C1 Fund Inc., the closed-end fund trading on the New York Stock Exchange under the ticker CFND, disclosed that Ripple Labs Inc. became its largest portfolio position during the second quarter of 2026. As of June 30, Ripple accounted for 17.5% of the fund’s net assets, narrowly surpassing Payward Inc., the parent company of cryptocurrency exchange Kraken, which held 16.9%.

The fund reported a net asset value of $6.49 per share, corresponding to total net assets of approximately $42.63 million. Portfolio investments in private digital asset companies stood at $33.07 million, or 77.5% of net assets, spread across 11 firms. Short-term U.S. Treasury securities made up the balance of the holdings.

Share Buyback Boosts Ripple Position

Ripple’s ranking as the top holding was supported in part by the company’s partial share repurchase program. C1 Fund stated that the transaction produced an investment return of roughly 150% over a period of about four months. The fund also conducted its own share repurchases, buying back 249,300 shares for approximately $824,000 through July under an existing authorization.

During the quarter, C1 Fund added prediction market platform Polymarket to its portfolio and increased positions in several existing holdings. The full list of companies included Alchemy, BitGo, Blockchain.com, Chainalysis, ConsenSys, Figment, Fireblocks, Payward, Polymarket, Ripple Labs, and Uphold. The fund focuses on secondary-market investments in late-stage private companies operating in digital asset services and technology.

Broader Institutional Interest in Ripple and XRP

Interest in private Ripple equity has appeared in other traditional investment vehicles. The Kinetics Internet Portfolio, which manages about $248 million, disclosed ownership of 1,875 Ripple Labs Class A shares valued at approximately $246,000. The position represented roughly 0.1% of that fund’s assets.

At the same time, major financial firms have expanded exposure to XRP through regulated products. Goldman Sachs reported holdings of $86.5 million across five XRP exchange-traded funds. Jane Street increased its position in the Bitwise XRP ETF to 1.2 million shares. Combined assets under management for spot XRP products reached about $1.5 billion.

Separately, Evernorth Holdings received SEC approval for its Form S-4 related to a planned SPAC merger and Nasdaq listing. The company maintains a treasury of 473 million XRP tokens.

Pathways for Institutional Capital

Several portfolio companies have advanced toward public markets. BitGo completed an initial public offering earlier in the year. Kraken and Blockchain.com have submitted confidential IPO registration statements to the U.S. Securities and Exchange Commission.

The developments indicate that institutional capital is approaching Ripple-related opportunities through two primary channels: direct investment in private Ripple Labs shares ahead of any potential listing, and exposure to XRP via regulated exchange-traded products. C1 Fund’s shift in portfolio weighting places Ripple ahead of other major digital asset firms in its concentrated private holdings.