Robinhood shares rocketed 13% higher in early Thursday trading after the popular trading app delivered fourth-quarter results that left Wall Street analysts scrambling to upgrade their projections.

The company’s remarkable performance was largely fueled by an unprecedented surge in cryptocurrency trading, generating a record-breaking $358 million in crypto transaction revenue for the quarter. This marked the highest contribution from digital assets in the company’s history, according to JPMorgan’s research report.

The impressive results prompted several major financial institutions to significantly raise their price targets. JPMorgan increased its projection from $39 to $45 while maintaining a neutral rating. Citi lifted its target from $45 to $60, also keeping its neutral stance. Most dramatically, Bernstein more than doubled its price objective from $51 to $105, maintaining an outperform rating on Robinhood shares.

By Thursday morning, Robinhood stock had jumped to $63.20 in early trading, following the Wednesday afternoon earnings release.

Overall revenue for the fourth quarter climbed 115% year-over-year to $1.01 billion, handily beating Wall Street’s expectation of $945.8 million according to FactSet data. Transaction-based earnings showed even more dramatic growth, increasing 200% compared to the previous year. This was primarily driven by an astonishing 700% rise in cryptocurrency revenue.

JPMorgan noted that crypto typically accounts for just 10-20% of Robinhood’s total revenue. The exceptional performance was fueled by a 46% increase in the total cryptocurrency market cap during the period, alongside a massive 393% quarter-over-quarter jump in Robinhood’s notional trading volumes.

Looking ahead, Robinhood has ambitious plans for expanding its cryptocurrency offerings. According to JPMorgan’s report, “Management seeks to add more tokens, strengthen its wallet offering, add an order book with exchange routing functionality, integrate Bitstamp and explore tokenization longer-term.”

Citi analysts observed that Robinhood has benefited from favorable market conditions since the beginning of the year, with “crypto market tailwinds and retail activity remaining strong.” While they expect continued support for the stock if these positive conditions persist, they cautioned investors should anticipate volatility and preferred to wait for a “more reasonable entry point” despite their increasingly positive outlook on the company’s fundamentals.

Bernstein remained particularly bullish, reiterating that Robinhood was their top recommendation within their global digital assets coverage. The broker predicted “continued momentum in the first quarter driven by crypto volatility and a sustained price cycle.”