C1 Fund Inc. (CFND) Q4 2025 Earnings Call Transcript

When we start this, I will be off video, right? So can I just keep your video off?

Yep, you can just keep your video off however you see fit. For now, feel free to leave it on, leave it off, whatever you would like to do. I'll also turn my camera on. Welcome in. It's exciting.

Yes, and can you hear me clearly?

Loud and clear, I can hear you. Let me start this.

I will be off video, right? so yes you can keep your video keep your video off however you see fit for now feel free so uh jack you're running through the slides right i don't believe we have jack in yet yeah these guys they're they're they're joining shortly i've already been in communication so so larry i'm just going to read the script and i don't have you're just going to do the slides based on the script right I don't have to keep track of the slides is that right that is correct yes so I don't know who's sharing the slides now but Jack is the

one who's gonna be sharing the slides okay no worries correct open exchange yes that's correct we are having Sophie right now just test slides just in case anything happens on your guys's end we do have a backup slide sharing operator um just to jump in whenever okay um cassie um when we read out the disclaimer um can somebody read that out right now because there was quite a few emails that were going back and forth between our team and i'm not quite sure how much detail we have agreed to go in on the disclaimer 100 katherine if you would like to um read we're just we can have katherine read the moderator intro real quick. Sure. Yeah. Just from start to where we would pass it off.

Okay, here we go. Good morning, ladies and gentlemen, and welcome to C1 Fund's Q4 Earnings Call 2025. Please note that this call is being recorded and will also be available for replay purposes. Following the conversation, we will answer any questions that have been submitted through the Ask a Question tab on the top right hand of your screen. This call may include forward looking statements about the expected investment activities of C1 Fund. These statements provide no assurance as to C1 Fund's actual investment activities or results. Listeners must make their own assessment of the information contained herein and consider such other factors as they may deem relevant to their individual circumstances. At this time I would like to introduce your hosts for today's call. C1 Fund's co-founder and chief executive officer Dr Najam Kidway and chief Investment Officer Elliot Han. Today's presentation will discuss CFND's company and portfolio overview, 2025 and subsequent events highlights, financial highlights, path forward, and we'll wrap up with a question and answer segment. I would now like to hand the call over to Dr Najam Kidway. Please go ahead, sir.

Thank you, Operator, and good morning, everyone. Thank you for joining us today to discuss the results of our fourth quarter and full year ended 31st of December 2025, covering the period from our inception on 7th of August 2025 through year-end. Is that clear to everyone?

Crystal clear.

Okay, fantastic. All right, great. So then I think we're all good. On the Q&A, are you going to read out the question? And then Elliot, I will answer question number one and two, so this is Nudge. And then Elliot will answer question three, four, and five.

So for the operator how will you introduce those questions i have a little bit of a script introduction that says we will now begin the q a section of this call please submit your questions by clicking the ask a question tab and then i will just go through them one by one not saying any names our first question is and then now that year end is around a 50 discount how do you plan to close that gap in the near term and we'll just move through them like that fantastic great catherine quick question here do you have the version of the script um for slide four uh that says today's presentation will discuss cfmd's company and portfolio overview uh just that little blurb

okay yes i do have that bit on my script yeah so just and just to clarify i will be sharing my powerpoint and turning the slides correct yes yep we were just testing the slides on our backup end um so if we go ahead and do that down yeah okay perfect and then myra we could also just make see if these are coming through on the preview real quick as well um i just want to make sure everything looks great here yeah let me move my zoom to this other screen just so sorry naj go ahead no no i was just saying jack if you want to run through the slides uh from your machine then

you know we know that yeah yeah doing that right now um okay see a quick question from my end once a question is read does it move out of the um backend yeah so once a question is read we can go ahead and click mark as answer how many people do we have registered cheryl i know 14 yeah one full does that include us or is that 14 completely independent yeah it's it's um it's got folks from uh stonex and then yeah some of our investors as well okay yeah perfect and then jack if you could just click through the slide deck real quick i would like to see how it looks like on our, um, streaming platform.

