C1 Fund (CFND)

The company’s strategy focuses on late-stage private businesses that provide infrastructure, services, and technology for digital assets. These may include firms involved in blockchain infrastructure, digital asset trading, custody, data, compliance, tokenization, payments, or other parts of the crypto and Web3 value chain. Rather than investing primarily in publicly traded tokens, C1 Fund seeks to participate in the equity value of companies that help support the broader ecosystem.

As a non-diversified closed-end fund, CFND can run a more concentrated portfolio than a traditional diversified fund. Its investment objective is to maximize total return, which may come from capital appreciation if portfolio companies grow, raise capital at higher valuations, or eventually pursue listings, mergers, or other liquidity events.

The fund’s distinguishing feature is its attempt to bridge private and public markets. Investors can buy and sell shares on an exchange, while the underlying holdings are expected to include private businesses that would otherwise be less accessible. That structure also carries specific risks, including valuation uncertainty, limited liquidity in the underlying portfolio, concentration risk, and exposure to the volatile digital asset sector.