If you're familiar with cryptocurrency investments, you may already be an active Bitcoin investor. Diversifying into crypto assets can be a strategic portfolio allocation, particularly for those with a higher risk tolerance. This analysis focuses on PT Indokripto Koin Semesta Tbk (stock code: COIN), the holding company behind CFX, a regulated cryptocurrency futures exchange committed to creating safer digital asset trading environments.
Company Overview
PT Indokripto Koin Semesta Tbk (COIN) operates as a holding company with investments in two primary subsidiaries: PT Central Finansial X (CFX), which runs cryptocurrency and futures exchanges, and PT Kustodian Koin Indonesia (ICC), providing cryptocurrency custody services.
Established in 2022, COIN provides management consulting services to its subsidiaries, including business planning, investment strategy, operational management, and financial consultation. The company holds regulatory approval from BAPPEBTI (Indonesia's Commodity Futures Trading Regulatory Agency) for both futures exchange operations (approved June 9, 2023) and cryptocurrency exchange operations (approved July 17, 2023).
Through CFX, COIN operates Indonesia's first cryptocurrency exchange regulated by the Financial Services Authority (OJK), promoting the growth of digital financial markets and developing secure, transparent crypto trading ecosystems. ICC supports these efforts by safeguarding crypto assets and providing transparency to all market participants.
Pre-IPO ownership structure included multiple corporate and individual investors, with PT Megah Perkasa Investindo (28.22%), PT Bahana Nusantara Indojaya (23.45%), and Ir. H. Budi Mardiono (9.33%) as the largest stakeholders.
IPO Details
COIN conducted its initial public offering through an e-IPO mechanism, offering up to 2,205,882,400 common shares at Rp100-Rp105 per share, representing 15% of total issued capital. The maximum fresh funds raised reached approximately Rp231.61 billion.
Post-IPO ownership structure shifted significantly, with public investors acquiring 15% of shares, while previous stakeholders saw their percentages diluted proportionally. PT Ciptadana Sekuritas Asia served as the full-commitment underwriter for the offering.
IPO Timeline
The offering followed this scheduled timeline:
- Initial Offering Period (Book Building): June 23-25, 2025
- Effective Date: June 30, 2025
- Public Offering Period: July 2-7, 2025
- Allocation Date: July 7, 2025
- Share Distribution: July 8, 2025
- Indonesian Stock Exchange Listing: July 9, 2025
Use of IPO Proceeds
According to the prospectus, net IPO proceeds will be allocated as follows:
85% will be directed to CFX as capital investment for operational expenses:
- 45% for technological infrastructure, including cloud services and IT security
- 40% for exchange liquidity provisions, covering crypto asset storage costs and market liquidity provision
- 15% for general administrative expenses, including public education on crypto markets and blockchain technology
The remaining 15% will be allocated to ICC for operational expenses:
- 80% for technological infrastructure, including blockchain wallet services, IT security, and cloud providers
- 20% for general administrative expenses related to custody operations, including transaction monitoring and public education initiatives
Financial Performance
COIN demonstrated remarkable financial improvement in 2024, recording revenue of Rp101 billion, representing a 281,255% year-over-year increase from 2023's Rp36 million. Gross profit reached Rp39 billion, reversing the previous year's loss of Rp646 million. Net income for 2024 stood at Rp43 billion, reflecting the company's rapidly expanding operations.
Financial Ratios
Key financial ratios demonstrate COIN's strong fundamental performance:
- Net Profit Margin (NPM): 42.42% YoY (2024)
- Return on Assets (RoA): 2.81%
- Return on Equity (RoE): 3.33%
- Debt to Asset Ratio (DAR): 1.53x
- Debt to Equity Ratio (DER): 1.81x
These ratios indicate efficient utilization of equity and assets to generate profits, with solvency ratios remaining at healthy levels.
Dividend Policy
According to the prospectus, COIN plans to distribute cash dividends of up to 70% of annual profits after mandatory reserves, beginning with the 2026 fiscal year. Dividend payments will depend on operational results, cash flow conditions, and future development plans.
Business Prospects
COIN's positioned in the rapidly growing cryptocurrency exchange and custody services industry shows significant potential. The company plays a strategic role in regulating and monitoring market participants through its subsidiaries, ensuring a secure and innovative crypto ecosystem in Indonesia.
The exchange operates through cloud servers that supervise customer transactions processed through licensed crypto traders, with adequate system capacity, robust data recovery, and strong information security being critical components.
Industry and Economic Outlook
Indonesia's accelerating economic growth has become a government priority, with cryptocurrency trading emerging as one of several strategies to advance the national economy and integrate with digital economic initiatives.
