C1 Fund Inc. · NYSE:CFND
C1 Fund — Investor Presentation (October 2026)
15 slides from C1 Fund's investor presentation, October 2026
Slide 1: Own What Crypto Runs On.
OWN WHAT CRYPTO RUNS ON. Eleven digital finance companies. Ten private. One way into all of them: C1 Fund. Exchange, liquidity & Developer infrastructure & Custody, security & Settlement & payments markets networks compliance Kraken Ripple Alchemy Fireblocks Blockchain.com Uphold ConsenSys Chainalys
Slide 2: One ticker. Ten private companies.
One ticker. Ten private companies. Four layers of digital finance. Every institution entering the asset class has to trade it, settle it, build on it and hold it safely. C1 Fund owns companies in all four. Exchange, liquidity Settlement Developer infrastructure Custody, security & markets & payments
Slide 3: Access to all eleven companies through one ticker.
Access to all eleven companies through one ticker. Buying into any one of them privately takes an accredited-investor account, six-figure minimums and a relationship with a secondary desk. Venture funds What it normally takes Ten-year lock-ups, capital calls, $250,000 Private route CFND minimums at
Slide 4: Forget Unicorns. Find the Decacorns.
Forget Unicorns. Find the Decacorns. These are the portfolio companies' own reported valuations, not C1 Fund's. The Fund began investing after its August 2025 IPO. C1 Fund's own portfolio: $41,347,848 invested, carried at $33,067,058 at June 30, 2026, or 80% of cost. Latest reported Early round Incr
Slide 5: Much of the value is created before the IPO.
Much of the value is created before the IPO. Ripple's own reported valuation went from $10 billion in 2019 to $40 billion in November 2025. C1 Fund first invested in Ripple in October 2025. Ripple, reported valuation at each financing Private market Public market What C1 Fund did with it $40B In Apr
Slide 6: The shares trade 51% less than net asset value.
The shares trade 51% less than net asset value. C1 Fund reported net asset value of $6.49 per share at June 30, 2026. The shares closed at $3.18 on September 11, 2026. Reported net asset value per share $6.49 51% $3.18 $3.31 less than reported net asset value What you pay The difference Net asset va
Slide 7: C1 Fund is now covered by sell-side research.
C1 Fund is now covered by sell-side research. StoneX Financial initiated coverage of C1 Fund on September 2, 2026. Its ratings, price targets and estimates are that firm's own opinions, not the Fund's. StoneX Financial Mark Palmer September 2, 2026 Research firm Analyst Coverage initiated C1 Fund do
Slide 8: The Company is buying below net asset value too.
The Company is buying below net asset value too. When C1 Fund buys its own shares below net asset value and cancels them, every remaining shareholder's slice of the portfolio gets bigger. 249,300 $3.31 $6.49 shares repurchased average price paid net asset value and retired per share per share Buy sh
Slide 9: The cash has already started coming back.
The cash has already started coming back. The knock on private portfolios is that nothing ever becomes money. C1 Fund's already has, and there are more ways out than an IPO. Multiple paths to liquidity Company buybacks Public listings Secondary sales Proven: Ripple, April 2026 BitGo listed January 2
Slide 10: The marks went down. The businesses went up.
The marks went down. The businesses went up. Secondary pricing for private crypto weakened last quarter and C1 Fund marked its book to it. Inside those marks, the companies kept growing. Kraken $508M +17% Ripple $2.4B +234% Q2 2026 adjusted revenue RLUSD stablecoin in circulation Revenue grew for a
Slide 11: Wall Street already runs on them.
Wall Street already runs on them. Leading financial institutions already use, partner with or have invested in companies across C1 Fund's portfolio. Staking validator for BlackRock's staked-Ethereum ETF and for Morgan Stanley Investment Figment Management. Fireblocks Selected by Western Union to pow
Slide 12: Own What Crypto Runs On.
Company C1 Fund Inc. www.c1fund.com [email protected] 3000 El Camino Real, Bldg. #4 NYSE: CFND Palo Alto, California 94306 OWN WHAT Investor Relations CRYPTO RUNS ON. Chris Tyson Executive Vice President, MZ Group (949) 491-8235 [email protected] 12
Slide 13: C1 Fund schedule of investments, June 30, 2026.
C1 Fund schedule of investments, June 30, 2026. Company Security Geography Cost Fair value % net assets Exchange, liquidity & markets Payward, Inc. (Kraken) Common & preferred United States $10,192,643 $7,211,957 16.92% Blockchain.com Group Holdings, Inc. Common Cayman Islands $2,550,000 $2,500,000
Slide 14: Cost against fair value, position by position.
Cost against fair value, position by position. Cost and fair value for each position at June 30, 2026. The Fund's private holdings are valued in good faith using recent observable transactions in each company's shares. Cost and fair value Fair value Carried at % of cost Ripple $7.5M 68% Kraken $7.2M
Slide 15: Important information.
Important information. General Forward-looking statements This presentation has been prepared by C1 Fund Inc. (“C1 Fund,” “CFND” or the “Fund”), a NYSE- Statements that are not historical fact, including statements about portfolio company prospects, listed, non-diversified, registered closed-end man