Yes, ma'am. And that is the last slide right here. Any issues and everything look good?

No, it all looks great. Perfect. Thank you so much.

Yes, ma'am.

And then also Jack, one more thing. Um, when we do head into the Q and a portion, you could just leave your slides up the whole time. Um, especially on that last slide until we're ready to end just leave them up until our operator myra will come on and just give you the all clear here and then you can take them down okay yes ma'am cassie do we normally start bang on at uh 10 a.m eastern or do we wait a couple of minutes um it's honestly whatever your preference is you can start at one minute after just to give everybody more time to kind of log in get registered for the event um however you see fit i think i think you're probably best to do a minute a minute late uh so uh let's plan then to start at 1001 oh um that makes sense yeah perfect that's we

generally do that for for all of our calls and webcasts not you may want to change your profile pic since this is off video it just shows what is in there that's the Nasdaq background every time you speak it shows the Nasdaq picture so Oh, what do I do there?

Your profile picture won't be shown on the stream, only to the people in this room. The only thing the people will see in the stream is just going to be the slides.

Okay, I was going to say we could take it from this room, but that's okay.

No, no, that's okay then. So I don't need to change it then, right?

No, no need.

Okay, great.

Is Elliot, is he popped in? Not yet. um it's obviously early for him but yeah yeah i hope yeah uh otherwise there's going to be a lot of reading and and worst case scenario um are we comfortable adjusting the the operator scripts on the fly if elliot yeah i mean i'll just carry on reading right so yeah but just just for the operator's sake so if elliot does not hop on just just uh if you could not introduce him yeah of course and just say dr nage yeah no problem i mean i spoke to him before he went to bed so

unless something unfortunate has happened i expect him to be on the sports uh just drop a note.

Is he in California?

Yeah.

Okay.

Okay. I mean, he's reading my messages, so I'm assuming then he'll be jumping offshore.

Okay, perfect.

Good morning, ladies and gentlemen, and welcome to C1 Fund's Q4 Earnings Call 2025. Please note that this call is being recorded and will also be available for replay purposes. Following the conversation, we will answer any questions that have been submitted through the Ask a Question tab on the top right hand of your screen. This call may include forward-looking statements about the expected investment activities of C1 Fund. These statements provide no assurance as to C1 Fund's actual investment activities or results. Listeners must make their own assessment of the information contained herein and consider such other factors as they may deem relevant to their individual circumstances. At this time, I would like to introduce your hosts for today's call, C1 Funds Co-Founder and Chief Executive Officer, Dr Najam Kidwai, and Chief Investment Officer, Elliot Hahn. Today's presentation will discuss CFND's company and portfolio overview, 2025 and subsequent events highlights, financial highlights, path forward, and we'll wrap up with a question and answer segment. I would now like to hand the call over to Dr. Najam Kidwai. Please go ahead, sir.

