Ripple Overtakes Kraken as Top Holding in C1 Fund Portfolio

The fund reported total net assets of $42.63 million at the end of the second quarter, with investments in private digital asset companies totaling $33.07 million. While Ripple now leads the portfolio—valued at approximately $7.46 million—the fund’s exposure is limited strictly to private equity, not the XRP token. This distinction remains critical, as Ripple equity does not grant holders claims on the company’s revenue or XRP-related dividends.

C1 Fund’s position in Ripple follows a successful partial exit earlier this year. A Ripple-sponsored buyback in April allowed the fund to offload 1,407 Series A preferred shares, yielding a 150% return over a four-month span. Despite this sale, the fund maintained enough equity to retain Ripple as its largest individual holding. The remaining $9.96 million of the fund’s assets are parked in short-term U.S. Treasury securities, providing a liquidity buffer for the broader portfolio of 11 digital asset firms, including Alchemy, BitGo, and the recently added Polymarket parent, Blockratize.

Market participants are closely watching the fund’s valuation, as its shares currently trade at roughly $2.85—a steep discount from the reported net asset value of $6.49 per share. To address this gap, the fund has been actively repurchasing its own stock, retiring 249,300 shares for $824,440 through July. While potential IPOs from Kraken and Blockchain.com could eventually provide clearer market pricing for these private holdings, Ripple has yet to signal a timeline for a public listing, leaving the fund to rely on fair-value procedures for its primary asset.