Crypto-focused C1 fund posts $7.34 NAV per share as portfolio exit velocity builds

C1 Fund (NYSE:CFND) released its financial results for the first quarter ended March 31, 2026, revealing a net asset value (NAV) of $48,906,337, or $7.34 per share, against a backdrop of accelerating initial public offering activity within its private digital asset portfolio.

The closed-end fund, which provides public-market investors with rare direct exposure to late-stage private companies powering the digital asset economy, closed the quarter with 6,666,666 shares outstanding.

The company's total investments reached a fair value of $49,696,069 against a total cost basis of $52,651,923.

This divergence reflects a net unrealized depreciation on investments of $2,955,854 for the period.

To balance market exposures, the fund maintained solid balance sheet liquidity, anchoring $15,049,802 in short-term U.S. Treasury investments.

Meanwhile, its private equity portfolio positions stood at a fair value of $34,646,267, representing approximately 71% of C1 Fund's net assets at quarter-end.

Throughout the first quarter, C1 Fund aggressively deployed capital into the core operational layers of the digital asset landscape.

The firm secured new private equity positions in institutional custodians, stablecoin networks, and wallet applications, adding BitGo, Fireblocks, Uphold, and Ripple to its broader portfolio.

The fund's initial positioning in digital asset custodian BitGo involved a total purchase price of $2,244,004, carrying a fair valuation of $1,033,449 as of March 31.

BitGo completed its initial public offering on January 22, 2026, logging C1 Fund's first portfolio company to successfully transition to public equity markets.

Under the offering's terms, C1 Fund’s shares remain restricted under a standard six-month lockup protocol scheduled to run through July 21, 2026.

The firm also finalized an investment in stablecoin infrastructure platform Fireblocks at a purchase price and subsequent fair valuation of $1,107,761.

Concurrently, C1 Fund initiated a position in digital wallet and trading framework Uphold for $2,223,583, carrying a quarter-end fair value of $2,200,928.

Meanwhile, C1 Fund's position in financial technology provider Ripple Labs was built at an initial cost of $999,925, marked at a fair value of $810,750 on March 31.

However, subsequent to the formal close of the first quarter, C1 Fund capitalized on a Ripple-sponsored corporate buyback program.

The fund divested 1,407 Series A Preferred shares of Ripple Labs back to the issuer for $422,100.

The transaction generated a powerful 150% return in less than four months, marking the fund's first cash realization events since its own initial public listing in August 2025.