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On July 9, 2025, PT Indokripto Koin Semesta Tbk (COIN) made history by becoming the first crypto exchange ecosystem to be listed on the Indonesia Stock Exchange (BEI).
COIN, the parent company of Central Finansial X (CFX), Indonesia’s first regulated crypto exchange, and PT Kustodian Koin Indonesia (ICC), a crypto custodial service, is the 18th business to go public in Indonesia this year. This is a big step forward for the country’s digital asset industry.
The initial public offering (IPO) from July 2 to 7, 2025, received more interest than ever before. More than 200,000 investors signed up, and subscriptions were more than 180 times the number of shares offered. stockwatch.id
A Lot of Excitement from Investors
The IPO, which cost Rp100 ($0.006) per share, brought in Rp220 billion ($13.7 million), showing that investors are quite confident in Indonesia’s growing crypto market. Ade Wahyu, the CEO of COIN, thanked authorities, partners, and investors for their strong support.
Ade remarked at the listing ceremony at BEI’s offices in Jakarta on July 9, 2025, “The interest in COIN’s shares shows that cryptocurrencies are becoming more popular as a way to invest.”
“As the parent company of CFX and ICC, we want to create a crypto ecosystem that is open, regulated, and connected, and that the public can watch over.”
The IPO was a success since it was oversubscribed, with demand greatly exceeding the 2.2 billion shares offered, which were only 15% of COIN’s total shares.
By 9:43 a.m. on the day of the listing, the stock had gone up 35% to Rp135 ($0.008), and trading volume had reached 1.76 million units worth Rp238.26 million over 1,591 transactions. This stratospheric start shows how hopeful the market is about COIN’s position in altering Indonesia’s digital asset environment. stockwatch.id
Smart Use of IPO Money
Abraham Nawawi, COIN’s financial director, explained how the IPO money would be used. 85% would go to CFX for operational purposes like technology infrastructure, cloud services, and liquidity provisioning, while 15% would go to ICC to improve custodial services.
Abraham said, “These funds will make it easier for our subsidiaries to come up with new ideas and keep trading safe.” In 2024, COIN had an amazing turnaround, making a net profit of Rp42.97 billion ($2.68 million) on sales of Rp101.29 billion ($6.3 million).
This was a 281,257% rise from the Rp36 million ($2,250) it made in 2023. The company’s 42.32% net profit margin shows that its fundamentals are excellent, which will help it grow even more in 2025. cnbcindonesia.comstockwatch.id
CFX’s main goal is to add more crypto derivatives to its services, which are used as hedging instruments. “Derivatives make sure that trading continues even when spot prices go down, giving investors ways to manage their risk,”
Abraham said. In 2025, CFX handled Rp24.95 trillion ($1.56 billion) in derivative trades, showing that more people want these kinds of products.
This strategic focus fits with COIN’s goal of being the leader in Indonesia’s digital asset infrastructure and setting worldwide standards for security and innovation. stockwatch.id
The Crypto Boom in Indonesia
COIN’s IPO comes at a time when more and more people in Indonesia are using cryptocurrencies. The Chainalysis Global Crypto Adoption Index 2024 says that Indonesia is now the third most crypto-friendly country in the world, up from seventh. This makes it the most crypto-friendly country in Southeast Asia. By April 2025, the number of people in the country who used crypto had grown from 12 million in January to 14.16 million.
In 2024, the total value of transactions reached Rp650.61 trillion ($40.6 billion). The OJK data shows that the value of transactions rose from Rp32.45 trillion ($2.03 billion) in March to Rp35.61 trillion ($2.23 billion) in April 2025. This is a sign of strong market expansion. tempo.co
The rise in business is due to more public trust and clearer rules. CFX, which opened in January 2022, became Indonesia’s first OJK-regulated crypto exchange in January 2025, after getting permission from BAPPEBTI in 2023.
ICC got its custodial license in December 2023, same like ICC did in 2022. CFX has created a trustworthy ecosystem with 31 participants, 20 of whom are licensed digital asset traders and seven of whom are futures brokers.
As a publicly traded company, COIN’s listing adds to this framework by making it more open and accountable. e-ipo.co.idtempo.co
A Plan for Regional Leadership
Ade sees Indonesia as a center for crypto trading in Southeast Asia. He remarked, “With support from regulators and a reliable infrastructure, we can make cross-border transactions safe.” COIN is a holding company that gives management advice to CFX and ICC.
This makes it possible for COIN to lead the way in new ways of designing businesses, investing, and managing operations.
The fact that the company plans to pay out up to 70% of its net profit as dividends starting in 2026 makes it even more appealing to investors. ajaib.co.idvibiznews.com
Even though it was successful, COIN was in trouble because of a legal dispute in 2015 involving Andrew Hidayat, a shareholder’s beneficial owner. BEI made it clear that the case did not break BAPPEBTI rules because it was not about financial crimes, which meant that COIN was following listing rules. cnbcindonesia.com
How the Market Feels and What the Future Holds
The fact that Bitcoin exceeded $112,000 on July 10, 2025, and altcoins like Ethereum and Solana are going up makes it a good moment for COIN to start trading. People are excited about the stock’s 35% rise, people calling it a “level-up” for Indonesia’s crypto business.
Analysts think that COIN’s low price-to-book value (0.97–1.01) will attract investors who want to take advantage of Indonesia’s expanding crypto sector. cnbcindonesia.com
As worries about U.S. tariffs and the value of fiat currency make people want digital assets, COIN is in a good position to profit. Its legal status, new derivatives, and public accountability set a standard for crypto exchanges around the world. COIN wants to make Indonesia a world leader in cryptocurrency by improving technology and reaching more markets.
