C1 Fund Bets Big on Ripple Labs with 17.5% Stake
C1 Fund Inc., a publicly traded fund focused on private crypto companies, has disclosed its second-quarter 2026 results. The fund reported that Ripple Labs equity is now its largest holding at 17.5% of net assets, surpassing Kraken parent Payward, Inc. at 16.9%. This allocation is significant because it represents a substantial increase in the fund's commitment to Ripple Labs.
The C1 Fund has a portfolio of 11 private crypto companies, including BitGo and ConsenSys. The fund's net asset value (NAV) stood at $42.6 million as of June 30. Ripple Labs and Payward together make up more than a third of the portfolio. Interestingly, the shares repurchased through July averaged about $3.31 each, roughly half the fund's per-share NAV.
The gap between the C1 Fund share price and its NAV is significant. The current price of CFND shares trades at $2.87, a roughly 56% discount to the fund's $6.49 NAV. This means that the market capitalization of the fund is about $19.1 million, which is less than half its net asset value.
Ripple Labs has made no move to go public, unlike two other portfolio companies, Blockchain.com and Kraken, which have confidentially filed with regulators to do so. However, Ripple's listing plans remain undisclosed, leaving uncertainty about the potential gains from this significant holding.