In Q1'26, COIN's Gross Margin stood at 86.1%, reflecting a slight decline from the previous quarter's 87.7% but remaining robust overall. Operating Margin was marginally positive at 2.5%, indicating a dip from Q4'25's 15.4% amid potential cost pressures. Net Profit Margin, however, turned negative at -27.9%, a worsening from Q4'25's -37.4% but still signaling profitability challenges. Over the period from Q2'23 to Q1'26, Gross Margin exhibited strong stability, fluctuating narrowly between 83.6% and 86.8% with minimal volatility, underscoring consistent cost control in core operations. Operating Margin showed significant improvement from early negative territory (-10.4% in Q2'23) to peaks of 46.4% in Q1'24, though it has trended volatile and downward recently with intermittent losses like -1.6% in Q2'25. Net Profit Margin displayed the most pronounced swings, evolving from deep losses (-13.8% in Q2'23) to highs of 95.4% in Q2'25, before reverting to negative values, highlighting sensitivity to market conditions and one-off factors in the cryptocurrency sector.