Nomura-backed Laser Digital launches tokenised bitcoin fund targeting excess BTC returns for institutions

Institutional investors seeking structured income in digital assets are getting fresh options as a new tokenised bitcoin fund enters the market with a yield focus.

Laser Digital unveils natively structured bitcoin yield vehicle

Nomura-owned Laser Digital has introduced a natively tokenised bitcoin fund designed for institutional and eligible accredited investors that want income on top of long-only BTC exposure. The strategy is built to complement core holdings rather than replace existing allocations, according to the firm.

In a press release shared with CryptoNews, Laser Digital said its new Laser Digital Bitcoin Diversified Yield Fund SP (BDYF) combines directional Bitcoin exposure with income-focused, market-neutral strategies. Moreover, it aims to generate excess returns over Bitcoin across different market cycles while maintaining transparent risk controls.

The launch marks an evolution of Laser Digital’s Bitcoin Adoption Fund, which went live in 2023 ahead of the first U.S. spot Bitcoin ETFs. However, BDYF moves beyond simple exposure by embedding active yield components into the product structure.

First Cayman-domiciled natively tokenised BTC yield structure

Laser Digital describes BDYF as the world’s first natively tokenised Cayman-domiciled bitcoin yield fund. Unlike typical tokenised products that route exposure through special purpose vehicles or feeder funds, its tokenised share class sits directly at the main fund level, aligning on-chain and traditional ownership.

Tokenisation for the vehicle is handled exclusively by KAIO, while regulated custodian Komainu manages the underlying BTC. Moreover, the architecture supports in-kind contributions, atomic settlement and streamlined on-chain fund administration, which the firm says reduces operational friction for large allocators.

This configuration is intended to bridge conventional fund structures with blockchain-native rails. That said, investors can still access the fund through non-tokenised share classes if their internal policies or systems require a traditional format.

Strategy: long-term growth combined with income

The BDYF mandate seeks to maintain long-term, long-only exposure to Bitcoin while actively monetising carry-like opportunities. To do this, it uses diversified, market-neutral approaches such as arbitrage, lending and options strategies that are designed not to rely on price direction.

Laser Digital stresses that the approach focuses on capital preservation over aggressive yield chasing. Moreover, the firm highlights institutional-grade risk management intended to ensure that income generation never compromises the safekeeping of the underlying BTC within the fund.

The tokenised bitcoin fund primarily targets long-term Bitcoin holders like digital-asset treasuries, traditional financial institutions and sovereign allocators. Its goal is to deliver more than 5% excess net returns over BTC performance across rolling 12-month periods, although that target remains subject to prevailing market conditions.

Why the fund is launching in the current market

Laser Digital said the timing reflects Bitcoin’s continued maturation into a mainstream institutional asset backed by deep liquidity and more resilient market infrastructure. However, it also pointed to macroeconomic uncertainty and persistent inflation risks as reasons allocators are rethinking portfolio construction.

At the same time, rising correlations across traditional asset classes are forcing investors to seek diversifiers that can also generate income. Moreover, institutions are demanding structures that fit existing mandates and compliance frameworks while still offering exposure to digital assets.

The objective, according to the firm, is to turn a passive BTC allocation into a more capital-efficient exposure. That said, the design aims to retain upside participation in Bitcoin’s price while producing a sustainable income stream that aligns with institutional reporting and governance standards.

Executive views on yield-focused crypto strategies

Jez Mohideen, co-founder and CEO of Laser Digital, said recent volatility has underscored growing demand for yield-bearing crypto solutions. He argued that yield-bearing, market-neutral funds built on calculated DeFi and arbitrage strategies represent a natural progression for crypto asset management.

Sebastien Guglietta, head of Laser Digital Asset Management, highlighted that while Bitcoin operates as a store of value, it does not inherently produce yield. Moreover, he said the new strategy aims to fill that structural gap by providing a sustainable income stream tailored for long-term Bitcoin holders who want more than simple price exposure.

Both executives framed this development as part of a broader institutional pivot towards structured digital-asset products. That said, they emphasized that risk management and regulatory alignment remain central to the fund’s design.

Regulation, Dubai role and broader product line

Laser Digital Middle East FZE, a regulated virtual asset service provider operating under Dubai’s VARA regime, serves as investment manager to the fund. The entity’s regulatory status is intended to reassure global institutional clients with stringent compliance requirements.

BDYF joins Laser Digital’s existing actively managed products, including the Laser Digital Carry Fund and the Multi-Strategy Fund, expanding the firm’s institutional digital-asset offering. Moreover, the launch supports Nomura’s broader push into crypto and blockchain-based services.

In October, it emerged that Nomura Holdings is preparing to deepen its presence in Japan’s digital asset market as crypto activity accelerates. Its wholly owned subsidiary Laser Digital Holdings is pursuing a license to provide trading services to institutional clients, signaling a long-term commitment to the sector.

Overall, the BDYF launch underscores how large financial groups are shifting from simple BTC exposure to more sophisticated yield and risk-managed structures, as institutional demand for regulated, income-oriented crypto products continues to grow.