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The latest data point for COIN's EV/EBITDA ratio in Q1'26 stands at 1221.71, marking a dramatic surge from the previous quarter's value of 18.54 in Q4'25 and indicating potential volatility or operational shifts in the company's valuation relative to earnings. Over the period from Q2'23 to Q1'26, the EV/EBITDA ratio exhibits high volatility, starting with negative values of -17.05 in Q2'23 and plunging to -36.68 in Q3'23, before turning sharply positive at 204.62 in Q4'23. From Q1'24 to Q4'25, it stabilized in the 18-31 range with a gradual downward trend, reflecting improving but moderating multiples; the extreme spike to 1221.71 in Q1'26 suggests an inflection point, possibly driven by EBITDA compression or market dynamics, warranting close monitoring for sustainability in this area chart representation.