C1 Fund Inc. (NYSE: CFND), a publicly traded fund focused on private crypto companies, disclosed that Ripple Labs equity is now its largest holding at 17.5% of net assets, edging out Kraken parent Payward, Inc. at 16.9%.
The fund reported the allocation in its second-quarter 2026 results, released August 31. Ripple Labs, the company behind the XRP token, is held here as private equity rather than as a token position.
Why Ripple Labs Leads the Portfolio
C1 Fund is a closed-end fund, a publicly traded vehicle with a fixed share count that trades like a stock. It holds stakes in 11 private crypto companies, including Kraken, BitGo, Chainalysis and ConsenSys. As of June 30, its net asset value (NAV) stood at $42.6 million, or $6.49 per share.
The fund’s portfolio has grown from seven companies at the end of 2025 to 11 today. BitGo’s clients on the platform grew 26% year over year to 5,833, the fund said. Payward’s funded accounts rose 42% to 6.6 million over the same period.
Ripple Labs and Payward together make up more than a third of the portfolio. C1 Fund’s board has authorized up to $3 million in buybacks. The shares repurchased through July, 249,300 in total, averaged about $3.31 each, roughly half the fund’s per-share NAV.
The Gap Between Price and NAV
CFND shares trade at $2.87, a roughly 56% discount to the fund’s $6.49 NAV. That gap is wider than the discount implied by C1 Fund’s own buybacks. Those averaged about $3.31 per share through July. At the current price, the fund’s market capitalization is about $19.1 million. That is less than half its $42.6 million net asset value.
Two other portfolio companies, Blockchain.com and Kraken, have confidentially filed with regulators to go public. BitGo completed its stock market debut in January. Ripple Labs has made no such move, and C1 Fund’s disclosure did not address its listing plans.
Ripple has already paid off for the fund once. An early, partial buyback of its own shares by Ripple Labs returned about 150% to C1 Fund.
That gain came in just over four months, according to the disclosure. Whether the rest of the stake sees similar gains may hinge on Ripple’s still-undisclosed listing plans.
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