C1 Fund Inc. (NYSE: CFND) Announces First Quarter 2026 Results

Key Terms

net asset value financial

Net asset value is the total value of an investment fund's assets minus any liabilities, divided by the number of shares or units outstanding. It represents the per-share worth of the fund, similar to how the value of a house is determined by its total worth after debts are subtracted. Investors use it to gauge the true value of their holdings and to compare different investment options.

closed-end fund financial

A closed-end fund is a pool of money collected from many investors to buy a diversified mix of stocks, bonds, or other assets, and it is managed by professionals. Unlike some investment options, its shares are bought and sold on stock exchanges at prices determined by supply and demand, which can be above or below the fund's actual value. This structure allows investors to buy or sell shares easily, but the value may fluctuate based on market conditions.

initial public offering financial

An initial public offering (IPO) is when a private company first sells its shares to the public and becomes a stock-listed company. It matters because it allows the company to raise money from a wide range of investors, helping it grow, while giving early shareholders a way to sell some of their ownership.

lockup financial

A lockup is a contractual restriction that prevents company insiders, early investors, and employees from selling their shares for a fixed period after a public offering or other share issuance. It matters to investors because when that period ends, a sudden increase in available shares can push the stock price down or change trading liquidity; think of it like many homeowners being allowed to list their homes for sale all at once after a temporary sales ban is lifted.

stock buyback program financial

A stock buyback program is when a company uses its cash to repurchase its own shares from the market, reducing the number of shares available to other investors. This can raise profit per share and often signals management believes the stock is undervalued, like a business buying back coupons to concentrate value for remaining holders; it matters because it can support the share price, change ownership percentages, and alter key financial ratios.

regulated investment company regulatory

A regulated investment company is a type of pooled investment (like a mutual fund or ETF) that meets specific tax-law rules allowing it to pass most income, gains and losses directly to shareholders instead of being taxed at the company level. For investors this matters because it affects how distributions are taxed, how often income is paid, and the overall net return—think of it like a collective account that funnels earnings straight to owners rather than keeping profits inside a separate corporate layer.

subchapter m regulatory

Subchapter M is a set of U.S. Coast Guard rules that requires commercial towing vessels to meet defined safety, inspection and maintenance standards and to document a safety-management program. For investors, it matters because complying can raise operating costs, affect vessel availability, insurance and resale value, and reduce accident risk—similar to how regular vehicle inspections and maintenance affect a delivery company's costs and reliability.

form n-port regulatory

Form N-PORT is a standardized regulatory filing that investment funds use to report detailed, month-by-month information about what they own and certain risk and liquidity measures to securities regulators. For investors, it acts like an itemized monthly bank statement for a fund, offering transparency about holdings and exposures so people can judge a fund’s strategy, concentration and potential risks over time.

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Expanding Portfolio with Approximately 71% of Assets Invested at First Quarter End

Completes First Sale of an Investment, Generating an Approximate 150% Return

Advances Capital Markets Initiatives, Including NYSE Live Interview on May 29, 2026, Investor Relations Engagement, Conference Participation, and Non-Deal Roadshows

PALO ALTO, Calif.--(BUSINESS WIRE)-- C1 Fund Inc. (NYSE: CFND) (“C1 Fund” or the “Fund”), a publicly traded closed-end fund providing investors with exposure to high-growth private companies powering the digital asset economy, today released its financial results, including Net Asset Value (“NAV”), for the first quarter ended March 31, 2026.

Financial Highlights

• C1 Fund has 6,666,666 shares outstanding.
• As of March 31, 2026, C1 Fund’s NAV was $48,906,337, or $7.34 per share.
• As of quarter-end, portfolio investments at fair value were $34,646,267, representing approximately 71% of net assets.
• Short-term U.S. Treasury investments were $15,049,802.
• Total investments at fair value were $49,696,069 (total cost of $52,651,923), reflecting net unrealized depreciation on investments of $2,955,854.

