Galaxy Digital (GLXY) should be a core holding for equity investors looking to gain exposure to the digital asset ecosystem, investment bank Stifel Canada said in a research report on Wednesday.

Stifel resumed coverage of Michael Novogratz’s crypto financial services firm with a buy rating and a price target of C$20. Galaxy closed 4.7% lower on Thursday at C$13.11.

“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 focuses on core technologies that power decentralized networks,” analysts Bill Papanastasiou and Suthan Sukumar wrote.

“Galaxy has always taken an institutional-first approach with robust risk management practices, making it one of the few centralized operators to emerge relatively unscathed following the crypto implosions in the previous cycle,” the authors wrote.

There are a number of key catalysts for the company, Stifel said, and these include exchange-traded fund (ETF) net inflows, the development of GalaxyOne and a potential Nasdaq listing.

Read more: Galaxy Digital Is One of the ‘Most Diversified’ Ways to Play Crypto, Analyst Says