Nomura’s crypto subsidiary, Laser Digital, has launched a natively tokenised Bitcoin yield strategy directed at institutional and eligible accredited investors seeking income on top of long-only BTC exposure.

In a press release shared with CryptoNews, the company explains that Laser Digital Bitcoin Diversified Yield Fund SP (BDYF) combines directional Bitcoin exposure with income-generating, market-neutral strategies designed to deliver excess returns over Bitcoin across market cycles.

The fund is positioned as an evolution of Laser Digital’s Bitcoin Adoption Fund, which launched in 2023 ahead of the first U.S. spot Bitcoin ETFs.

First Natively Tokenised Bitcoin Yield Fund

Laser Digital said BDYF is the world’s first natively tokenised Cayman-domiciled Bitcoin yield fund. Unlike traditional tokenised structures that rely on special-purpose vehicles or feeder funds, the tokenised share class is issued directly at the main fund level, allowing on-chain ownership alongside traditional share classes.

Tokenisation is handled exclusively by KAIO, while Komainu serves as the fund’s main custodian. The structure allows for in-kind contributions, atomic settlement, and streamlined on-chain fund administration, according to the firm.

Strategy: Growth Plus Income

The fund is designed to maintain long-term, long-only exposure to Bitcoin while actively monetising carry-like opportunities through diversified market-neutral strategies, including arbitrage, lending, and options.

Laser Digital said the strategy prioritises capital preservation over yield chasing, with institutional-grade risk controls intended to ensure income generation does not compromise the safekeeping of underlying BTC.

The fund targets long-term Bitcoin holders such as digital-asset treasury entities, traditional institutions, and sovereign allocators, with a goal of delivering more than 5% excess net returns over BTC performance across rolling 12-month periods, depending on market conditions.

Why Launch Now

Laser Digital said the launch reflects Bitcoin’s maturation into a mainstream institutional asset with deep liquidity and increasingly robust market infrastructure.

At the same time, macro uncertainty, persistent inflation risk, and rising correlations across traditional asset classes are pushing allocators to seek diversifiers that can also generate income.

The objective, the firm said, is to turn a passive Bitcoin allocation into a more capital-efficient exposure that retains upside participation while producing a sustainable income stream aligned with institutional mandates.

Executive Commentary

Jez Mohideen, co-founder and CEO of Laser Digital, said recent volatility has pointed out growing demand for yield-bearing crypto strategies. “Yield-bearing, market-neutral funds built on calculated DeFi strategies are the natural evolution of crypto asset management,” he said.

Sebastien Guglietta, head of Laser Digital Asset Management, adds that while Bitcoin functions as a store of value, it does not naturally generate yield. “Our strategy seeks to address that gap by offering a sustainable income stream for long-term Bitcoin holders,” he said.

Regulatory and Product Line Context

Laser Digital Middle East FZE, a regulated virtual asset service provider under Dubai’s VARA regime, acts as investment manager to the fund.

BDYF joins the firm’s existing actively managed strategies, including the Laser Digital Carry Fund and the Multi-Strategy Fund, as part of its expanding institutional digital asset offering.

In October, it emerged that Nomura Holdings is preparing to deepen its presence in Japan’s digital asset market as crypto activity surges, with its wholly owned subsidiary Laser Digital Holdings seeking a license to offer trading services to institutional clients.

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Cryptocurrency markets began last week on firm footing supported by aggressive institutional buying and continued inflows into spot Bitcoin exchange-traded funds (ETFs).

Bitcoin finally broke above the closely watched $95,000 resistance level after multiple failed attempts in recent weeks rallying into a $97,000–$98,000 range. The move was triggered by sustained demand from large corporate buyers such as MicroStrategy alongside improving sentiment around regulated investment vehicles, according to Laser Digital.

Despite the bullish breakout momentum proved difficult to maintain. As the week progressed buying pressure eased and prices began to consolidate around the $95,000 level suggesting the rally had become increasingly vulnerable to macro-driven shocks.

Tariff Headlines Trigger Risk-Off Move

Over the weekend renewed geopolitical tension weighed heavily on broader risk markets after former U.S. President Donald Trump proposed new tariff measures targeting European Union and NATO countries.

While crypto assets appeared insulated from the news sentiment deteriorated sharply once U.S. equity futures opened weaker during early Asian trading hours.

This shift triggered aggressive selling across digital assets. Bitcoin fell to approximately $92,500, while Ethereum dropped to around $3,200, effectively erasing the majority of gains recorded during the prior week.

The move highlights crypto’s continued sensitivity to global macro and geopolitical developments, particularly during periods of heightened uncertainty.

On Monday Bitcoin’s price action is showing near-term consolidation after a sharp pullback, with BTC trading around $93,000following a rejection from the mid-$90,000s.

Near-Term Outlook Hinges on Macro Developments

Looking ahead near-term price action is expected to remain highly reactive to how U.S.–EU trade tensions evolve. Any escalation could pressure risk assets while signs of de-escalation may provide room for stabilization. Geopolitical risks in the Middle East remain elevated with tensions increasing over the weekend and contributing to a more cautious market backdrop.

From a macro perspective, markets face a busy week. Key events include the World Economic Forum in Davos, upcoming U.S. GDP and PCE inflation data and a Bank of Japan policy meeting.

Although there are no scheduled Federal Reserve speeches due to the blackout period, markets may still see policy-related developments. U.S. Treasury Secretary Scott Bessent has indicated that a Fed chair announcement could occur closer to the Davos Forum, adding another potential catalyst for volatility.

Caution Returns After Breakout Attempt

While last week’s breakout above $95,000 marked a technical milestone for Bitcoin the subsequent pullback shows the fragile nature of sentiment at elevated price levels.

With macro and geopolitical risks back in focus, traders are likely to remain cautious in the near term, watching for clarity on tariffs, central bank direction and broader risk appetite before committing to the next directional move.

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