C1 Fund Inc. (NYSE: CFND) has disclosed the structure of its portfolio, drawing attention from the XRP community. The fund's exposure to XRP is indirect, obtained through private equity in Ripple Labs — effectively a stake in the shares of a crypto company rather than XRP held on the balance sheet. Even so, XRP's price movements remain relevant, since they directly influence the potential market value of Ripple Labs, Inc.

This structure matters for retail investors because CFND is one of the few listed vehicles offering public-market access to privately held crypto companies. It also means the fund's reported NAV is based on private-market valuations rather than exchange prices, which is a key reason the NAV can diverge from the trading price of the shares themselves.

Ripple Equity Tops the Portfolio

With a 17.5% allocation, Ripple Labs equity stands as the fund's top holding, ahead of Payward, Kraken's original infrastructure provider, at 16.9%. The leading position is valued at $7.5 million, while the runner-up is worth $7.2 million.

Other notable C1 Fund allocations include major blockchain industry names such as Alchemy, BitGo, Blockchain.com, Chainalysis, ConsenSys, Figment, Fireblocks, Polymarket (Blockratize Inc.), and Uphold. Together these positions span the crypto value chain — from custody (BitGo, Fireblocks) and compliance analytics (Chainalysis) to infrastructure (Alchemy, Figment) and consumer platforms (Polymarket, Uphold) — giving shareholders diversified exposure to private crypto firms rather than a single asset. The fund's Net Asset Value (NAV) is $6.49 per share, while the listed share price currently stands at $2.87 — a gap that could change significantly if Ripple Labs goes public.

🚨 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

According to C1 Fund's Q2 2026 press release, the fund's NAV totals $42.6 million across a portfolio of 11 companies, up from 7 in December 2025, with $41.3 million of $53.3 million in IPO proceeds deployed.

For the fund, two potential catalysts stand out: holding the position until XRP reaches a stronger price range, which would lift the private mark, or waiting for Ripple Labs to conduct an Initial Public Offering (IPO). Key figures at the San Francisco-based fintech company have expressed differing views on going public.

Ripple's IPO Outlook and the Bigger Picture

Ripple CEO Brad Garlinghouse has taken a neutral stance on an IPO, while Ripple President Monica Long said the company is privately valued at $50 billion following its $500 million private fund raise last year and is currently refraining from raising cash in public markets. Ripple has set buyback options for C1 Fund in case the NAV does not rebound.

The fund's conviction is tied to the broader Ripple ecosystem. Wider adoption of the RLUSD stablecoin could lift the NAV as much as XRP's price growth, though much depends on regulatory tailwinds. If the CLARITY Act takes effect this year, it could pave the way for Ripple's institutional partners to exit in more comfortable territory. With the U.S. Senate returning in mid-September, the coming month is expected to be eventful for the market.

Source: DailyCoin