Wall Street Fund’s Biggest Bet Is Now Ripple Labs at 17.5%

C1 Fund Inc. (NYSE: CFND), a publicly traded fund targeted on personal crypto firms, disclosed that Ripple Labs fairness is now its largest holding at 17.5% of internet property, edging out Kraken dad or mum Payward, Inc. at 16.9%.

The fund reported the allocation in its second-quarter 2026 outcomes, launched August 31. Ripple Labs, the corporate behind the XRP token, is held right here as personal fairness relatively than as a token place.

Why Ripple Labs Leads the Portfolio

C1 Fund is a closed-end fund, a publicly traded automobile with a set share depend that trades like a inventory. It holds stakes in 11 personal crypto firms, together with Kraken, BitGo, Chainalysis and ConsenSys. As of June 30, its internet asset worth (NAV) stood at $42.6 million, or $6.49 per share.

The fund’s portfolio has grown from seven firms at the tip of 2025 to 11 at present. BitGo’s shoppers on the platform grew 26% 12 months over 12 months to five,833, the fund mentioned. Payward’s funded accounts rose 42% to six.6 million over the identical interval.

Ripple Labs and Payward collectively make up greater than a 3rd of the portfolio. C1 Fund’s board has licensed as much as $3 million in buybacks. The shares repurchased by July, 249,300 in whole, averaged about $3.31 every, roughly half the fund’s per-share NAV.

The Gap Between Price and NAV

CFND shares commerce at $2.87, a roughly 56% low cost to the fund’s $6.49 NAV. That hole is wider than the low cost implied by C1 Fund’s personal buybacks. Those averaged about $3.31 per share by July. At the present worth, the fund’s market capitalization is about $19.1 million. That is lower than half its $42.6 million internet asset worth.

Two different portfolio firms, Blockchain.com and Kraken, have confidentially filed with regulators to go public. BitGo accomplished its inventory market debut in January. Ripple Labs has made no such transfer, and C1 Fund’s disclosure didn’t tackle its itemizing plans.

Ripple has already paid off for the fund as soon as. An early, partial buyback of its personal shares by Ripple Labs returned about 150% to C1 Fund.

That acquire got here in simply over 4 months, in accordance with the disclosure. Whether the remainder of the stake sees related positive factors might hinge on Ripple’s still-undisclosed itemizing plans.

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