Significant increases in digital technology adoption support this growth, with the Indonesian Internet Service Providers Association (APJII) reporting that 221.5 million people (79.5% of the population) used internet services in 2023, creating substantial potential for digital economic development.
Business innovation throughout Indonesia has advanced rapidly, particularly in transaction reporting, monitoring, digital wallets, and related services. Numerous platforms increasingly rely on blockchain technology as either primary foundations or supporting strategies to enhance service efficiency and reliability.
Crypto Industry Prospects
According to the 2024 Global Crypto Adoption Index, 50% of the top 10 countries by crypto adoption potential are located in Central Asia, South Asia, and Oceania, establishing these regions as leaders in grassroots crypto adoption.
Notably, Indonesia jumped four positions from 7th in 2023 to 3rd in 2024 in terms of crypto customer numbers, confirming substantial potential for the crypto industry domestically.
As of December 2024, Indonesia recorded 22.91 million crypto investors, with approximately 400,000 new registered customers added monthly. Transaction volume in digital financial markets surged to Rp650.61 trillion in 2024, driven by Bitcoin's price recovery reaching all-time highs toward year-end.
This growth has increased public interest in digital financial markets and investment activities. Crypto investor numbers have shown consistent positive growth since 2020, indicating rising public interest in crypto as both an investment instrument and prospective alternative investment.
Several favorable growth drivers support Indonesia's crypto industry, including a large young middle-class population with increasing incomes and investable assets. Significant enthusiasm for accessible global investment assets provides retail users new pathways to financial growth.
Historically high inflation and currency depreciation compared to global assets and currencies have further stimulated interest in crypto investment options. Government regulations relatively friendly to investors have created a conducive environment for growth and investment innovation.
Future Potential
The Indonesian government currently intensifies efforts to develop regulatory frameworks for Web3 technologies, representing the third generation of web evolution encompassing blockchain technology, cryptocurrencies, NFTs, and decentralized systems.
Web3's potential across various sectors including finance, supply chain, and governance has become a government focus in exploring blockchain technology and applications. However, ongoing evaluation of risks and benefits continues as authorities work to establish comprehensive guidelines for these dynamic, rapidly evolving technologies.
Competitive Advantages
COIN maintains several key competitive advantages supporting its business sustainability, mission, and growth:
- First and only integrated futures and cryptocurrency exchange globally
- Comprehensive regulatory approval from Indonesian authorities
- First-mover advantage in Indonesian crypto derivatives markets
- Enhanced credibility for Indonesia's crypto asset markets
- Crypto storage management cooperating with all licensed traders in Indonesia
These advantages position COIN to lead market share by building brand awareness, strengthening user trust, and establishing industry standards for regulated crypto derivative trading.
Conclusion
Based on the e-IPO prospectus, COIN demonstrates strong financial performance over two years with continuing positive trends. The company maintains leading advantages in futures and cryptocurrency exchange operations, positioning it as a potential market leader in Indonesia's crypto industry.
Supported by comprehensive business strategies including socialization, education, and marketing programs (both digital and offline), COIN has successfully increased brand awareness with positive implications for future growth.
Given overall business performance prospects, COIN stock presents an interesting addition to IPO watchlists for investors seeking exposure to Indonesia's growing digital asset ecosystem. 👉 Explore advanced investment strategies
Frequently Asked Questions
What is COIN's primary business operation?
COIN operates as a holding company with subsidiaries running regulated cryptocurrency exchanges and custody services. The company focuses on creating secure, transparent trading environments for digital assets through its regulated platforms.
How has COIN performed financially recently?
The company demonstrated remarkable improvement in 2024, recording revenue of Rp101 billion (a 281,255% YoY increase) and net income of Rp43 billion. Financial ratios indicate healthy operations with strong profitability metrics.
What regulatory approvals does COIN maintain?
The company holds full regulatory approval from BAPPEBTI for both futures exchange operations (approved June 2023) and cryptocurrency exchange operations (approved July 2023), operating as Indonesia's first OJK-regulated crypto exchange.
What makes COIN competitive in the market?
Key competitive advantages include being the first integrated futures/crypto exchange, comprehensive regulatory approval, first-mover advantage in derivatives, market credibility enhancement, and partnerships with all licensed traders.
How will IPO proceeds be utilized?
Funds will primarily support technological infrastructure (85% to CFX for cloud services, security, liquidity provisions) and custody operations (15% to ICC for wallet services, security, and operational expenses).
What dividend policy does COIN follow?
The company plans to distribute up to 70% of annual profits as cash dividends after mandatory reserves, beginning in 2026, subject to operational results, cash flow conditions, and development plans.