COIN Records Rp39.2 Billion Loss in First Half of 2026: Is Crypto Losing Its Appeal?
Jakarta, CNBC Indonesia - PT Indokripto Koin Semesta Tbk (COIN), the parent company of the CFX crypto asset exchange and the ICC crypto clearing house, recorded a net loss of Rp39.22 billion in the first half of 2026. This performance marks a reversal from the same period last year, when the company posted a net profit of Rp25.52 billion.
According to published interim consolidated financial statements, the loss stemmed entirely from operational lines. Group revenue for the first half of 2026 was recorded at Rp74.64 billion, a 34% drop compared to Rp113.15 billion in the first half of 2025. Conversely, general and administrative expenses surged by 34% year-on/year to Rp121.07 billion from Rp90.57 billion. The combination of shrinking revenue and swelling expenses led COIN to record an operating loss of Rp46.43 billion, reversing from an operating profit of Rp22.58 billion in the previous year.
Although the company earned financial income (interest from deposits and current accounts) of Rp7.81 billion, this was insufficient to cover the operational deficit. Consequently, loss before tax ballooned to Rp38.47 billion, and after deducting tax expenses of Rp754 million, the net loss for the period reached Rp39.22 billion. Net loss per share was recorded at Rp(2.67), compared to earnings per share of Rp2.04 in the first half of 2025.
Performance pressure was also evident in cash flows. Group cash and cash equivalents decreased from Rp366.60 billion at the end of December 2025 to Rp290.82 billion as of 30 June 2026. Cash flow from operating activities was negative Rp71.35 billion, reversing from a positive position of Rp7ly.18 billion in the first half of 2025, indicating a significant slowdown in customer receipts (Rp43.24 billion vs Rp121.88 billion) while payments to employees and suppliers remained high.
Factors Pressuring COIN’s Performance:
Transaction fee cuts: Based on the Joint Circular Letter of CFX and PT Kliring Komoditi Indonesia (KKI) No. 001/SEB/CFX-KKI/SPOT/II/2026, transaction fees for IDR crypto pairs were significantly slashed from previous levels to just 2 bps between 1 March and 30 September 2026, and will further decrease to 1 bps starting 1 October 2026. This led to a sharp decline in spot transaction service revenue, which plummeted from Rp77.72 billion to Rp32.56 billion.
Rising operational costs: Salary, wages, and benefits rose by 34% to Rp43.53 billion, while digital and communication expenses surged by 54% to Rp30.69 billion. This aggressive increase in fixed costs amidst declining revenue is a primary concern regarding the company’s cost efficiency.
Slowing domestic market volume: The decline in spot transaction revenue indicates a potential weakening of trading activity on the CFX exchange, influenced by both global and domestic market sentiment and the direct impact of fee compression.
Solid balance sheet foundation: Despite the profit and loss pressure, COIN’s capital structure remains conservative. The gearing ratio was recorded at negative 0.18 times, indicating a net cash position, with total Group liabilities at only Rp21.15 billion against cash and equivalents of Rp290.82 billion. Furthermore, the Group holds consumer digital assets worth Rp853.39 billion in the ICC custodian wallet, more than doubling from Rp398.83 billion at the end of 2025.
Future Outlook: With transaction fees set to continue compressing towards October 2026, and fixed costs difficult to reduce in the short term, the market will closely watch whether COIN can drive transaction volume growth and revenue diversification to offset margin pressures.