As of Q4'25, COIN reported R&D Expenses of $497.33M and SG&A Expenses of $767.92M, marking the highest quarterly operating expenses in the period covered. Both categories have shown significant increases in the latest quarter, with SG&A Expenses notably outpacing R&D. From Q1'23 to Q4'25, the chart reveals a clear upward trend in both R&D and SG&A Expenses, with SG&A showing a steeper growth trajectory. After relatively stable figures through 2023, expenses began accelerating in 2024 and surged sharply in 2025, particularly in SG&A, which grew from $312.74M in Q1'23 to $767.92M in Q4'25. This indicates escalating operating costs, driven primarily by administrative and selling expenses.