SKN | Nomura-Backed Laser Digital Launches Tokenized Bitcoin Yield Fund as Institutions Seek Carry Returns

Key Points

• Laser Digital introduced the first natively tokenized bitcoin yield-bearing fund, targeting long-term BTC holders seeking income.

• The fund deploys market-neutral strategies including arbitrage, lending and options to generate carry-like returns.

• Institutional custody and tokenization infrastructure signal growing demand for compliant, yield-focused crypto products.

Nomura-backed crypto trading firm Laser Digital has launched a new tokenized bitcoin yield fund, marking a notable step in the evolution of institutional crypto asset management as investors increasingly look beyond pure price exposure.

The fund, introduced on Thursday, is designed to offer long-term bitcoin holders a way to earn yield without taking directional market risk. It will actively monetize carry-like opportunities through market-neutral arbitrage, lending and options strategies, according to the company.

Laser Digital said the product is the first natively tokenized bitcoin yield fund issued through KAIO, formerly known as Libre Capital, and will be custodied by Komainu.

From passive holding to yield generation

For much of its history, bitcoin has been treated as a non-yielding asset, held primarily for price appreciation or as a hedge against monetary debasement. Laser Digital’s new fund reflects a growing institutional push to transform idle bitcoin into a productive asset class.

The fund is an upgrade of Laser’s Bitcoin Adoption Fund, first launched in 2023, and seeks to deliver more than 5% excess net return over bitcoin’s performance across rolling 12-month periods, according to the firm.

Rather than relying on directional price moves, the strategy focuses on exploiting structural inefficiencies across crypto markets, including basis trades, volatility premia and lending spreads. These approaches aim to generate steady returns across varying market regimes.

Institutional-grade structure and custody

Custody will be handled by Komainu, a joint venture backed by Nomura, CoinShares and Ledger, underscoring the fund’s institutional positioning. Assets will remain segregated and subject to traditional risk controls, Laser Digital said.

Access to the fund is restricted to accredited investors in eligible non-U.S. jurisdictions, with a minimum investment of $250,000 or the equivalent in bitcoin. The structure reflects continued regulatory caution around yield products, particularly in the United States.

Tokenization meets market-neutral crypto strategies

Tokenizing the fund allows investors to gain exposure through onchain representations rather than traditional fund units, a model that asset managers increasingly view as more efficient for settlement, transparency and future composability.

“Recent market volatility has shown that yield-bearing, market-neutral funds built on calculated DeFi strategies are the natural evolution of crypto asset management,” said Laser Digital CEO Jez Mohideen.

The use of tokenization also signals a broader convergence between decentralized finance techniques and regulated institutional frameworks, as firms attempt to capture crypto-native returns while maintaining compliance and risk discipline.

A sign of where institutional crypto is heading

The launch comes as institutional investors continue to diversify how they engage with digital assets. After years of focusing primarily on custody, spot exposure and ETFs, attention is shifting toward income-generating strategies that resemble those used in traditional fixed-income and derivatives markets.

For bitcoin holders, products like Laser Digital’s fund highlight a growing menu of options that extend beyond buy-and-hold strategies. Whether such yield products gain widespread adoption will depend on performance, risk management and regulatory clarity — but the direction of travel is clear.

As crypto markets mature, institutions are no longer asking whether to hold bitcoin, but how to make it work harder within a modern portfolio.