C1Fund
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.
- Company typePublic
- Founded2024
- HeadquartersDubai, United Arab Emirates
- Headcount1–10
- GTM typeB2C
- OfferingServices
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.
C1Fund firmographics
Firmographics- 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
C1Fund industry classification
Industry- 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
Where C1Fund is headquartered
LocationHeadquarters
- HQ city
- Dubai
- HQ country
- United Arab Emirates
- HQ region
- Middle East
Offices2 records
Markets served
C1Fund business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Operations, Personnel, Marketing or Sales, Technology or R&D, Infrastructure
Revenue model
- 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
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | Standard closed-end fund fee structure |
Go-to-market motion1 record
Distribution channels1 record
Marketing channels7 records
C1Fund product offering
Product offeringCore 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
Companies that use C1Fund
Customer profileNamed customers2 records
Segments1 record
Ideal customer profiles2 records
C1Fund technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
C1Fund partnerships and signals
Strategic signalPartnerships
Eight partnerships are on record, tiered core.
- MZ GroupcoreMZ Group leads C1 Fund's investor relations and financial communications program, supporting capital markets initiatives and institutional investor engagement.
- The Benchmark CompanycoreThe 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 LLCcoreForge 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 LLCcoreNPM 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 LimitedcoreHiive 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.coreSS&C GIDS, Inc. serves as the fund's transfer agent, distribution paying agent, registrar, and distribution reinvestment plan administrator.
- US Bank National AssociationcoreUS Bank National Association serves as the fund's custodian for its assets.
- ALPS Fund Services, Inc.coreALPS 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
C1Fund competitors and assessment
Company assessmentEmerging 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
C1Fund social profiles
Digital presenceC1Fund financial estimates
Financial estimateRevenue estimate
Valuation estimate
C1Fund leadership team
Management profileNumber of profiles
Profiles8 records
C1Fund funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
C1Fund M&A and investment
M&A and investmentM&A
Investments8 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about C1Fund
What does C1Fund do?
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.
Is C1Fund a public or private company?
C1Fund is a public company. It is classified as public and is currently operating.
When was C1Fund founded?
C1Fund was founded in 2024. It employs 1 to 10 people.
Where is C1Fund based?
C1Fund is headquartered in Dubai, United Arab Emirates, in the Middle East region.
How does C1Fund make money?
One revenue line is on record: management Fee.
Who are C1Fund's main competitors?
Emerging players on record are 21Shares AG, Bitwise Asset Management, Valkyrie Funds and Hashdex Asset Management. Broad incumbents are Coinbase Global and MicroStrategy. Direct peers are CoinShares International, Galaxy Digital Holdings and Grayscale Bitcoin Trust. 3iQ Corp is listed as a regional player.
Does C1Fund have an API?
No public API is recorded for C1Fund.
What industry is C1Fund in?
C1Fund's product category is Closed-end investment fund (digital assets). Its primary akta.pro industry code is FSAHAKAF, Private Markets Fund of Funds (PE / VC / Private Credit FoF). Its NAICS code is 525 and its SIC code is 6199.