Thank you, Operator, and good morning, everyone. Thank you for joining us today to discuss the results of our fourth quarter and full year ended December 31st, 2025, covering the period from our inception on the 7th of August, 2025, through year end. Before reviewing the highlights, I'd like to take a moment to introduce C1 Fund for those who are new to our story C1 Fund is an NYSE-listed closed-ended fund that provides public market investors with exposure to equity ownership in the world's leading late-stage digital asset infrastructure and service companies. The investment opportunity we offer addresses a structural gap in the market. These private companies are too late-stage for early-stage venture capital, private for traditional public market investors and mutual funds rarely hold concentrated pre-ipo positions cfnd was purpose built to bridge that gap and provide public market access to this asset class we raised 60 million in gross proceeds at our august 2025 ipo and have approximately 6.7 million shares outstanding, a reported NAV per share of 781 as of December 31st, 2025. As of today, we hold positions in 11 private digital asset companies. We added four companies to the portfolio subsequent to the fourth quarter, with those being BitGo, Fireblocks, Uphold, and Blocker ties, better known as Polymarket. Elliot will go over our portfolio and financials in more detail shortly. Our first two quarters as a public fund were defined by execution. We moved quickly from IPO to signed agreements, built a high-conviction portfolio across the key areas of digital asset infrastructure, and have already begun to generate early liquidity events from the portfolio. Specifically, since our August 7th, 2025 listing on the New York Stock Exchange through December 31st, 2025, we deployed $30.5 million in seven late-stage digital asset infrastructure companies, representing approximately 58.4% of our $52.1 million in net assets. Kraken, one of our portfolio companies, filed a confidential submission for initial public offering with the SEC during the fourth quarter of 2025, and Blockchain.com is said to be targeting a potential 2026 listing in addition to other potential offerings in the near future. Following year-end, we have continued that momentum. As of today's call, we have invested an additional 10.5 million in four companies including Bitgo, Fireblocks, Uphold and Polymarket, bringing our total number of portfolio companies we have invested into to the number 11. We have today invested $41.4 million. In early January, we purchased $2.2 million of a Series B 1 preferred shares in BitGo. Our shares are subject to a 6-month lock-up through July 21, 2026. On January 29, 2026, our Board of Directors approved a stock buyback program authorizing management to proceed at its discretion members of our board of directors and senior leadership team also made open market share purchases during december 2025 reflecting insider alignment and long-term confidence in the fund strategy with that i would like to pass the call to our cio elliot to walk through the opportunity we see for shareholders our portfolio in detail, and our financial results. Elliot.

