JAKARTA - The financial performance of PT Indokripto Koin Semesta Tbk (COIN) was impacted by the condition of the crypto asset market which was filled with pressure in the first quarter of 2026. The combination of corrections in crypto asset prices, shrinking market capitalization, and declining transaction volume is the cause behind the pressure on the crypto asset industry.
Starting this year, the majority of crypto assets have experienced a fairly sharp correction. This condition has eroded the global crypto asset market capitalization by 45 percent from US$4.4 trillion to US$2.4 trillion as of March 31, 2026, which in turn also made the transaction volume fall by 39.1 percent to US$2.7 trillion throughout the first quarter of 2026.
A similar trend also occurred in the domestic crypto asset market. Transaction volume decreased 31 percent year-on-year to IDR 75.8 trillion throughout the period from January to March 2026. As a result, the Company's total revenue also contracted by 18% from IDR 50.63 billion in the first quarter of 2025 to IDR 41.49 billion in the first quarter of 2026.
President Director of PT Indokripto Koin Semesta Tbk (COIN), Ade Wahyu, explained that the Company's poor performance was inseparable from the dynamics of the crypto asset market throughout the first quarter of 2026. In fact, this pressure also had an impact on the Company's EBITDA and net profit to be negative.
"One of the things that triggered this condition was the risk-off behavior of consumers due to unstable global macroeconomics due to geopolitical tensions and tightening liquidity. With the decline in the value of crypto asset transactions, it finally had a negative impact on the Company's fundamental performance," explained Ade in Jakarta, Thursday, April 30.
However, Ade views that the dynamics are part of a temporary market cycle. Given that there are still derivative segments that are able to support the Company's performance in the midst of a dynamic crypto asset market.
It is recorded that throughout the first quarter of 2026, COIN's revenue from the derivatives trading segment managed to jump 125 percent year-on-year (YoY) to IDR 11.4 billion, compared to the same period last year of IDR 5.1 billion.
This impressive growth makes the derivatives segment contribute up to 27.6 percent of the Company's total revenue, positioning it as an important key to support future revenue growth.
With the characteristics of two-way opportunities, Ade said consumers can use crypto derivative products as hedging instruments in the midst of price corrections. In terms of potential, the ratio of the crypto derivatives market in Indonesia is only 0.13 times that of the spot market, far below the global ratio which reaches 5 times that of the spot market, so that the Company's growth space is still very open.
"The decline in the derivatives segment in the first quarter of 2026 is a clear proof of market acceptance of CFX Crypto Exchange innovation. With a still very large growth space compared to the global market, derivatives are ready to become a pillar of strength for COIN to maintain stability and spur future performance," concluded Ade.
For information, COIN is a holding company that oversees two of its subsidiaries, namely PT Central Finansial X (CFX) as the first Crypto Asset Exchange in Indonesia, and PT Kustodian Koin Indonesia (ICC) as a crypto asset storage institution. Both of COIN's subsidiaries have licenses and are supervised by the Financial Services Authority (OJK).
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