The U.S.’s most prominent crypto exchange reported a surge in revenue and trading volume to close out its second-best year on record. Coinbase almost doubled its net revenue to $2.2 billion in Q4 from the prior quarter, beating analysts’ expectations of $1.8 billion.

Coinbase's Q4 results show revenue growth, but reliance on crypto cycles and competition raise concerns. Check out my 3 reasons not to buy COIN stock.