In Q4'25, COIN's total operating expenses reached $1.27B USD, with R&D expenses at $497M USD and SG&A expenses at $768M USD, marking the highest quarterly figure in the observed period and reflecting a significant uptick driven primarily by SG&A growth. From Q1'23 to Q4'25, operating expenses exhibited a consistent upward trend, rising from $671M USD to $1.27B USD, with total costs increasing by approximately 89% over the 12 quarters. R&D expenses fluctuated mildly, peaking at $497M USD in Q4'25 after dipping to $320M USD in Q2'23, while SG&A expenses showed stronger growth, surging from $313M USD in Q1'23 to $768M USD in Q4'25, often comprising over 60% of total expenses and indicating expanding administrative and sales investments amid business scaling.