Ludhiana Emerges as Punjab’s Leading City in Crypto Adoption: CoinSwitch Annual Report

Ludhiana, December 13, 2025:  CoinSwitch, India’s largest crypto trading platform, today released the 2025 edition of its flagship report, India’s Crypto Portfolio: How India Invests. Based on the insights from over 2.5 crore users, the report highlights a significant trend: India’s crypto participation is steadily expanding beyond the metros, with cities like Ludhiana playing a critical role in this shift.
This year’s edition takes a deeper look at state-level trends. Punjab ranks 13th nationally, reflecting the state’s growing interest in digital assets. Among all cities in Punjab, Ludhiana emerged as the No. 1 contributor, underscoring its position as the state’s most active and engaged crypto-adopting market.
India’s crypto ecosystem continues to be youth-driven, and Ludhiana mirrors this broader national trend. The city’s investor base remains dominated by younger participants, although gender distribution shows clear room for expansion. Women currently represent 9.6% of Ludhiana’s crypto investors, while men account for 90.4%. 
While addressing the media persons here on Saturday, Ashish Singhal, Co-founder, CoinSwitch, gave more details and said, “2025 has been a year of clear maturation for India’s crypto market.”
He added, “We are seeing investors move beyond early excitement and make more informed, conviction-led decisions. While metros continue to drive strong interest, the broader story of adoption is unfolding across India’s non-metro geographies, which now account for over 75% of the country’s crypto activity. The same momentum is visible in the Indian equity markets, where non-metros continue to rise and are poised to deliver the next million investors.”
Ludhiana’s investment patterns also highlight a balanced yet growth-oriented risk preference. The city recorded a 32.1% allocation to large-cap assets, along with a 33.3% allocation to small-cap assets, among the highest small-cap exposures within Punjab. Mid-cap assets comprised 21.0% of portfolios, while blue-chip investments stood at 13.6%. The distribution suggests that Ludhiana’s investors maintain exposure to stable categories while showing a strong appetite for higher-growth opportunities.
Further, he said overall, the report shows that crypto adoption is growing across India. Punjab’s 13th-place ranking and Ludhiana’s leading position within the state highlight the region’s increasing interest in digital assets. With rising participation from Tier 2 and Tier 3 cities, Ludhiana continues to be a strong driver of Punjab’s crypto growth.