Derivatives Support COIN's Performance Amid Crypto Market Pressures
JAKARTA, KOMPAS.com – The financial performance of PT Indokripto Koin Semesta Tbk (COIN) came under pressure in the first quarter of 2026, in line with the weakening of the global and domestic crypto asset markets.
The company stated that a combination of crypto asset price corrections, a decline in market capitalisation, and weakening transaction volumes were the main factors affecting the industry as a whole.
Entering 2026, the majority of crypto assets experienced sharp corrections. The global crypto asset market capitalisation was recorded to shrink by 45% from US$4.4 trillion to US$2.4 trillion as of 31 March 2026.
A similar situation occurred domestically. From January to March 2026, the domestic crypto asset transaction volume fell 31% year-on-year (YoY) to Rp 75.8 trillion.
In line with these conditions, COIN’s revenue performance also faced pressure. The company’s total revenue was recorded to decrease by 18% from Rp 50.63 billion in the first quarter of 2025 to Rp 41.49 billion in the first quarter of 2026.
President Director of PT Indokripto Koin Semesta Tbk, Ade Wahyu, said that this performance decline was inseparable from the dynamics of the crypto asset market throughout the early part of the year.
He explained that the situation was triggered by changes in investor behaviour tending towards risk aversion (risk off), amid global macroeconomic uncertainty.
“One of the triggers for this condition is the risk-off behaviour of consumers due to unstable global macroeconomic conditions caused by geopolitical tensions and liquidity tightening. With the decline in the value of crypto asset transactions, it ultimately has a negative impact on the company’s fundamental performance,” Ade clarified.
Amid this pressure, COIN recorded growth in the derivatives trading segment.
The contribution of the derivatives segment to the company’s total revenue also increased to 27.6%.
Ade stated that the characteristics of derivative products, which offer two-way opportunities, enable investors to utilise them as hedging instruments during market corrections.
“With a vast growth space compared to the global market, derivatives are ready to become a pillar of strength for COIN to maintain stability and drive future performance,” Ade explained.