Ripple Takes Top Spot Over Kraken in NYSE-Traded C1 Fund Portfolio

• Ripple Labs became C1 Fund’s largest holding at 17.49% of net assets, moving ahead of Kraken parent Payward at 16.92%.
• The fund had deployed $41.3 million across 11 private digital-asset companies by June 30.
• A partial Ripple share buyback generated a 141.5% return for C1 Fund, while institutional investors continued expanding exposure to Ripple and $XRP-related products.
  

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Ripple Labs has moved into first place in C1 Fund’s portfolio, overtaking Payward Inc., the parent company of Kraken, as institutional interest in private digital-asset companies continues to grow. The shift was disclosed in C1 Fund’s second-quarter update for the period ended June 30, 2026.

Ripple represented 17.49% of C1 Fund’s net assets, compared with 16.92% for Payward. The fund, which trades on the New York Stock Exchange under CFND, focuses on secondary-market investments in late-stage private companies operating across digital-asset infrastructure and related services.

Ripple Gains An Edge In C1 Fund

Ripple’s position was helped by a partial share buyback conducted by the company. C1 Fund said the transaction produced a 141.5% return on the portion of its Ripple investment involved in the buyback over roughly four months. This helped explain Ripple’s larger portfolio weighting rather than indicating that C1 Fund simply purchased more shares during the quarter.

The development also comes as private-market exposure to Ripple receives more attention from traditional investment firms. Kinetics Internet Portfolio disclosed 1,875 Class A Ripple shares valued at about $246,319 as of June 30. The position represented roughly 0.1% of the fund’s $248.3 million in net assets and was classified as a Level 3 asset because Ripple remains privately held.

The distinction between Ripple equity and $XRP remains important. Owning Ripple shares represents an ownership interest in the private company, while $XRP is a separate digital asset. Still, institutional participation in both areas points to broader acceptance of crypto-related financial instruments.

Wall Street Expands $XRP Exposure

Institutional interest is also reaching public markets through $XRP exchange-traded products. Goldman Sachs disclosed approximately $86.5 million across five spot $XRP ETFs as of June 30, after reporting no $XRP ETF exposure at the end of the previous quarter. Its positions included funds from Bitwise, Franklin Templeton, Canary Capital, 21Shares and Grayscale.

At the company level, the digital-asset sector is also moving closer to public markets. BitGo completed its IPO in January, while Kraken and Blockchain.com have filed confidential IPO registration statements with the U.S. Securities and Exchange Commission, according to C1 Fund’s update.