Europe-based digital asset management firm CoinShares (CNSRF) is one of investment company BTIG’s picks for investors to play the recovery across crypto markets along with the growing adoption of digital assets, analyst Mark Palmer told clients in a note Wednesday.

CoinShares, which is Europe's largest digital asset management company, according to BTIG, continues to develop crypto-focused financial products and maintains an edge over peers given the company’s proprietary technology infrastructure, Palmer said.

Palmer says while shares have lagged since the spring, CoinShares’ management is focused on boosting its exposure to physical stakes in exchange-traded funds (ETF) with attractive yields and no management fee.

Sweden-listed CoinShares had about $1.65 billion in assets under management as of June 30, according to its Q2 report.

BTIG gave CoinShares a buy rating and $5.63 price target (SEK60). Shares were trading on Wednesday down 4.6% to $3.76 (SEK39.85), and have declined more than 50% year to date.

Read more: CoinShares Completes Napoleon Acquisition, Can Now Promote Products Across EU

UPDATE (Aug. 24, 2022 16:10 UTC) – Corrects CoinShares' ticker symbol.