Key Points

• Interested in Coinbase Global, Inc.? Here are five stocks we like better.

• Japan’s shift from the Payment Services Act to the Financial Instruments and Exchange Act reclassifies digital assets as regulated securities, opening the door for pension and sovereign capital.

• Western investors are turning to proxy equities like Strategy and Coinbase Global to capture anticipated institutional inflows without directly navigating offshore custody and compliance hurdles.

• A de-risked derivatives market combined with sizable short interest in Coinbase Global could expose short sellers to sharp losses if Japanese institutional buying accelerates.

Global capital markets are…