C1Fund

What C1Fund does

C1 Fund Inc. (NYSE: CFND) is a publicly traded, non-diversified closed-end management investment company incorporated in Maryland in August 2024. The fund completed its NYSE IPO on August 7, 2025 under ticker CFND, raising $60 million in gross proceeds through the issuance of 6,000,000 common shares at $10.00 per share, with The Benchmark Company LLC as sole book-running manager. C1 Fund is sponsored by C1 Group LLC (approximately 91.1% owned by management team members), with C1 Advisors LLC serving as the registered investment adviser. The fund elected Regulated Investment Company (RIC) status under Subchapter M beginning with taxable year 2025 and is registered under the Investment Company Act of 1940.

The fund's investment objective is to maximize portfolio total return by investing in the "C1 Thirty" — a curated set of leading late-stage private digital asset services and technology companies globally, excluding those principally administered in China. As of H1 2026, the portfolio held eleven positions across the digital asset infrastructure stack: Ripple, Kraken, BitGo, Fireblocks, Chainalysis, ConsenSys, Blockchain.com, Uphold, Alchemy, Figment, and Polymarket. Capital deployment occurs through private secondary marketplaces (Forge Securities LLC, NPM Securities LLC, Hiive Markets Limited), one-off private transactions with eligible securityholders, and direct private offerings. Notable liquidity events include portfolio company BitGo's January 22, 2026 IPO (with a six-month lockup through July 21, 2026) and C1 Fund's partial Ripple divestiture in April 2026, which generated approximately $422,100 in proceeds and approximately 150% return in under four months.

C1 Fund's revenue model is centered on a 2.50% annualized management fee on average net assets, paid quarterly to C1 Advisors LLC, with no disclosed incentive or performance fees. As of March 31, 2026, NAV was $48.9 million ($7.34 per share) and total investments at fair value were $49.7 million, representing approximately 71% of net assets deployed. Service providers include ALPS Fund Services (administrator), US Bank (custodian), and SS&C GIDS (transfer agent). A $3 million share repurchase program (authorized January 2026, terminating December 31, 2027) and insider purchases by management in late 2025 and mid-2026 indicate active capital management while shares trade at a meaningful discount to NAV.

Name

C1Fund

Legal name

C1 Fund Inc.

Website

https://c1fund.com

Company type

Public

Founded year

2024

Operating status

Operating

Headcount range

1–10 employees

Short description

C1 Fund Inc. (NYSE: CFND) is a publicly traded closed-end investment fund providing public market investors with access to a curated portfolio of eleven late-stage private digital asset companies, including Ripple, Kraken, and BitGo. Revenue is earned as a 2.50% annualized management fee on average net assets.

Ownership category

akta.pro rank

Product category

Closed-end investment fund (digital assets)

NAICS

Funds, Trusts, and Other Financial Vehicles (525)

SIC

Finance Services (6199)

akta.pro primary industry

Private Markets Fund of Funds (PE / VC / Private Credit FoF) (FSAHAKAF)

Keywords

• Closed-end fund
• Digital asset investments
• Pre-IPO exposure
• Private market access
• Investment management

Headquarters

HQ city

Dubai

HQ country

United Arab Emirates

HQ region

Middle East

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Management Fee: The fund pays C1 Advisors LLC, the investment adviser, a management fee equal to an annualized rate of 2.50% of average net assets at the end of the two most recently completed calendar quarters, payable quarterly. This is the primary revenue stream for the fund's operations.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels7 records

Core offering

C1 Fund Inc. (NYSE: CFND) is a publicly traded closed-end management investment company that provides public market investors with concentrated exposure to a curated portfolio of late-stage private digital asset services and technology companies. The fund invests in equity and equity-linked securities of companies such as Ripple, Kraken, BitGo, Fireblocks, Chainalysis, ConsenSys, Blockchain.com, Uphold, Alchemy, Figment, and Polymarket through private secondary marketplaces, one-off private transactions, and direct private offerings. It is externally managed by C1 Advisors LLC and qualifies as a Regulated Investment Company (RIC) under U.S. tax law.

Product overview

C1 Fund Inc. (NYSE: CFND) operates as a single closed-end investment fund product that gives investors exchange-listed access to a curated portfolio of late-stage private digital asset companies. The fund invests in pre-IPO companies across key segments of the digital asset infrastructure stack including cryptocurrency exchanges (Kraken, Blockchain.com, Uphold), institutional custody and infrastructure (BitGo, Fireblocks), payments and stablecoin infrastructure (Ripple), blockchain intelligence and compliance (Chainalysis), Web3 development infrastructure (ConsenSys, Alchemy), staking (Figment), and prediction markets (Polymarket). The fund's portfolio grew from 7 to 11 companies during H1 2026. The fund achieved its first liquidity events through BitGo's January 2026 IPO and a partial Ripple divestiture generating approximately 150% return.