Thank you, Naj. I want to take a moment on what we view as one of the most important slides in the deck, the gap between the price and the value. We listed at $10 per share in August 2025. As of December 31st, 2025, our NAV per share was $7.81. And based on our share price as of May 13, 2026, of approximately $3.34, our shares are trading at roughly a 57% discount to NAV. The key point we want to communicate is that this discount is not driven by NAV deterioration. It reflects the limited public awareness that often follows a newly listed closed-end fund. Closing that gap is one of our core priorities. And as I'll discuss in a moment, it is one of the most actionable opportunities for our shareholders. I want to spend a moment on how we think about value creation for our shareholders. This framework guides everything we do at C1 Fund. Our investment thesis rests on three values, three drivers of value, each of which we are actively executing against. The first is NAV growth. We expect NAV per share to compound over time as our private portfolio companies raise additional capital and higher valuations, grow revenue and earnings into higher market multiples, benefit from continued expansion of digital asset adoption, and re-rate against the broader sector as regulatory clarity continues to improve. The second is closing the discount between our market price and our underlying NAV. Our board approved share buyback program, our audited annual NAV, our expanding analyst and media coverage, and our proactive investor outreach program are all designed to narrow that gap. The third driver is exit events. The Bitco IPO in January and the partial ripple divestiture in April are the first two realized liquidity events, and we have several additional portfolio companies, including Kraken, pursuing an IPO with timing subject to market conditions. We also believe that blockchain.com, Chainalysis, Consensus, and Uphold represent strong public market candidates over the coming quarters. Management is focused on executing on all three drivers, compounding NAV, closing the discount, and realizing exits. Turning to our portfolio, by year-end, we have built positions in seven private digital asset infrastructure companies, and we have since added four more positions during the first quarter of 2026, bringing our total portfolio to 11 companies. Within that portfolio, our positions spanned the most strategically important segments of the digital asset infrastructure stack. I'd like to give a quick overview of the 11 companies we have in our portfolio as of today's call. So the first is Kraken. It's a leading global crypto exchange and filed a confidential S1 with the SEC in Q4 of 2025, positioning it as a potential IPO candidate. The next is BitGo. It's an institutional digital asset custody leader. And as mentioned before, it completed its IPO on January 22nd, 2026. Ripple is a blockchain-based payment, custody, and stablecoin infrastructure company serving financial institutions. They had a March 2026 share buyback, and XRP, Ripple's crypto asset that facilitates payments on their network, now has several ETFs giving investors access to Ripple's crypto asset. The next is Fireblocks. It's an institutional infrastructure leader that provides an all-in-one platform for custody, wallet, and transaction technology for instructions operating in blockchain and cryptocurrency markets. Chainalysis is a leading blockchain intelligence and analytics platform used for investigations, compliance, risk monitoring, and digital asset security by governments, law enforcement agencies, and financial institutions. ConsenSys is a core Web3 infrastructure company with a portfolio of products and services that power activity across the Ethereum ecosystem. The next is Alchemy. Alchemy provides Web3 developers infrastructure, tools, and services that power approximately 70% of the top decentralized applications. We also have Blockchain.com. It's a global exchange and wallet platform and is said to be targeting a potential 2026 listing. Figment is a leading institutional staking and infrastructure provider that enables clients to earn staking awards across proof-of-stake blockchain platforms through secure, non-consodial infrastructure. We also have Uphold in the portfolio. It's a global digital money platform that enables users to buy, hold, convert, and transact across digital assets, currencies, and other supported assets. The last in our portfolio is Blockvertise, which is better known as Polymarket. It operates an information markets platform that allows users to trade on the outcomes of real-world events, creating market-based signals around politics, economics, crypto, sports, and other current events. So now turning to our schedule of investments as of December 31st, 2025. We held common stock positions in Alchemy Insights at a $2.5 million fair value. blockchain.com at 2.5 million as well chain analysis at 2 million consensus software at 1.5 million figment at 2 million and kraken common shares at 2.5 million we also held preferred share positions in Kraken at $7.5 million and Ripple Labs at $10 million respectively. So in aggregate, total investments at fair value were $30.5 million representing approximately 58.4% of December 31st 2025 net assets with cash and cash equivalents of $22.6 million. All portfolio investments are classified as level three under the fair value hierarchy with valuations based on recent transaction pricing and significant unobservable inputs. Moving on to liquidity events, as mentioned previously, we've generated two realized liquidity events since our IPO and believe that we have several additional portfolio companies on a public markets path. The first event was Bitco's IPO, which was completed on January 22nd, 2026. As a reminder, our shares are subject to a six-month post-IPO lockup through July 21st, 2026. We are likely to decide how to maximize investor returns at that point. On April 20th, 2026, we announced the partial divestiture of our investment at Ripple of $422,100, generating an approximate 150% return in less than four months. The fund maintains continued exposure to Ripple following the partial divestiture. Looking ahead at our pending IPO runway and subject to market conditions, Kraken filed in Confidential S1 in November 2025, reported record Q3 2025 revenue of $648 million and may be in a second half 2026 IPO candidate. Chainalysis is another potential 2026 IPO candidate, and Blockchain.com is also set to be targeting a potential 2026 listing. Before I dive into the financial results, I'd like to quickly summarize our Q1 2026 and subsequent events. First, as I mentioned, we purchased 2.2 million of Series B1 preferred shares in BitGo in early 2026. And BitGo completed its IPO on January 22nd, 2026. Our shares are subject to a six-month post-IPL lockup through July 21st, 2026. Second, since January 1st, we deployed an additional $10.5 million across BitGo, as mentioned, Fireblocks, Uphold, and Polymarket. Total invested capital since inception has now reached approximately $41.4 million as of May 7th, 2026. Third, on January 29th, 2026, our board of directors approved the stock buyback program and authorized management to proceed at its discretion. We view this program as an important tool for narrowing the discount between our market price and our NAV. Fourth, on April 20th this year, we announced the partial divestiture of our Ripple position, generating an approximate 150% return in less than four months. With that overview, I will quickly run through our financials since our inception. So turning to our statement of assets and liabilities, as of December 31st, 2025, total assets stood at $53.2 million, comprised of $30.5 million in investments at fair value and $22.6 million in cash and cash equivalents. We have total liabilities of $1.2 million resulted in net assets of approximately $52 million or $7.81 per share on approximately 6.7 million shares outstanding. On our financial highlights for the period from inception on August 7th through December 31st, 2025, we generated $695,000 in interest income against total operating expenses of $1.6 million, resulting in a net investment loss of approximately $952,000. Combined with $406,000 of net unrealized depreciation, our net decrease from operations was $1.4 million. Separately, we incurred $6.7 million in one-time IPO expenses, which comprised of $1.9 million in offering costs and $4.8 million in underwriters fees. I want to emphasize that these costs are non-reoccurring and reflect the heightened SEC review process for a crypto-focused fund and are not representative of our ongoing expense base going forward. I will now turn the call back over to Naj before we begin taking questions. Thank you.

