Ripple Labs Takes Top Spot in C1 Fund's Portfolio at 17.5%

C1 Fund Inc. (NYSE: CFND), a listed fund specializing in private crypto ventures, has revealed that its stake in Ripple Labs now constitutes 17.5% of net assets, surpassing Kraken's parent company Payward, Inc., which stands at 16.9%.

The allocation was detailed in the fund's second-quarter 2026 results, published on August 31. Ripple Labs, the entity behind the XRP token, is held as private equity rather than a direct token investment.

Why Ripple Labs Leads the Portfolio

C1 Fund operates as a closed-end fund, a publicly traded vehicle with a fixed number of shares that trades similarly to a stock. It holds positions in 11 private crypto firms, including Kraken, BitGo, Chainalysis, and ConsenSys. As of June 30, its net asset value (NAV) was $42.6 million, or $6.49 per share.

The fund's portfolio has expanded from seven companies at the close of 2025 to 11 currently. BitGo's client base on its platform grew 26% year over year to 5,833, according to the fund. Payward's funded accounts increased by 42% to 6.6 million over the same period.

Ripple Labs and Payward together represent more than a third of the portfolio. C1 Fund's board has approved buybacks of up to $3 million. The shares repurchased through July totaled 249,300, at an average price of about $3.31 each, roughly half the fund's per-share NAV.

The Gap Between Price and NAV

CFND shares are trading at $2.87, a discount of roughly 56% to the fund's NAV of $6.49. This gap is wider than the discount reflected in C1 Fund's own buybacks, which averaged about $3.31 per share through July. At the current price, the fund's market capitalization is approximately $19.1 million, which is less than half of its $42.6 million net asset value.

Two other portfolio companies, Blockchain.com and Kraken, have confidentially filed with regulators for public listings. BitGo completed its stock market debut in January. Ripple Labs has not taken such a step, and C1 Fund's disclosure did not mention its listing intentions.

Ripple has already delivered a gain for the fund. An earlier partial buyback of its shares by Ripple Labs returned approximately 150% to C1 Fund.

That return was realized in just over four months, per the disclosure. Whether the remainder of the stake achieves similar gains may depend on Ripple's still-undisclosed listing plans.