Investment bank Stifel (SF) stated in a research study on Wednesday that Galaxy Digital (GLXY) ought to be a core position for equity investors wishing to get exposure to the digital asset ecosystem.

Resuming coverage, Stifel maintained a buy rating and a C$20 price objective for Michael Novogratz’s cryptocurrency financial services company. On Thursday, Galaxy finished at C$13.11, 4.7% down.

Analysts Bill Papanastasiou and Suthan Sukumar wrote, “The company offers an asymmetric return profile with significant principle exposure to bitcoin (BTC) and ether (ETH); a diverse group of revenue-producing businesses across trading, investment banking, and asset management; and longer-term outsized growth potential through its infrastructure solutions arms, which emphasises core technologies that power decentralised networks.”

As one of the few centralised operators to emerge largely unscathed from the crypto implosions in the last cycle, Galaxy has always adopted an institutional-first approach and strong risk management methods, according to the authors. Exchange-traded fund (ETF) net inflows, the growth of GalaxyOne, and a possible Nasdaq offering are among the company’s major drivers, according to Stifel.