Mumbai, 26 August, 2026— Maharashtra’s crypto investment value in Q2 2026 was concentrated in three cities, with Mumbai, Pune and Thane together accounting for 71.9% of the state’s total, according to CoinSwitch’s Q2 2026 edition of India’s Crypto Portfolio: How India Invests.
Mumbai was the largest contributor, accounting for 39.1% of Maharashtra’s total investment value, followed by Pune at 27.5% and Thane at 5.3%. Mumbai alone contributed nearly two-fifths of the state’s investment value, while Pune accounted for more than one-quarter. Together, Mumbai and Pune contributed 66.6%, with Thane taking the combined share to 71.9%. The remaining 28.1% was distributed across other cities in Maharashtra.
Maharashtra’s 12.39% share placed it just behind Uttar Pradesh at 12.89%, while Karnataka accounted for 8.10% and Delhi for 7.38% of India’s total crypto investment value. The data highlights Maharashtra’s position among India’s largest state-level crypto investment markets, while also showing the significant contribution of its leading urban centres.
In terms of gender-wise investment value, male investors accounted for 79.55% of Maharashtra’s total, while female investors accounted for 20.45%. BTC was the top coin held by Maharashtra investors during the quarter.
Ashish Singhal, Co-founder, CoinSwitch, said, “Each market cycle brings in a new set of investors, but over time, we see investors become more informed and deliberate in how they participate. What we are seeing in India is a shift from crypto being viewed simply as a new asset class to investors developing a more nuanced understanding of how they want to participate in it. The next phase of adoption will be shaped by bringing more people into the market while also building greater confidence, awareness and sophistication among those already here. That evolution will be important as crypto moves from an emerging category to a more established part of India’s investment landscape.”
The report is based exclusively on activity on the CoinSwitch platform during Q2 2026 and does not include data from users on other crypto platforms.
