Ripple Labs became the largest holding in C1 Fund’s portfolio during the second quarter of 2026, accounting for 17.5% of the fund’s net assets as of June 30. The NYSE-listed fund reported that Ripple narrowly surpassed Payward, the parent company of Kraken, which represented 16.9% of net assets.
C1 Fund reported total net assets of $42.63 million, with a net asset value of $6.49 per share. Based on those figures, the fund’s Ripple stake was valued at approximately $7.46 million, while its Payward investment was worth about $7.20 million.
The fund held $33.07 million in private company investments, representing 77.5% of net assets, while another $9.96 million was invested in short-term U.S. Treasury securities. Its portfolio includes 11 digital asset companies, among them Ripple, Kraken, Alchemy, BitGo, Blockchain.com, Chainalysis, ConsenSys, Figment, Fireblocks, Polymarket and Uphold.
During the quarter, C1 Fund added Polymarket parent company Blockratize to its portfolio and increased several existing positions. The fund selects investments from its C1 30 list, subject to availability and pricing in private secondary markets.
Ripple became the fund’s largest holding despite a partial sale earlier this year. In April, C1 Fund sold 1,407 Ripple Series A preferred shares back to the company for $422,100, generating an estimated 150% return in less than four months. The fund retained a substantial position afterward, allowing Ripple to remain its top holding.
The fund noted that ownership of Ripple shares is distinct from ownership of XRP. Ripple equity represents a stake in the private company, while XRP holders do not have claims on Ripple’s revenue, assets or dividends.
C1 Fund’s shares continued trading at a significant discount to net asset value. While the fund reported a NAV of $6.49 per share at the end of June, CFND shares traded near $2.85 by the end of August. To address this gap, the fund repurchased and retired 249,300 shares for approximately $824,440 through July under an existing buyback program authorized for up to $3 million.
Several portfolio companies are also pursuing public market opportunities. Kraken and Blockchain.com have both confidentially filed for potential U.S. public offerings, although neither company has announced a listing date. Ripple, meanwhile, has not publicly disclosed plans for an initial public offering and continues to be valued through private-market transactions and other valuation methods.
Future quarterly filings will determine whether Ripple maintains its position as C1 Fund’s largest holding or if portfolio changes alter the rankings.
