XRP
Ripple Labs Equity Becomes C1 Fund's Largest Holding at 17.5% of Net Assets
Closed-end vehicle C1 Fund has revealed that private shares in Ripple Labs now represent its largest single asset allocation.
C1 Fund Inc., a NYSE-listed closed-end fund investing in private crypto firms, disclosed in its second-quarter 2026 results that Ripple Labs equity is now its largest holding at 17.5% of net assets. The position surpassed Kraken parent company Payward, Inc., which stands at 16.9%, with the two companies jointly representing over a third of the fund's portfolio.
As of June 30, C1 Fund held stakes in 11 private crypto companies—up from seven at the end of 2025—including BitGo, Chainalysis, and ConsenSys. The fund reported a net asset value of $42.6 million, or $6.49 per share, while its stock traded at $2.87, representing a roughly 56% discount to NAV and a market capitalization of around $19.1 million. The fund's board has authorized up to $3 million in share buybacks, having repurchased 249,300 shares through July at an average price of $3.31.
According to the disclosure, an earlier partial share buyback by Ripple Labs delivered an approximate 150% return to C1 Fund in just over four months. While fellow portfolio holdings Kraken and Blockchain.com have filed confidentially for initial public offerings and BitGo completed its debut in January, Ripple Labs has not announced public listing plans.
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