Ripple Labs has become the largest holding in C1 Fund’s portfolio, accounting for 17.49% of net assets and moving ahead of Payward Inc., the parent company of Kraken, at 16.92%.
C1 Fund had invested $41.3 million across 11 private digital-asset companies as of June 30, 2026, according to the fund’s second-quarter update. The fund trades on the New York Stock Exchange under the ticker CFND and focuses on secondary-market investments in late-stage private companies involved in digital-asset infrastructure and related services.
Ripple Becomes C1 Fund’s Top Holding
Ripple’s increased portfolio weighting was partly driven by a company share buyback. C1 Fund said the partial buyback generated a 141.5% return on the portion of its Ripple investment included in the transaction over approximately four months.
The result reflects the return from the buyback rather than simply indicating that C1 Fund purchased additional Ripple shares during the quarter.
Interest in private-market exposure to Ripple is also growing among traditional investment firms. Kinetics Internet Portfolio reported holding 1,875 Class A Ripple shares valued at approximately $246,319 as of June 30. The position represented about 0.1% of the fund’s $248.3 million in net assets and was classified as a Level 3 asset because Ripple remains a privately held company.
Ripple equity and $XRP are separate investments. Ripple shares represent an ownership interest in the private company, while $XRP is a separate digital asset. Institutional participation in both markets nevertheless reflects broader acceptance of crypto-related financial products.
Institutional Investors Increase $XRP ETF Exposure
Institutional demand is also expanding through $XRP exchange-traded products. Goldman Sachs disclosed approximately $86.5 million invested across five spot $XRP ETFs as of June 30, after reporting no exposure to $XRP ETFs at the end of the previous quarter.
The holdings included products from Bitwise, Franklin Templeton, Canary Capital, 21Shares and Grayscale.
The wider digital-asset sector is also moving closer to the public markets. BitGo completed its initial public offering in January, while Kraken and Blockchain.com have confidentially filed IPO registration statements with the U.S. Securities and Exchange Commission, according to C1 Fund’s update.
