Key Takeaways
- • C1 Fund realized approximately 150% returns on a partial sale of its Ripple stake in under four months, capitalizing on a liquidity event enabled by Ripple's share buyback initiative that valued the company at approximately $50 billion.
- • Ripple's valuation has appreciated significantly, rising from a $40 billion valuation in November 2025 (when C1 Fund initially invested) to the $50 billion valuation reflected in the recent buyback, demonstrating strong investor demand for the blockchain infrastructure company.
- • The transaction marks C1 Fund's second liquidity event since its NYSE listing in August 2025, following a January 2026 IPO exit from portfolio holding BitGo, establishing a track record of monetizing private market positions for shareholders.
- • Ripple's network, which includes the XRP Ledger and RLUSD stablecoin, has strengthened its position as a critical infrastructure provider for financial institutions seeking fast and efficient asset transfers, supporting the company's valuation trajectory.
- • C1 Fund's ability to execute this exit demonstrates the strategic value of its closed-end fund structure, which provides retail investors access to private digital asset companies through a single NYSE-listed vehicle while maintaining portfolio exposure to high-growth opportunities.
Summary
C1 Fund Inc., a Palo Alto-based closed-end investment vehicle listed on the NYSE, announced the successful partial sale of its Ripple stake, generating approximately 150% returns in under four months. The liquidity event was enabled by Ripple's announcement of a new share buyback initiative that valued the blockchain company at approximately $50 billion—a significant increase from the $40 billion valuation at which C1 Fund acquired its equity position last November 2025. The transaction highlights the fund's disciplined approach to private market investing and its ability to capitalize on secondary market opportunities as portfolio companies mature.
C1 Fund's investment in Ripple was disclosed in October 2025 as part of the fund's strategy to support responsible innovation in the digital asset sector. Ripple's technology platform—comprising the XRP Ledger and RLUSD stablecoin—has established itself as a critical infrastructure layer for financial institutions requiring fast and efficient cross-border asset transfers. The company's recent fundraising activity underscored strong institutional appetite, with investors including Citadel Securities and Fortress Investment Group participating in the November 2025 $500 million capital raise.
The partial exit represents C1 Fund's second major liquidity event since listing on the NYSE in August 2025. The first came in January 2026, when portfolio company BitGo completed an initial public offering. Elliot Han, Chief Investment Officer of C1 Fund, characterized the outcome as emblematic of the fund's investment methodology: "This realization reflects the kind of outcome we aim to deliver through disciplined portfolio construction and active management." CEO Dr. Najam Kidwai emphasized that the transaction validates the firm's sourcing capabilities and its ability to deliver realized value to shareholders while maintaining exposure to high-quality private market opportunities. The transaction demonstrates the fund's capacity to navigate exit timing and capture valuation appreciation in the rapidly evolving digital asset investment landscape.
C1 Fund's investment in Ripple was disclosed in October 2025 as part of the fund's strategy to support responsible innovation in the digital asset sector. Ripple's technology platform—comprising the XRP Ledger and RLUSD stablecoin—has established itself as a critical infrastructure layer for financial institutions requiring fast and efficient cross-border asset transfers. The company's recent fundraising activity underscored strong institutional appetite, with investors including Citadel Securities and Fortress Investment Group participating in the November 2025 $500 million capital raise.
The partial exit represents C1 Fund's second major liquidity event since listing on the NYSE in August 2025. The first came in January 2026, when portfolio company BitGo completed an initial public offering. Elliot Han, Chief Investment Officer of C1 Fund, characterized the outcome as emblematic of the fund's investment methodology: "This realization reflects the kind of outcome we aim to deliver through disciplined portfolio construction and active management." CEO Dr. Najam Kidwai emphasized that the transaction validates the firm's sourcing capabilities and its ability to deliver realized value to shareholders while maintaining exposure to high-quality private market opportunities. The transaction demonstrates the fund's capacity to navigate exit timing and capture valuation appreciation in the rapidly evolving digital asset investment landscape.
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