Robinhood rose over 11% in premarket trading after reporting a large increase in user activity during February.Crypto ( CRCW ) trading volumes grew 10% month-on-month to $6.5 billion.Broker Bernstein initiated coverage of the stock with an outperform rating and a $30 price target.Shares of Robinhood rose over 11% in premarket trading on Thursday after the online platform reported a large increase in volumes during February.

In an update after the market close on Wednesday, the company said trading activity increased across all asset classes compared with January.

Equity trading volume jumped 36% to $80.9 billion, options contracts traded increased 12% to $119.1 million and crypto volumes grew 10% to $6.5 billion. Total assets under custody rose 16% from January to $118.7 billion at the end of February.

The update follows last month's earnings report, which blew away estimates, and noted a 10% increase in fourth-quarter revenue from crypto trading.

Broker Bernstein initiated coverage of Robinhood on Thursday with an outperform rating and a $30 price target. The stock rose 4.7% to $17.16 during regular trading hours on Wednesday and have gained 35% this year.

Bernstein cited a “monster” crypto cycle, with total market cap expected to almost triple to $7.5 trillion by 2025, as the reason for its bullish call.

Read more: Robinhood to Benefit From ‘Monster’ Crypto Cycle, Initiated Outperform by Bernstein