Indokripto (COIN) IPO Oversubscribed 180 Times, Eyes Indonesia as Southeast Asia’s Crypto Hub
Main Takeaways
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JAKARTA, investortrust.id – PT Indokripto Koin Semesta Tbk, or COIN, debuted on the Indonesia Stock Exchange, or IDX, on Wednesday, becoming the 18th listed company this year. The crypto platform operator saw its initial public offering oversubscribed by a staggering 180 times, a rare feat amid ongoing global economic uncertainty.
In a press conference at the IDX’s main hall, CEO Ade Wahyu said the IPO was a strategic move to foster public trust and transparency in the crypto industry, enabling broader supervision of digital asset traders.
“This IPO is meant to allow the public to oversee the company, creating an accountable crypto ecosystem in Indonesia and boosting trust in digital asset trading,” he said.
The IPO drew over 200,000 investors, pushing demand far beyond supply. COIN, priced at Rp 100 per share, surged to Rp 135 in its first trading session, hitting the upper auto-reject limit. The listing marks the first time a crypto exchange ecosystem has had its shares traded on a public stock market globally.
Regulatory Edge and Regional Ambitions
According to Adri Martowardojo, COIN’s Director of Marketing and Business Development, the IPO’s massive interest confirms that cryptocurrency has gained wide public acceptance in Indonesia. He cited the nation’s low crypto transaction tax of just 0.21%—far below Singapore’s effective tax rate of 22%—as a key competitive advantage.
“With such favorable tax rates, Indonesia can outpace countries like Singapore and become Southeast Asia’s main crypto trading hub,” Adri said.
He also compared Indonesia to Dubai, where although trading volume is high, foreign investors face rigid know-your-customer (KYC) protocols and banking hurdles. In contrast, Indonesia offers more accessible infrastructure and friendlier regulation.
COIN aims to capitalize on this momentum by launching new crypto products, including stablecoins, real-world asset (RWA) tokenization, and digital payment innovations. Adri likened stablecoins to QRIS, Indonesia’s standardized QR payment system, as a tool for cross-border transactions and national digital finance pride.
Surging Adoption and Market Volume
Indonesia’s crypto adoption has skyrocketed. The country now ranks third globally in the Chainalysis Global Crypto Adoption Index, up from seventh, making it the top-ranked nation in Southeast Asia.
As of April 2025, there were 14.16 million registered crypto users in Indonesia—up from 12 million in January. This growing retail base helped boost national crypto transaction volumes to Rp 650.61 trillion ($40.4 billion) by the end of 2024, driven by rising trust in regulated platforms like CFX (Central Finansial X) and ICC (Indonesia Crypto Custodian).
Revenue Growth from Derivatives and Spot Trading
CFO Abraham Nawawi projects a sharp increase in COIN’s revenue, fueled by activity across its two subsidiaries—CFX as the licensed crypto exchange, and ICC as the national custodian.
CFX contributed 60% of COIN’s Rp 101 billion ($6.3 million) in revenue in 2024, mostly from transaction fees on spot and derivative trading. This year, with a full-year contribution from spot trades and rapid growth in derivatives, revenue is expected to accelerate.
“Crypto revenue correlates strongly with price volatility. Our derivatives platform launched in late 2024 and has grown 100% month-on-month,” Abraham said.
Derivatives now account for 25% of CFX’s total trading volume. These instruments offer hedging options and dual profit opportunities—enabling investors to benefit in both bullish and bearish markets.
CFX currently offers 96 crypto derivative contracts and is supported by seven registered futures brokers, including PG Berjangka, Jalatama Artha, and Ajaib Futures Asia.
Custodian Security and Cold Wallet System
Putra Karunia, IT Director of COIN and ICC representative, emphasized the role of ICC in safeguarding user assets. The custodian uses offline cold wallet technology built on Cobol systems to mitigate hacking risks.
“ICC holds the majority of user crypto assets, while traders continue to manage customer accounts and transactions,” he said.
Looking ahead, COIN is optimistic about the future of Indonesia’s crypto industry. The company sees immense potential driven by improved infrastructure, robust regulations, and increasing investor confidence from both domestic and international markets.