Differentiator

Problem solved

Functional benefit

Products and services

• C1 Fund (NYSE: CFND) A closed-end investment fund listed on the NYSE (ticker: CFND) that provides public-market investors with concentrated exposure to a handpicked portfolio of late-stage pre-IPO private companies in the digital asset services and technology sector. The fund is externally managed by C1 Advisors LLC and qualifies as a Regulated Investment Company (RIC) under U.S. tax law.

Quantifiable outcome

• 150% return on Ripple investment in less than four months through partial divestiture
• +2 more outcomes

Named customers2 records

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Eight partnerships are on record, tiered core.

• MZ GroupcoreGTM or Marketing Partner · 1 June 2026MZ Group leads C1 Fund's investor relations and financial communications program, supporting capital markets initiatives and institutional investor engagement.
• The Benchmark CompanycoreChannel Partner/ Reseller/ DistributorThe Benchmark Company served as sole book-running manager for C1 Fund's IPO in August 2025, underwriting 6,000,000 shares at $10.00 per share with 7% sales load.
• Forge Securities LLCcoreChannel Partner/ Reseller/ DistributorForge Securities LLC is a registered broker-dealer operating as an Alternative Trading System (ATS) used by C1 Fund to source investments in private digital asset companies through secondary marketplace transactions.
• NPM Securities LLCcoreChannel Partner/ Reseller/ DistributorNPM Securities LLC (a registered broker-dealer, ATS, member of FINRA/SIPC and wholly owned subsidiary of NASDAQ Private Markets, LLC) is used by C1 Fund to source investments in private digital asset companies.
• Hiive Markets LimitedcoreChannel Partner/ Reseller/ DistributorHiive Markets Limited is a registered broker-dealer operating as an ATS used by C1 Fund to source investments in private digital asset companies through secondary marketplace transactions.
• SS&C GIDS, Inc.coreOthersSS&C GIDS, Inc. serves as the fund's transfer agent, distribution paying agent, registrar, and distribution reinvestment plan administrator.
• US Bank National AssociationcoreOthersUS Bank National Association serves as the fund's custodian for its assets.
• ALPS Fund Services, Inc.coreOthersALPS Fund Services, Inc. serves as the fund administrator providing fund administration, accounting, and transfer agent services subject to Board supervision.

Scale indicators10 records

Recent moves10 records

Expansion highlights4 records

Emerging players

• 21Shares AG: Issuer of the largest suite of crypto ETPs globally, with products covering single tokens, themes, and crypto-equity baskets. Overlaps with C1 Fund in providing listed access to private digital-asset infrastructure (e.g., crypto-equity index products), though via ETP rather than closed-end fund.
• Bitwise Asset Management: Specialist crypto asset manager offering spot crypto ETFs and private-market investment products (e.g., Bitwise Industry Innovators). Comparable to C1 Fund as a focused vehicle provider targeting investors seeking exposure to the digital-asset ecosystem.
• Valkyrie Funds: Crypto-focused asset manager with spot Bitcoin ETF and digital-asset private investment vehicles. Overlaps with C1 Fund's strategy of bringing institutional-quality digital-asset exposure to public-market investors.
• Hashdex Asset Management: Crypto asset manager offering diversified crypto index ETFs and actively managed products. Comparable to C1 Fund in offering institutional-grade public access to diversified digital-asset exposure.

Broad incumbents

• Coinbase Global: Largest publicly traded U.S. cryptocurrency exchange (Nasdaq: COIN). Broader incumbent exposure to digital-asset infrastructure and serves as both a benchmark for portfolio companies like Kraken/BitGo and a competitor for institutional crypto services.
• MicroStrategy: Publicly traded (Nasdaq: MSTR) company that has positioned its treasury around Bitcoin exposure. While not a fund, it is broadly comparable as a publicly traded vehicle used by investors seeking leveraged public-market exposure to the digital-asset ecosystem.

Direct peers

• CoinShares International: Publicly listed (Nasdaq Stockholm) crypto asset manager offering ETPs and managed funds across digital assets. Operates a similar public-market vehicle structure for accessing digital-asset exposure and is comparable in investor proposition.
• Galaxy Digital Holdings: Publicly traded (TSX/Nasdaq: GLXY) digital-asset and blockchain-focused investment manager and principal investor. Galaxy runs multiple funds and balance-sheet exposure to private crypto companies, making it the closest publicly traded analog to C1 Fund's model.
• Grayscale Bitcoin Trust: Largest publicly quoted single-asset crypto investment vehicle (converted to spot ETF). Grayscale's broader product family (ETHE, etc.) pioneered public access to private/illiquid digital-asset exposure, mirroring the structural innovation C1 Fund attempts at the private-company level.

Regional players

• 3iQ Corp: Canadian-headquartered digital-asset investment manager with publicly listed closed-end crypto funds (e.g., Bitcoin Fund, Ether Fund). Uses a closed-end structure very similar to CFND, providing public-market investors exposure to digital-asset themes.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/c1fund

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments8 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about C1Fund