tokenized securities.
Still, barriers remain. Concerns around volatility, counterparty risk and lack of established valuation frameworks continue to weigh on adoption. Regulatory uncertainty, while improving, has not completely disappeared.
Still, the survey suggests the conversation is changing. Instead of debating whether to invest in cryptocurrencies, institutions are increasingly focusing on how to do so, a sign that digital assets are getting closer to becoming a standard component of institutional portfolios.
