New York-Traded Fund Reveals Ripple as Top Holding, Overtaking Kraken

Ripple tops Kraken in Wall Street's C1 Fund portfolio as pre-IPO demand surges.

Gamza Khanzadaev · 31 Aug 2026 · 5 min read

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New York-Traded Fund Reveals Ripple as Top Holding, Overtaking Kraken

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Gamza Khanzadaev

Mon, 31/08/2026 – 17:24

Ripple tops Kraken in Wall Street’s C1 Fund portfolio as pre-IPO demand surges.

New York-Traded Fund Reveals Ripple as Top Holding, Overtaking Kraken

Cover image via depositphotos.com

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C1 Fund Inc. (NYSE: CFND), a closed-end fund traded on the New York Stock Exchange, has disclosed its portfolio structure for the second quarter of 2026. According to the official release, Ripple Labs Inc. was recorded as the fund’s largest holding, accounting for 17.5% of net assets, ahead of Kraken’s parent structure, Payward, Inc., which stood at 16.9%.

With the fund’s total NAV at $6.49 per share, the position allocation was shaped in part by Ripple Labs’ own partial share buyback program (issuer buyback), which brought C1 Fund a return on investment of roughly 150% over four months.

*C1 Fund Inc. announces Q2 2026 financial results. Source:* *C1 Fund*

riAs of June 30, the fund had 77.5% of its capital ($33.07 million) deployed across 11 private digital companies, including prediction market platform Polymarket, added during the reporting quarter.

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The fact that the New York-traded fund pushed Ripple into first place, ahead of Kraken, coincided with a recorded uptick in interest in the company’s shares among more conservative players in the traditional market as well.

In August, the mutual fund Kinetics Internet Portfolio ($248 million in assets under management) disclosed in an SEC NPORT-P filing that it holds a stake of 1,875 Class A Ripple Labs shares valued at $246,000. This represents 0.1% of its assets and falls under Level 3, with unobservable value inputs.

However, the very fact of acquiring shares of a private company through specialized OTC platforms points to a broader practice of integrating pre-IPO securities into mutual fund portfolios.

At the same time, other market participants continue preparing to go public: following custodian BitGo’s IPO in January (client growth of 26% year-over-year, to 5,833), Kraken (funded accounts up 42%, to 6.6 million) and Blockchain.com have both filed confidential IPO registration statements with the U.S. SEC.