C1 Fund Inc. (NYSE: CFND) recently disclosed its portfolio holdings, drawing attention from the XRP community. The fund’s exposure to XRP is indirect, stemming from a private equity position in Ripple Labs rather than direct ownership of the token. Nonetheless, fluctuations in XRP’s price remain relevant because they influence the estimated market value of Ripple Labs.
Huge Ripple Equity Landed By This Wall Street Monster
The fund allocates 17.5% of its net assets to Ripple Labs equity, making it the largest holding in the portfolio. This positions Ripple ahead of Payward, the original infrastructure provider for Kraken, which accounts for 16.9% of the fund. The Ripple stake is valued at approximately $7.5 million, while the Payward holding stands at about $7.2 million.
In addition to Ripple Labs and Payward, the fund’s portfolio features prominent blockchain firms such as Alchemy, BitGo, Blockchain.com, Chainalysis, ConsenSys, Figment, Fireblocks, Polymarket (operated by Blockratize Inc.), and Uphold. The fund reports a net asset value of $6.49 per share, although its current market price trades at $2.87, a discrepancy that could narrow if Ripple Labs pursues a public offering.
C1 Fund (NYSE: CFND) Q2 2026 results are out.
NAV: $6.49/share ($42.6M total)
Portfolio: 11 companies, up from 7 in Dec 2025
Deployed: $41.3M of $53.3M IPO proceeds
Top holdings:
Ripple Labs 17.5% of net assets
Kraken (Payward) 16.9%
New in Q2: Polymarket added to the… pic.twitter.com/uw8wfH8Tmj— 𝗕𝗮𝗻𝗸XRP (@BankXRP) August 31, 2026
C1 Fund could benefit from two potential catalysts. First, holding its Ripple Labs stake until XRP’s price appreciates would increase the private valuation of the investment. Second, the fund could profit if Ripple Labs proceeds with an initial public offering. Executives at the San Francisco‑based fintech firm have expressed differing views on the likelihood and timing of such a listing.
Ripple’s IPO Chances Still Long: Here’s The Bigger Play
Ripple’s CEO, Brad Garlinghouse, has adopted a neutral position regarding a potential IPO, whereas President Monica Long noted that the company’s private valuation stands at around $50 billion following a $500 million funding round last year and that Ripple currently avoids tapping public markets for capital. To protect investors like C1 Fund, Ripple has arranged buyback provisions should the net asset value decline. The firm’s outlook remains linked to the overall health of the cryptocurrency ecosystem.
Adoption of Ripple’s RLUSD stablecoin could likewise lift the fund’s net asset value, mirroring the impact of XRP price movements. However, much hinges on regulatory developments. Should the CLARITY Act be enacted this year, it would create a clearer path for Ripple’s institutional partners to liquidate holdings under favorable conditions. With the Senate set to reconvene in mid‑September, market activity is expected to intensify.
