Nomura Holdings (8604.T) has begun exploring a sale of its Zurich-based crypto subsidiary Laser Digital Holdings AG, according to people familiar with the matter cited by Bloomberg L.P. The Japanese financial group is in talks with potential suitors including Marex Group Ltd., a commodities and financial services firm. The discussions remain at an early stage, however, and Nomura could ultimately decide to retain the business or seek a different buyer.

Following the report, Nomura’s American depositary receipts (NYSE: NMR) closed 2.3% higher than the previous day, reflecting market expectations that a sale could improve earnings.

The immediate trigger for the review is that losses at Laser Digital stemming from sharp swings in crypto…