The crypto industry in Indonesia is quietly entering a new chapter. What once looked like a passing trend is now getting real traction — even on the stock market. Earlier this year, PT Indokripto Koin Semesta Tbk (COIN) made history by going public on the Indonesia Stock Exchange (IDX). Naturally, all eyes are now on the country’s biggest crypto exchange: Indodax.

As of August 2025, Indodax announced it has reached 9 million registered users. That’s a massive number, especially in a market where crypto is still often seen as “high risk, high return.” This growth signals a shift: Indonesians are no longer on the sidelines, they’re actively buying into Bitcoin, Ethereum, and surprisingly, Dogecoin too.

So here’s the big question: will Indodax follow COIN’s footsteps and go public?
Indodax CEO William Sutanto played it cool when asked about the possibility. For now, he says, an IPO is only at the internal discussion stage.

“There hasn’t been any serious talk yet that we will conduct an IPO. If we do, we’ll let everyone know,” William told reporters in Bali on August 21.

Meanwhile, the Indonesia Stock Exchange reported there are eight companies currently in line for IPOs, one of which comes from the financial sector. That alone keeps the rumor mill spinning.

An IPO Could Be a Game Changer

If Indodax decides to go public, the impact could be huge. With a user base of 9 million, the exchange already has the brand power to attract mainstream investors. Going public would give Indodax access to fresh capital, fuel expansion, and help legitimize the crypto industry in Indonesia even further.

But there’s another side to the story. The crypto market is still highly volatile, and local regulations can shift quickly. A poorly timed IPO could turn into more of a burden than a breakthrough.

Will Indodax be the next crypto company to hit the stock market? The answer is still a big question mark. What’s clear, though, is that with 9 million users, Indodax is no longer just a niche player. IPO or not, it’s already a central pillar of Indonesia’s crypto ecosystem.