The latest data point for Q4'25 shows a downturn across all metrics: ROE at -4.51%, ROA at -2.25%, and ROIC at -2.87%, marking a shift to negative territory after periods of positive performance. From Q1'23 to Q4'25, the chart reveals volatile trends in COIN's operating profitability metrics, starting with negative values for ROE (-1.39%), ROA (-0.06%), and ROIC (-0.62%) in Q1'23, improving to peaks in Q1'24 (ROE 14.56%, ROA 0.34%, ROIC 9.50%) and Q4'24 (ROE 12.56%, ROA 5.73%, ROIC 8.85%), before fluctuating and declining sharply in Q4'25. ROE and ROIC exhibit similar patterns of recovery and peaks driven by operational leverage, while ROA remains lower in magnitude but follows the overall upward trajectory until the recent reversal, highlighting sensitivity to market conditions in the cryptocurrency sector.