As of Q4'25, COIN's P/B Ratio stands at 2.519, marking a significant decrease from the previous quarter's 5.528. This latest data point reflects a sharp contraction after a period of elevated ratios, with the P/B Ratio peaking at 8.025 in Q2'25. Over the period from Q1'23 to Q4'25, the P/B Ratio for COIN has exhibited considerable volatility. After a steady climb from 2.034 in Q1'23 to a high of 7.365 in Q4'24, the ratio experienced pronounced fluctuations, including two major peaks in Q2'24 and Q2'25, followed by rapid declines. The overall trend suggests periods of aggressive valuation expansion punctuated by abrupt corrections, highlighting a volatile market sentiment for COIN during this timeframe.