Ripple Becomes C1 Fund’s Largest Holding as XRP Exposure Grows

C1 Fund Inc. (NYSE: CFND) has revealed that Ripple Labs Inc. became its largest portfolio holding during the second quarter of 2026, highlighting growing institutional interest in the blockchain payments company and XRP-related investments.

According to C1 Fund’s Q2 financial results, Ripple Labs represented 17.5% of the closed-end fund’s net assets as of June 30. That placed Ripple ahead of Payward Inc., the parent company of crypto exchange Kraken, which accounted for 16.9%.

C1 Fund reported a net asset value of $6.49 per share, with 77.5% of its capital, or approximately $33.07 million, invested across 11 private digital asset companies. Prediction market platform Polymarket was among the businesses added during the quarter.

Ripple’s weighting was partly influenced by the company’s partial share buyback program. C1 Fund said the transaction generated an investment return of roughly 150% over four months, strengthening Ripple’s position within the portfolio.

Interest in private Ripple shares is also appearing elsewhere in traditional finance. In August, 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 investment represented around 0.1% of the fund’s assets.

Meanwhile, several major crypto companies are pursuing public listings. Kraken and Blockchain.com have reportedly submitted confidential IPO registration statements to the U.S. Securities and Exchange Commission, following crypto custodian BitGo’s January IPO.

Institutional investors are simultaneously increasing exposure to XRP through regulated spot ETFs. August 13F filings showed Goldman Sachs holding $86.5 million across five XRP ETFs, while Jane Street increased its Bitwise XRP ETF position to 1.2 million shares. Combined assets under management for spot XRP products reached approximately $1.5 billion in August.

The SEC has also approved Evernorth Holdings’ Form S-4 for its planned SPAC merger and Nasdaq listing under ticker XRPN. Evernorth manages a treasury containing 473 million XRP.

The developments suggest institutional capital is pursuing two Ripple-related strategies: acquiring private Ripple Labs shares for potential pre-IPO gains and gaining direct XRP exposure through regulated exchange-traded products.