Shares of CompoSecure could more than double from here as the FTX debacle spells a buying opportunity in crypto cold storage providers, according to JPMorgan. Analyst Reginald L. Smith has an overweight rating on CompoSecure, saying the crypto cold storage provider allows traders to take their cryptocurrencies offline and protect them in a digital wallet. It's an alternative more investors are turning to after the recent collapse of FTX highlighted the drawbacks involved in holding digital assets on an exchange. "Crypto exchanges offer limited recourse if digital assets are hacked, stolen or mismanaged while held on an exchange," Smith wrote in a Monday note. "Recent platform failures and hacks like FTX, Voyager, and Celsius serve as cautionary tales for the crypto community and have increased interest and demand for self-custody cold storage wallets, which are offered by Ledger, Trezor and CompoSecure." For investors, that could mean it's time to snap up shares of CompoSecure, which is the leader in premium metal payment cards. It's a market the analyst expects will double by 2025, and grow to become a $750 million annualized revenue opportunity. "CMPO, the unquestioned market leader, with relationships with seven of the 10 largest U.S. card issuers, global marketing partnerships, and an array of patents and new card features on the come, appears poised to capture a disproportionate share of the market," Smith wrote. "Moreover, CMPO recently launched Arculus, a consumer crypto cold storage wallet solution, a wildcard, in our view, that could become a meaningful revenue contributor over time," Smith added. Shares of CompoSecure have been under pressure since December 2021 when the company went public as part of the SPAC boom last year. The once-hot market came to a halt this year as regulatory pressure grew and investors' appetite for speculative high-growth names waned. The stock is down nearly 40% this year. Still, the recent surge in interest in cold storage wallet providers could mean a roughly $1 billion hardware revenue opportunity in the market as investors offload assets from exchanges. According to the note, which cited Cryptoquant.com, more than $5 billion in digital assets such as bitcoin and ethereum were moved off exchanges between Nov. 7 and Nov. 14. The analyst's Dec. 2023 price target of $10 implies roughly 106% upside from Friday's close. The stock is up about 3% during Monday trading. —CNBC's Michael Bloom contributed to this report.