As of Q4'25, COIN's EV/Sales ratio stands at 18.69, marking a significant decrease from the previous quarter's 46.78. This latest data point reflects a sharp contraction in valuation relative to sales at the end of the observed period. Over the period from Q1'23 to Q4'25, the EV/Sales ratio for COIN has exhibited considerable volatility, with notable peaks in Q2'24 (34.52), Q3'24 (41.28), and a dramatic surge to 62.76 in Q2'25, followed by a rapid decline. The trend highlights periods of aggressive expansion in valuation, punctuated by abrupt corrections, suggesting shifting market sentiment and possibly changes in revenue expectations or broader sector dynamics.