COIN Becomes First Crypto Exchange Ecosystem to List on IDX

TheIndonesia.co - In a historic move for both Indonesia and the global financial industry, PT Indokripto Koin Semesta Tbk. (COIN) officially listed its shares on the Indonesia Stock Exchange (IDX) on Wednesday, July 9th, 2025.

Trading under the ticker symbol COIN, the company made headlines as the world’s first publicly traded cryptocurrency exchange ecosystem to debut on a stock market.

The listing adds COIN as the 18th issuer to enter the IDX this year, but its significance far exceeds a mere numeric placement. COIN's entry into public markets reflects a growing institutional acceptance of digital assets in a country where crypto adoption has surged at an impressive pace.

Record-Breaking IPO Performance

COIN’s initial public offering, held between July 2nd and July 7th, saw extraordinary investor demand. The IPO was oversubscribed more than 180 times, with over 200,000 investors placing orders — a rare milestone even in global IPO standards.

Priced at Rp 100 per share, the stock surged 35% on its first trading day, hitting the upper auto reject limit at Rp 135 per share.

The company raised Rp 220 billion from the offering, which it plans to allocate to strengthen operations across its subsidiaries. According to COIN's Chief Financial Officer Abraham Nawawi, 85% of the funds will be directed to Central Finansial X (CFX) — its crypto exchange — and the remaining 15% to Indonesia Crypto Custodian (ICC), its crypto asset custody arm.

Building a Regulated Digital Asset Ecosystem

Led by CEO Ade Wahyu, COIN is positioning itself not only as a digital asset platform, but as a regulated, transparent, and publicly accountable player in the crypto sector. During the listing ceremony at the IDX Main Hall in Jakarta, Wahyu emphasized the importance of trust in the crypto market and praised regulators and stakeholders for enabling the milestone.

"This reflects the growing public confidence in crypto assets as a legitimate, regulated investment vehicle," Wahyu said. “Through a transparent exchange and custodian ecosystem, we aim to make Indonesia a crypto trading hub for Southeast Asia.”

The structure of COIN includes two critical arms: CFX, the digital asset exchange platform, and ICC, the custodian service that ensures secure storage and oversight of digital assets — a key requirement in a market often marred by trust issues and volatility.

Riding Indonesia’s Crypto Boom

Indonesia has emerged as one of the fastest-growing crypto markets in the world. According to the Chainalysis Global Crypto Adoption Index, Indonesia now ranks third globally in digital asset adoption, up from seventh place a year ago. As of April 2025, the country has over 14.16 million registered crypto users, up from 12 million in January — a growth rate that few nations can match.

This explosive user base creates fertile ground for COIN’s business model. The company is also working on developing crypto derivatives — financial instruments designed to provide a hedge against price swings — to deepen market liquidity and attract more sophisticated investors.

“We believe that our exchange and custodian services, managed under good governance and oversight, will allow the crypto industry in Indonesia to grow sustainably,” Wahyu noted.

Strong Financials Backing Innovation

Beyond the hype of a historic IPO, COIN enters the public market with strong financials. The company closed 2024 with a net profit margin of 42.32%, signaling solid fundamentals. That profitability, paired with its technological backbone and regulatory alignment, gives it a compelling investment story amid a global market still wrestling with crypto uncertainty.

The company’s ambition is not limited to Indonesia. Wahyu expressed a vision for cross-border digital asset trading, supported by transparent infrastructure and collaboration with regulators. “Our goal is to help Indonesia become a major player in the global digital economy,” he added.

A Personal Turnaround Story

Among COIN’s shareholders is entrepreneur Andrew Hidayat, who used the IPO moment to make a public appeal for a fresh chapter. Hidayat, who has faced past scrutiny, sees COIN’s public listing as an opportunity to demonstrate accountability and rebuild trust.

“By becoming a public company, COIN is opening itself to supervision from investors and regulators. This transparency is valuable not just for the company, but for me personally,” Hidayat said during the listing event.

He added that the crypto industry offers significant potential to support Indonesia’s digital economy and urged the public to give him and the company a chance to contribute to this future.

“I hope people can see this as a moment to move forward. We have over 200,000 followers already through our exchange — that shows real momentum,” Hidayat said. “Now it’s about building and maintaining public trust.”

Looking Ahead

COIN's successful listing may serve as a blueprint for other crypto companies looking to gain legitimacy and scale. By subjecting itself to the scrutiny and compliance standards of public markets, COIN is signaling that the era of shadowy crypto operations is ending — at least in Indonesia.

As the company continues to build its product suite, including derivative instruments and cross-border trading capabilities, it will likely face challenges common to both fintech startups and traditional financial institutions: regulation, cybersecurity, and customer retention. However, if its IPO performance is any indication, investors are betting that COIN can deliver.

In doing so, COIN is not just entering the capital markets — it’s helping redefine what a crypto business can be.