Ripple has become the largest position in a newly disclosed private crypto portfolio managed by C1 Fund Inc., a New York-listed closed-end fund, according to the fund's Q2 2026 results announcement. The blockchain company accounts for 17.5% of the fund's $33.07 million in deployed capital across 11 digital companies.
Payward, the parent company of cryptocurrency exchange Kraken, ranks second at 16.9% of net assets. C1 Fund's total portfolio value tracks its exposure to private company valuations rather than liquid token holdings.
Ripple's position in the fund has generated outsized returns. The company executed a partial share buyback that contributed to the fund posting roughly 150% returns over four months through the end of the second quarter. The buyback reduced share count and lifted per-unit value for remaining holders, a mechanism distinct from operational revenue growth.
C1 Fund added prediction market platform Polymarket to its holdings during the second quarter, expanding beyond traditional crypto infrastructure into emerging application layers. The fund's 11-position portfolio concentrates on early-stage and growth-stage private digital companies rather than publicly traded tokens or equities.
The fund's weighting toward Ripple and Payward accounts for 34.4% of total deployed capital, leaving the remaining 65.6% split across nine other positions. This concentration level exposes C1 Fund to execution risk at two firms that remain subject to regulatory and competitive pressure in their respective markets.
C1 Fund trades on the New York Stock Exchange under ticker CFND. Institutional investors in closed-end funds typically trade at discounts or premiums to net asset value depending on market conditions for the underlying portfolio. The fund's disclosure of holdings allows shareholders to track management's conviction in particular crypto-adjacent businesses.
Payward has maintained profitability despite industry volatility, while Ripple continues to defend XRP against regulatory claims that it functions as an unregistered security. If C1 Fund does not maintain or grow its Ripple position by the next quarterly disclosure on November 30, 2026, the holdings report will show whether management has rotated away from the company despite the buyback-driven returns.
