C1 Fund, a New York Stock Exchange-listed closed-end fund, made Ripple Labs its largest holding as of the second quarter of 2026.

On Aug. 31, blockchain outlet U.Today reported that Ripple Labs accounted for 17.5% of net assets, ahead of Kraken parent Payward at 16.9%.

The portfolio disclosure is drawing attention as it shows that the ways traditional finance capital is accessing Ripple-related assets are broadening. Some money is buying Ripple’s unlisted shares to seek pre-IPO gains. Other flows are moving into regulated exchange-traded products based on XRP.

C1 Fund’s net asset value per share was $6.49. A partial share buyback program conducted by Ripple Labs affected asset allocation. The transaction delivered about a 150% investment return for C1 Fund over 4 months. As of June 30, C1 Fund invested $33.07 million, or 77.5% of total capital, in 11 private digital asset companies and added prediction market platform Polymarket this quarter.

Traditional finance purchases of Ripple stakes were also seen in other funds. Kinetics Internet Portfolio said in an August U.S. Securities and Exchange Commission filing that it held 1,875 shares of Ripple Labs Class A stock worth $246,000. The holding was about 0.1% of total assets under management and was classified as a Level 3 asset with no observable market price. It is being read as a sign that adding private-company shares through specialized over-the-counter platforms is spreading into mutual fund portfolios.

Major cryptocurrency companies are also continuing preparations for initial public offerings. BitGo listed in January and reported 5,833 customers, up 26% from a year earlier. Kraken was tallied with 6.6 million funded accounts, up 42%, and along with Blockchain.com has submitted confidential draft registration review documents to the U.S. Securities and Exchange Commission.

Institutional inflows tied to XRP are also accelerating. Goldman Sachs allocated a total of $86.5 million to 5 XRP ETFs, according to a 13F filing in August. Jane Street increased its holdings in the Bitwise XRP ETF to 1.2 million shares. As of August, total assets under management in XRP spot products reached $1.5 billion.

Funding channels around the Ripple ecosystem are also increasing. Evernode Holdings received S-4 approval for a SPAC merger and is pursuing a Nasdaq listing under the ticker XRPN. The entity manages treasury assets of 473 million XRP. Ripple Labs also completed issuance of $275 million in private corporate bonds rated BBB by KBRA through its Ripple Prime unit and is pursuing RLUSD stablecoin-based fintech lending by joining as a partner in the Clearpool credit fund.

The market trend shows investment routes around Ripple expanding at the same time into unlisted stakes and token products. After C1 Fund added Ripple at a higher weighting than Kraken, institutions are using Ripple shares and XRP ETFs as separate channels of exposure.