Thank you, Elliot. In conclusion, we believe C1 Fund offers a rare opportunity for public market investors to access a dollar of high quality private digital assets for approximately 43 cents. Our shares trade at an approximately 57% discount to our year-end NAV of $781 per share, providing a built-in margin of safety with multiple paths to NAV realisation. Through CFND, investors gain access to pre-IPO digital asset infrastructure leaders that are otherwise unavailable in the public markets. As we mentioned earlier in the call, several of those portfolio companies are pursuing IPOs in 26-27, and any one of those Xs unlocks NAV realization for our shareholders. We also believe the macro backdrop is becoming increasingly favorable, driven by improving regulatory clarity, broader institutional participation, the convergence of AI and blockchain infrastructure, and the growing pipeline of potential liquidity events across the sector. Combined with BitGo's IPO, our recent Ripple liquidity event, the open market insider purchases by our board and senior leadership, and our share repurchase program, we believe that C1 Fund offers investors a differentiated way to participate in private market upside with multiple potential catalysts on the horizon. We look forward to sharing upcoming milestones in the weeks and months ahead. Before we open up the call for questions, I want to leave you with one final thought on why we believe the current discount is poised to narrow. To illustrate this point, consider Destiny Tech 100, ticker DXYZ, which is another NYSE-listed fund that provides public market investors with access to late-stage private companies. Through its first roughly six quarters as a public fund, DXYZ traded at a meaningful discount to its NAV. As its private portfolio companies were marked up over time, the fund re-rated significantly. Today, DXYZ trades at approximately 163% premium to NAV at $52.54 per share against a NAV of $19.97. Whilst past performance is not indicative of future results, and this comparison is for illustrative purposes only, we believe CF&D today sits in an early phase. Our closing price yesterday of $334, meaning we traded a 50% discount to NAV with multiple liquidity catalysts already in motion across Ripple, Kraken, Blockchain.com, BitGo and Polymarket, we believe discipline the execution against our three drivers of value, compounding NAV, narrowing the discount and realising exits provides a compelling path forward for our shareholders. With that, we will now open up the call for questions. Operator.

We will now begin the Q&A section of this call.

Please submit your questions by clicking the ask a question tab. our first question is nav at year end is around a 50 discount how do you plan to close that gap in the near term we plan to do that with the year and nav of 781 per share against the current market price of around 334 we believe the market material materially undervalues our portfolio and and creates a rare opportunity for public market investors to access high quality private digital asset companies at a significant discount. We are addressing the discount on four parallel tracks, continued liquidity events that mark portfolio value to actual cash, the share repurchase authorization the board approved in January, a consistent and transparent reporting cadence and sustained engagement with the investor community. I would also like to point to a meaningful insider signal. Members of our board and senior leadership team purchased shares on the open market in December 2025 and plan to do again shortly, which we believe reflects alignment and long-term confidence in the strategy. On the structural context, closed-entered funds often trade at discounts in their first 12 to 24 months as price discovery matures, particularly in less familiar sectors. Our conviction is that disciplined execution and consistent reporting produce long-term convergence between price and NAV. Specific milestones to watch over the next two to three quarters, subsequent NAV updates, additional portfolio company additions consistent with our infrastructure thesis any further liquidity events and disclosed activity under our repurchase authorization we treat the discount as something we close through performance disciplined execution capital return and demonstrated realizations next question the next question is the board authorized a three million dollar share repurchase program back in January.

