Shares of C1 Fund CFND.N, a closed-end investment fund, rise 7.4% to $3.05.
StoneX initiates coverage of CFND at "buy" with a price target of $6, implying a 111% premium to the stock's last close.
The brokerage says CFND provides the only means through which a public market investor can own pre-IPO digital asset infrastructure firms in a single security.
It adds that the blue-chip portfolio is trading at a steep discount to net asset value.
"We are aware that closed-end funds trade at discounts, and our investment framework does not assume that it will close the gap entirely within our projection period. But 57% is not a liquidity discount; it is one that prices in either disbelief in the fund’s marks or indifference from a market that has yet to understand the stock," StoneX analyst Mark Palmer says.
As of the last close, CFND was down 42% year to date.
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