Flooring Guide by Cinvex – JAKARTA – The surging cryptocurrency market this year has sent shares of crypto issuer PT Indokripto Koin Semesta Tbk. (COIN) soaring more than 3,000% since its stock market debut.
As of 1:41 PM Jakarta time today, the Nasdaq Crypto Index (NCI) had jumped 21.36% year-to-date to 6,124.01. This index surge mirrors the rise in constituent crypto assets like Bitcoin (BTC), Solana (SOL), Ethereum (ETH), Cardano (ADA), and XRP.
Market data reveals that BTC has climbed 5.29% to Rp1.97 billion in the last seven days, while ETH has increased by 9.03% to Rp73.26 million, and SOL has grown by 9.17% to Rp3.73 million. Among other cryptocurrencies, ADA rose 7.43% to Rp14,273, and XRP increased by 3.30% to Rp49,403 in the last seven days.
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In tandem with the thriving crypto asset market, COIN’s shares skyrocketed 3,530% to Rp3,630 as of 1:34 PM Jakarta time today, compared to its initial listing price of Rp100 on July 9, 2025.
Indokripto’s IPO in July successfully raised Rp220 billion. According to the company’s prospectus, 85% of the IPO proceeds were allocated to its subsidiary, PT Central Finansial X (CFX), as a capital injection for working capital. This means CFX received Rp187 billion.
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Of this fresh capital, 45% is earmarked for technology infrastructure costs, including but not limited to cloud service provider fees and IT security expenses to be implemented between 2025 and 2026.
Furthermore, approximately 40% will be used for exchange liquidity provision costs, funds reserved for crypto asset storage and market liquidity provision in 2025.
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The remaining 15% is allocated to general and administrative expenses related to CFX’s operational activities. This includes public education and literacy initiatives regarding the crypto asset market and blockchain technology, as well as research and development of the crypto market ecosystem and products in Indonesia, spanning from 2025 to 2026.
This capital injection has successfully boosted the performance of the subsidiary. CFX’s management reported on September 22nd that crypto derivative transactions on the CFX Exchange reached Rp67.9 trillion in the six months since March 2025, a more than tenfold increase compared to the total transactions from September 2024 to February 2025.
With this growth trend, crypto derivative products contributed approximately 22% to the total national crypto asset transactions from January to August 2025.
Over a longer period, the value of crypto derivative transactions on the CFX Exchange reached Rp73.8 trillion in the last 12 months.
CFX is a licensed and Otoritas Jasa Keuangan (OJK) – supervised crypto exchange in Indonesia. PT Indokripto Koin Semesta Tbk. (COIN), as the parent company, holds 99.96% ownership of CFX shares.
The positive performance achieved by the subsidiary has improved consolidated financial results. According to financial reports, COIN recorded revenue of Rp113.15 billion in the first half of 2025, a significant increase compared to the Rp600 million in revenue during the first half of 2024.
This revenue surge was driven by new income streams. Specifically, COIN’s revenue in the first half of 2025 included Rp77.71 billion from spot transaction services, Rp16.56 billion from perpetual transaction services, Rp12.57 billion from crypto asset storage services, and Rp1.75 billion from exchange member registration services.
Additionally, there was revenue from spot software rental services amounting to Rp2.59 billion, perpetual software rental services at Rp1.38 billion, and annual membership fees of Rp575 million.
This contrasts sharply with the first half of 2025 when the company’s sole revenue source was crypto asset storage services, generating Rp600 million.
Despite a significant increase in general and administrative expenses from Rp2.58 billion to Rp90.57 billion, COIN was able to record an operating profit of Rp22.57 billion, compared to an operating loss of Rp1.98 billion in the first half of 2024.
Coupled with increased financial income, the profit for the period attributable to the owners of the parent entity, or the company’s net profit, became positive at Rp25.51 billion, compared to a net loss of Rp1.99 billion in the first half of 2024.
COIN’s President Director, Ade Wahyu, stated that the company’s performance is inseparable from COIN’s full operation this year.
Furthermore, during the period, COIN, through its subsidiary CFX, gradually onboarded Digital Financial Asset Traders (PAKD) as members of the CFX Exchange, which contributed to improved performance.
“The company’s performance from January to June 2025 reflects our portfolio business model that fully supports the crypto ecosystem and is now operating fully and efficiently. In fact, COIN’s revenue in the first half of this year has exceeded revenue for the entire year of 2024,” explained Ade.
He is optimistic that the positive performance will continue for the remainder of the year, in line with the positive trend in the crypto asset market. To increase revenue by the end of 2025, product development and business initiatives undertaken by subsidiaries, such as crypto derivative products, continue to be encouraged.
“Throughout 2025, the CFX Exchange, as a subsidiary of the Company, is also focused on encouraging the growth of crypto derivatives, which function as hedging instruments, so that when the spot price of crypto assets changes, derivative transactions continue to run to establish hedging positions,” Ade explained.
Disclaimer: This news is not intended to encourage buying or selling shares. Investment decisions are entirely in the hands of the reader. Bisnis.com is not responsible for any losses or profits arising from readers’ investment decisions.
Summary
COIN shares surged over 3,000% since its July 2025 IPO, reaching Rp3,630, driven by a booming cryptocurrency market where major assets and the Nasdaq Crypto Index saw significant gains. The company raised Rp220 billion from its IPO, with 85% allocated to its subsidiary, PT Central Finansial X (CFX), for technology infrastructure, exchange liquidity, and operational expenses.
CFX, a licensed crypto exchange 99.96% owned by COIN, reported a tenfold increase in crypto derivative transactions, reaching Rp67.9 trillion in six months. This boosted COIN’s consolidated revenue to Rp113.15 billion in H1 2025, leading to a net profit of Rp25.51 billion, a stark improvement from a loss in the previous year.