C1 Fund’s Top Holding Shifts to Ripple Labs at 17.5% of Net Assets

C1 Fund Inc. (NYSE: CFND), a publicly traded closed‑end fund that invests in private crypto companies, reported that its largest position is now equity in Ripple Labs, representing 17.5% of the fund’s net asset value (NAV). The stake surpasses the fund’s holding in Payward, Inc., the parent of Kraken, which stands at 16.9%.

Fund Overview and Portfolio Expansion

In its second‑quarter 2026 results released on August 31, C1 Fund disclosed a NAV of $42.6 million, or $6.49 per share. The fund’s portfolio has grown from seven companies at the end of 2025 to eleven, including notable names such as Kraken, BitGo, Chainalysis, ConsenSys, Blockchain.com and Ripple Labs.

Key Holdings and Performance

• Ripple Labs: 17.5% of NAV, held as private equity rather than a token position.
• Payward (Kraken parent): 16.9% of NAV.
• BitGo: Client base grew 26% year‑over‑year to 5,833.
• Payward: Funded accounts rose 42% to 6.6 million.

Together, Ripple Labs and Payward account for more than one‑third of the fund’s total assets.

Share Buybacks and Discount to NAV

The board has authorized up to $3 million in share repurchases. Through July, 249,300 shares were bought back at an average price of $3.31, roughly half of the $6.49 NAV per share. Despite the buybacks, CFND shares trade at $2.87, reflecting a 56% discount to NAV. At the current market price, the fund’s market capitalization is about $19.1 million, less than half of its NAV.

Potential Impact of Future Listings

Two portfolio companies, Blockchain.com and Kraken, have confidentially filed with regulators to pursue public listings. BitGo completed its market debut in January. Ripple Labs has not announced any listing plans, but a prior partial buyback of its own shares returned roughly 150% to C1 Fund within four months, suggesting that future liquidity events could affect the fund’s performance.