As of Q4'25, COIN's latest Price-to-Sales (P/S) Ratio stands at 5.188, marking a significant decrease from the previous quarter's 11.546. This latest figure represents the lowest P/S Ratio observed in the reported period from Q1'23 to Q4'25. Over the time frame, the P/S Ratio for COIN has exhibited considerable volatility. The ratio climbed sharply from 4.123 in Q1'23 to a peak of 14.144 in Q1'24, followed by fluctuations and a notable drop to 7.556 in Q1'25. After a brief resurgence to 13.849 in Q2'25, the ratio declined steeply to its current level, highlighting a period of instability and significant valuation shifts over the last three years.