C1 Fund Inc. · NYSE:CFND
C1 Fund — FY2025 Earnings Presentation
18 slides from C1 Fund's earnings presentation, May 14, 2026
Slide 1: Fourth Quarter & Full Year 2025 Results
NYSE: CFND C1 FUND INC. Fourth Quarter & Full Year 2025 Results For the Period August 7, 2025 (Inception) through December 31, 2025 May 14, 2026 | Financial Results & Shareholder Update c1fund.com
Slide 2: Forward-Looking Statements & Disclaimer
FORWARD-LOOKING STATEMENTS & DISCLAIMER This presentation (the “Presentation”) has been prepared by C1 Advisors LLC, a Delaware limited liability company (the “Company”), the investment adviser to C1 Fund Inc. (“C1 Fund,” “CFND” or the “Fund”) for informational purposes only and does not constitute
Slide 3: Forward-Looking Statements & Disclaimer (continued)
FORWARD-LOOKING STATEMENTS & DISCLAIMER (continued) No representation or warranty, express or implied, is or will be given by the Company of the Fund or any of its or their respective affiliates, directors, officers, employees or advisers or any other person as to the accuracy or completeness of the
Slide 4: Agenda & Speakers
AGENDA & SPEAKERS TODAY’S AGENDA TODAY’S SPEAKERS 01 Company & Portfolio Overview Dr. Najam Kidwai Co-Founder & 02 2025 & Subsequent Events Highlights Chief Executive Officer 03 Financial Highlights & Detail 04 Path Forward Elliot Han Chief Investment Officer 05 Q&A C1 Fund Inc. (NYSE: CFND) | Q4 &
Slide 5: What Is C1 Fund? The Bridge to Private Markets
WHAT IS C1 FUND? — THE BRIDGE TO PRIVATE MARKETS C1 Fund (NYSE: CFND) is a NYSE-listed closed-end fund providing public-market investors with exposure to equity ownership in the world’s leading late-stage digital asset $60M 6.67M infrastructure and services companies. Raised at IPO Shares (Aug 2025)
Slide 6: 2025 Annual Highlights
2025 ANNUAL HIGHLIGHTS As of December 31, 2025 $7.81 $52.1M $30.5M NAV per Share Net Assets Capital Deployed Completed IPO Listed on NYSE on August 7, 2025 at $10.00 per share. Raised $60 million in gross proceeds. Built a High-Conviction Portfolio Deployed $30.5M across 7 late-stage digital asset i
Slide 7: 2026 Subsequent Event Highlights
2026 SUBSEQUENT EVENT HIGHLIGHTS (through May 7) As of December 31, 2025 150% Return $10.5M $41.4M 4-Month Partial Exit on Ripple * Capital Deployed 2026 Capital Deployed Expanded a High-Conviction Portfolio Deployed an additional $10.5M across 4 additional late-stage digital asset infrastructure co
Slide 8: The Price vs. Value Gap
THE PRICE vs. VALUE GAP $10.00 $7.81 $3.34 IPO Price (Aug 2025) Last Reported NAV Current Share Price Launch price per share Q4 2025 NAV Price as of May 13, 2026| 57% discount to NAV ▼ 63% from IPO ↑ 168% to reach $10 ▼ 57% below NAV Management believes the discount is NOT driven by NAV deterioratio
Slide 9: Three Drivers of Value
THREE DRIVERS OF VALUE 01 NAV Growth 02 Discount Narrowing 03 Exit Events ● Pre-IPO fundraising marks up valuations ● Board-approved share buyback program ● BitGo IPO completed January 2026 ● Revenue growth drives higher multiples ● Audited NAV builds investor transparency ● Ripple Partial Divestitu
Slide 10: Portfolio Overview — Private Companies
PORTFOLIO OVERVIEW — 11 PRIVATE COMPANIES* Kraken BitGo Ripple Fireblocks Chainalysis ConsenSys Crypto Exchange Digital Asset Custody Cross-Border Payments Institutional Infra Blockchain Analytics Ethereum Platform Confidential S-1 Filed Q4 IPO Completed 1/22/26 XRP ETF Approved Market Leader IPO Ca
Slide 11: Schedule of Investments
SCHEDULE OF INVESTMENTS As of December 31, 2025 Company Type Geography Fair Value % Net Assets Alchemy Insights Common Stock United States $2,496,000 4.80% Blockchain.com Common Stock Cayman Islands $2,500,000 4.780% Chainalysis Common Stock United States $1,985,850 3.82% ConsenSys Software Common S
Slide 12: Liquidity Events & Portfolio IPO Runway
LIQUIDITY EVENTS & PORTFOLIO IPO RUNWAY Two realized liquidity events since IPO; additional portfolio companies on a public-markets path. REALIZED LIQUIDITY EVENTS Ripple · Partial Divestiture Announced April 2026 · ~150% Return in <4 Months at ~$50B Valuation ✓ Partial divestiture of C1 Fund’s Ripp
Slide 13: Q1 2026 Update & Subsequent Events
Q1 2026 UPDATE & SUBSEQUENT EVENTS BitGo IPO Completed Q1 & Q2 2026 Deployment Purchased $2.2M in Series B-1 Preferred shares in early Invested $10.5M across BitGo, Fireblocks, Uphold, and 1 2026. BitGo completed its IPO on January 22, 2026. C1 Fund’s shares are subject to a six-month post-IPO locku
Slide 14: Statement of Assets & Liabilities
STATEMENT OF ASSETS & LIABILITIES As of December 31, 2025 ASSETS LIABILITIES & NET ASSETS Item Amount Item Amount Investments, at fair value $30,483,151 Audit Fees Payable $525,000 Cash & Cash Equivalents $22,571,113 Advisory Fee Payable $330,120 Administration Fees Payable $75,917 Interest Receivab
Slide 15: Financial Highlights
FINANCIAL HIGHLIGHTS Period: August 7 – December 31, 2025 OPERATIONS IPO EXPENSES Item Amount Item Amount Interest Income $695,319 Offering Costs $(1,928,433) Total Expenses $(1,646,980) Underwriters’ Fees and Costs $(4,763,686) IPO Expenses (One-Time) $(6,692,119) Net Investment Loss $(951,661) Net
Slide 16: Why Now? $1 of assets for ~$0.43
WHY NOW? PRIVATE MARKET ACCESS A rare opportunity to buy ● Invest in pre-IPO digital asset infrastructure leaders unavailable elsewhere in public markets. $1 of assets DEEP DISCOUNT TO NAV ● Share price of ~$3.34 vs. NAV of $7.81 — a built-in margin of safety and upside. for ~$0.43 NEAR-TERM LIQUIDI
Slide 17: Re-Rating Precedent: NYSE-Listed Private-Tech Fund
RE-RATING PRECEDENT: NYSE-LISTED PRIVATE-TECH FUND Destiny Tech100 (NYSE: DXYZ) DXYZ NAV PER SHARE — QUARTERLY, Q1 2024 TO Q4 2025 DXYZ TODAY 163% PREMIUM to NAV Price ~$52.54 | NAV $19.97* Market cap: ~$1.15B CFND TODAY 57% DISCOUNT to NAV Price ~$3.34 | NAV $7.81 Market cap: ~$22M The takeaway: DX
Slide 18: Questions and Answers
C1 FUND INC. NYSE: CFND · Digital Asset Infrastructure · Investor Relations ABOUT C1 FUND CONTACT C1 Fund Inc. (NYSE: CFND) is a non-diversified, closed-end management Investor Relations investment company providing public-market investors with exposure to Chris Tyson late-stage digital asset servic