Ripple Labs Becomes Top Holding in NYSE-Traded C1 Fund at 17.5%

What’s verified: two independent outlets, Cryptonews and U.Today, report that C1 Fund Inc. (NYSE: CFND) listed Ripple Labs Inc. as its largest holding in a Q2 2026 portfolio disclosure, at 17.5% of net assets. What’s single-sourced: the specific figures for Kraken parent Payward Inc.’s 16.9% stake, the fund’s $6.49 per-share NAV, and a reported 150% return from a Ripple buyback program come only from U.Today; Cryptonews’ underlying article was not accessible for direct verification at the time of writing.

What Two Reports Confirm, What Only One Does

C1 Fund Inc., a closed-end fund traded on the New York Stock Exchange, disclosed its Q2 2026 portfolio structure with Ripple Labs Inc. as the top position at 17.5% of net assets. Both Cryptonews and U.Today independently reported this headline figure, which places Ripple ahead of Kraken’s parent company, Payward Inc.

Beyond that shared top-line number, the corroboration thins out. U.Today put Payward’s stake at 16.9%, described the fund’s net asset value at $6.49 per share, and cited a roughly 150% return over four months tied to a Ripple Labs share buyback. As of June 30, the fund reportedly had 77.5% of its capital deployed. None of these secondary figures could be cross-checked against a second independent source at publication time, so they should be read as reported, not confirmed.

Reading the Fine Print: Ripple Labs Equity Isn’t the XRP Token

One detail is easy to miss and worth stating plainly: the fund’s disclosed 17.5% position is equity in Ripple Labs Inc., the company, not a holding of the XRP cryptocurrency itself. C1 Fund is a closed-end vehicle that gives NYSE investors indirect exposure to private, late-stage companies, and Ripple Labs shares are one of those pre-IPO positions alongside Payward, the parent of Kraken.

Some coverage framed this as “XRP” topping the fund’s holdings, which blurs a distinction that matters to anyone tracking the asset. XRP the token trades on public markets with its own supply and price; Ripple Labs Inc. equity is a private-company stake accessible only through vehicles like C1 Fund. Conflating the two overstates what the disclosure actually shows about token demand.

The Buyback Behind the Numbers

According to U.Today’s account, Ripple Labs ran a partial share buyback, sometimes called an issuer buyback, that contributed to C1 Fund’s reported four-month return of roughly 150% on the position. If accurate, that would help explain why Ripple’s weighting overtook Payward’s in the Q2 filing, since a buyback can lift the residual value of remaining shares held by outside investors like the fund.

For now, the confirmed fact is narrow but concrete: as of the fund’s Q2 2026 disclosure, Ripple Labs Inc. sat at 17.5% of C1 Fund’s net assets, ahead of Payward’s stake. The buyback mechanics, the exact NAV, and the capital-deployment figures sit in a single report and warrant a second source before they’re treated as settled.

Sources

• cryptonews.com
• u.today