Key Takeaways
- • C1 Fund Inc. (NYSE: CFND), a publicly traded closed-end fund focused on private crypto companies, reported Ripple Labs as its largest holding at 17.5% of net assets as of June 30, 2026, displacing Kraken parent Payward Inc. (16.9%).
- • Ripple Labs and Payward together comprise more than one-third of the fund's $42.6 million net asset value, with Ripple held as private equity rather than as an XRP token position.
- • CFND shares trade at $2.87, reflecting a 56% discount to the fund's $6.49 per-share NAV, significantly deeper than the $3.31 average price paid during the fund's authorized buyback program through July.
- • The fund's portfolio expanded from 7 companies at end-2025 to 11 by mid-2026, including holdings in BitGo, Chainalysis, and ConsenSys; BitGo's client base grew 26% year-over-year to 5,833 users.
- • The fund's market capitalization stands at approximately $19.1 million, less than half its $42.6 million net asset value, with the board authorized for up to $3 million in additional share repurchases.
Summary
C1 Fund Inc., a publicly traded closed-end fund specializing in private cryptocurrency companies, disclosed its second-quarter 2026 results on August 31, revealing a significant portfolio shift. Ripple Labs equity has become the fund's largest position, accounting for 17.5% of net assets, narrowly surpassing Kraken parent Payward Inc. at 16.9%. The company behind the XRP token is held as private equity within the fund rather than as a direct token allocation.
The fund's portfolio has undergone material expansion, growing from seven portfolio companies at the end of 2025 to eleven by mid-2026. As of June 30, 2026, C1 Fund's net asset value stood at $42.6 million, or $6.49 per share. The portfolio includes holdings in BitGo, Chainalysis, and ConsenSys, alongside Ripple and Payward. Performance metrics within the portfolio indicate underlying business momentum: BitGo's client count increased 26% year-over-year to 5,833 users, while Payward's funded accounts rose 42% to 6.6 million over the same period. Ripple Labs and Payward together represent more than one-third of the fund's total holdings, concentrating significant exposure to two major infrastructure players in the crypto ecosystem.
A pronounced valuation disconnect characterizes the fund's market dynamics. CFND shares trade at $2.87, representing a 56% discount to the fund's underlying $6.49 net asset value per share. This discount exceeds even the average repurchase price of $3.31 per share executed through July under the fund's authorized buyback program. The fund's current market capitalization of approximately $19.1 million is less than half its stated net asset value of $42.6 million. The board has authorized up to $3 million in additional share repurchases, with 249,300 shares repurchased through July to address the persistent NAV discount.
The fund's portfolio has undergone material expansion, growing from seven portfolio companies at the end of 2025 to eleven by mid-2026. As of June 30, 2026, C1 Fund's net asset value stood at $42.6 million, or $6.49 per share. The portfolio includes holdings in BitGo, Chainalysis, and ConsenSys, alongside Ripple and Payward. Performance metrics within the portfolio indicate underlying business momentum: BitGo's client count increased 26% year-over-year to 5,833 users, while Payward's funded accounts rose 42% to 6.6 million over the same period. Ripple Labs and Payward together represent more than one-third of the fund's total holdings, concentrating significant exposure to two major infrastructure players in the crypto ecosystem.
A pronounced valuation disconnect characterizes the fund's market dynamics. CFND shares trade at $2.87, representing a 56% discount to the fund's underlying $6.49 net asset value per share. This discount exceeds even the average repurchase price of $3.31 per share executed through July under the fund's authorized buyback program. The fund's current market capitalization of approximately $19.1 million is less than half its stated net asset value of $42.6 million. The board has authorized up to $3 million in additional share repurchases, with 249,300 shares repurchased through July to address the persistent NAV discount.
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