In Q1'26, COIN's operating expenses reached a total of $1.17B USD, with R&D Expenses at $526M USD and SG&A Expenses at $643M USD, marking a slight decline in SG&A from the prior quarter but continued growth in R&D. From Q2'23 to Q1'26, total operating expenses exhibited a strong upward trend, rising from $663M USD to $1.17B USD, driven primarily by SG&A Expenses which surged from $343M USD to $643M USD with notable accelerations in Q2'24 and Q3'25. R&D Expenses showed steady growth overall, increasing from $321M USD to $526M USD, though with minor fluctuations such as a dip in Q1'25 before rebounding. The stacked bar chart highlights SG&A as the dominant component, consistently comprising over 60% of total expenses, indicating expanding administrative and sales investments amid the company's scaling operations.