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As of Q4'25, COIN's EV/EBITDA stands at 18.541, marking a continued decline from its recent peak of 204.618 in Q4'23. The latest figure reflects a more normalized valuation multiple compared to the extreme volatility observed in the prior quarters. From Q1'23 to Q4'25, the EV/EBITDA ratio exhibited significant fluctuations, initially negative through Q3'23, then surging sharply to 204.618 in Q4'23 before stabilizing in the 18–30 range throughout 2024 and 2025. This trend suggests a period of financial instability followed by a return to more typical valuation levels, with the area chart highlighting a dramatic inflection point at the end of 2023 and a steady normalization thereafter.