C1 Fund Inc. (NYSE: CFND), a closed-end fund focused on secondary-market stakes in late-stage private digital-asset companies, reported Ripple Labs as its largest holding for the second quarter ended June 30, 2026, at 17.5% of net assets, ahead of Payward Inc., Kraken’s parent, at 16.9%, with the two positions together making up more than a third of the portfolio. With total net assets of $42.63 million, or $6.49 per share, those positions were worth about $7.46 million and $7.20 million respectively. The fund held $33.07 million, or 77.5% of net assets, across 11 private digital companies—up from seven at the end of 2025—including Polymarket parent Blockratize, added in the quarter, while $9.96 million, or 23.3%, was in short-term U.S. Treasury securities. Ripple’s lead weighting reflected the remaining stake after C1 Fund sold 1,107 Ripple Series A preferred shares back to the company for $422,100 in an April-announced issuer transaction that generated an approximately 150% return in just over four months on the shares sold—earlier reporting had put that partial-exit gain at 141.5%—and the holding is private Ripple equity, not XRP. Through July the fund repurchased 249,300 of its own shares averaging about $3.31 each for $824,440 under a board authorization of up to $3 million, as CFND traded at $2.87, a roughly 56% discount to quarter-end NAV and a market capitalization of about $19.1 million, less than half NAV. Kinetics disclosed 1,875 Class A Ripple shares valued at about $246,319, or roughly 0.1% of assets, while Goldman Sachs reported about $86.5 million across five spot XRP ETFs as of June 30 after no such exposure a quarter earlier, with later figures near $87.4 million, Jane Street and Millennium Management each held about $16 million, and combined spot XRP product assets reached $1.5 billion. BitGo completed an IPO in January 2026 and saw clients grow 26% year over year to 5,833, Kraken’s funded accounts rose 42% to 6.6 million and with Blockchain.com has submitted confidential U.S. IPO registration statements, and Ripple has not publicly filed for an IPO; whether the remaining stake sees similar gains may hinge on Ripple’s still-undisclosed listing plans.