Operational Highlights and Strategic Progress

• During the first quarter of 2026, C1 Fund added new portfolio positions in BitGo, Fireblocks, Uphold, and Ripple, continuing to rapidly deploy capital into late-stage private digital asset companies.
• BitGo Inc., a digital asset infrastructure company providing the foundation for the digital asset economy, at a price of $2,244,004 and a Fair Valuation (NAV) of $1,033,449 as of March 31, 2026.
• BitGo completed its initial public offering on January 22, 2026, marking C1 Fund’s first portfolio company IPO. C1 Fund’s shares are subject to a six-month lockup through July 21, 2026.
• Fireblocks Inc., the world’s most trusted digital asset and stablecoin infrastructure company, at a price of $1,107,761 and a Fair Valuation (NAV) of $1,107,761 as of March 31, 2026.
• Uphold Inc., a digital wallet and trading platform, at a price of $2,223,583 and a Fair Valuation (NAV) of $2,200,928 as of March 31, 2026.
• Ripple Labs Inc., a leading financial technology company that offers crypto solutions for businesses, at a price of $999,925 and a Fair Valuation (NAV) of $810,750 as of March 31, 2026.
• Subsequent to quarter-end, C1 Fund sold 1,407 Series A Preferred shares of Ripple Labs in a Ripple-sponsored buyback for $422,100, generating an approximate 150% return in less than four months. This marked the Fund’s first sale of an investment since its public listing in August 2025.
• As of March 31, 2026, the portfolio included Alchemy, BitGo, Blockchain.com, Chainalysis, ConsenSys, Figment, Fireblocks, Kraken, Ripple, and Uphold, with portfolio investments at fair value of $34.6 million, representing approximately 71% of net assets.
• On January 29, 2026, C1 Fund’s Board of Directors approved a stock buyback program of up to $3,000,000, subject to SEC rules, and authorized management to proceed at its discretion.
• Two portfolio companies, Kraken and Blockchain.com, are pursuing public listings. Kraken filed a confidential IPO submission with the U.S. Securities and Exchange Commission, and subsequent to quarter-end, Blockchain.com also filed a confidential IPO submission.

The remainder of C1 Fund’s capital was invested in U.S. Treasury securities during the quarter, consistent with C1 Fund’s strategy to maintain qualification as a Regulated Investment Company (“RIC”) under Subchapter M of the U.S. Internal Revenue Code.

Chief Investment Officer Elliot Han commented, “The first quarter of 2026 continued to demonstrate our ability to identify and rapidly monetize value across leading private digital asset companies while maintaining exposure to the broader digital asset infrastructure ecosystem. We expanded our high-conviction portfolio with new late-stage positions and realized our first two liquidity events since IPO — the partial divestiture of our Ripple position at an approximate 150% return in less than four months, and BitGo’s public offering. We remain focused on disciplined sourcing as we continue to build our diversified and curated portfolio.”

Capital Markets and Investor Relations

• C1 Fund engaged MZ Group to lead its investor relations and financial communications program.
• C1 Fund participated in the Benchmark Company Digital Assets Summit in New York on May 27, 2026.
• C1 Fund conducted non-deal roadshows (NDRs) in New York to broaden engagement with institutional investors.
• C1 Fund’s CEO and CIO featured on NYSE Live, where they discussed the Fund’s closed-end structure, private digital asset infrastructure portfolio, and key near-term catalysts on May 29, 2026

Chief Executive Officer Dr. Najam Kidwai commented, “As we continue to deploy capital, we have strengthened our outlook with our first sale of an investment and as regulation clarifies in the digital asset sector. We believe our focus on concentrated exposure to mature digital asset services and infrastructure companies with proven business models is providing our investors a portfolio composition typically available only to venture capital, private equity, and institutional investors.

“The digital asset market is seeing notable improvement in the first half of 2026 due to an increasingly clear regulatory landscape and deeper integration with traditional financial systems. The ecosystem has continued to mature through accelerated institutional adoption and higher market liquidity. We believe a growing pipeline of potential liquidity events across the sector positions C1 Fund to offer strategic access to private market upside through the public equity market.”

The full text of the Company’s Form N-PORT for the period ended March 31, 2026, was filed with the SEC on May 29, 2026, and can be found here.

Investor Access & Sign-Up

Investors can register to receive earnings releases, portfolio updates and regulatory filings directly by subscribing to the Company’s Investor Relations distribution list at: www.c1fund.com/news-events/email-alerts

About C1 Fund Inc.

C1 Fund Inc. (NYSE: CFND) is a publicly traded closed-end fund providing public-market investors with exposure to late-stage digital asset services and technology companies. The Fund is managed by C1 Advisors LLC and is headquartered in Palo Alto, California.

For more information about C1 Fund, please visit the Company’s website at www.c1fund.com.

Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations and involve risks and uncertainties that may cause actual results to differ materially. Readers are cautioned not to place undue reliance on these statements, which speak only as of the date hereof. Investing involves risk, including the possible loss of principal.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260601537327/en/

Media Contact
media@c1fund.com

Investor Relations
investors@c1fund.com

Source: C1 Fund Inc.