In crypto land, winter is already turning to spring: A price surge for bitcoin and other crypto assets at the end of last year helped lift Coinbase to its first quarterly profit in years. But the sunny season may have to last a lot longer to keep propelling the stock.

Coinbase shares surged about 15% on 16 February morning after it reported earnings late 15 February, and have now nearly tripled over the past year. The crypto trading giant had $529m of transaction revenue in the fourth quarter, a more than 80% rise over the third quarter. It attributed the jump to higher volatility and higher crypto asset prices, which means that fees based on the size of a trade also went up.