Does management intend to act on that authorization and what conditions need to be in place before you start buying?

That's a great question. Yes, the board did authorize the program in January precisely to give us the flexibility to deploy capital towards narrowing the discount when conditions support it. And at the level of the fund currently trades, that authorization is increasingly attractive. Our current intention is to begin executing on the repurchase authorization in June. The conditions we are working through are the standard ones, clearing the post-earnings blackout window, putting an appropriate trading framework in place to govern the repurchase activity, and confirming our liquidity position relative to ongoing capital commitments. We view buybacks and the new portfolio deployments as complementary rather than competing uses of capital. With approximately 12 million in dry powder today, we believe we can continue to fund selective new investments while also returning capital through the repurchase program. We intend to be transparent about activity under the program as it gets underway consistent with our disclosure requirements our intention is to begin executing on this program in june once those windows are open and as of today's discount returning capital through buybacks is an attractive use of that dry powder to narrow the nav discount thank you next question our next question is destiny tech 100 trades at roughly a 50 premium to nav despite no realized exits to date how do you think about that disconnect and what gets c1 to a comparable premium i i can take that question i i think here i think the starting point is the disconnect

um that was just asked about it so destiny it hasn't produced a single realized exit yet but it does have some marquee positions that are still entirely private um there has not necessarily been a demonstrated path to liquidity um but yet the market's still paying a roughly 50 plus to premium to nav just for having that explosion now i think you know you got to think about c1 fund we've we've produced two realized liquidity events already in in the first nine months of us being a public fund you know the big oil ipo we talked about in january the partial uh ripple realization which was at 150% return. And that was all under four months, right? But yet we still are trading at a deep discount. So I know that's something that we here are finding difficult to reconcile just on the fundamentals alone, right? So with Destiny, what they've done is that they've done, they've built up strong retail awareness around these marquee household names. And that we believe translates into the premium it currently carries. you know and we respect that that's a valid strategy but i think in our mind there are three big structural uh differences in how the two funds are considered here i mean first i think is the realized versus unrealized and and we discussed that is that you know we've already at c1 fund we've converted our portfolio value into actual cash here now twice and that was under nine months right destiny has not um i think second and this is a very important factor is that we are purpose built for a single sector right that's digital asset infrastructure um and you know we're focused on the late stage regulated businesses that that are actually generating real revenue in these markets um and that are slowly and quickly convert slowly working towards converging um with the public capital markets right destiny is is a broader thematic basket right and and those valuation marks are simply inherently going to be more speculative as they go across a variety of different sectors. And I think the third structural construct here is that our deployment has been very active and disciplined here. Since IPO, we've signed seven post-IPO investment agreements in Q4. And we deploy that capital very quickly. And as of today, we're now in 11 of the leading digital asset companies. We're retaining approximately 12 million-ish in dry powder right now for additional opportunistic deployment, which we're actively working on. So we think the path to earning a similar scarcity premium that Destiny has is in the demonstrated returns and the visibility. And the visibility is going to come through these continued liquidity events. And we've had two so far, reporting like this from a transparency point of view, and I think most importantly, the sustained investor engagement. Back to you, operator.

Thank you. Next question is, can you provide more details on the Ripple divestiture? Is the realized gain reflected in the NAV?

I can take that question as well. So I think, as we mentioned in our presentation, on April 20th of this year, we announced a small partial divestiture of that investment in Ripple. And that yielded about $422K in proceeds for us. And that's an approximate 150% return, gross return in less than four months. And that transaction was executed in connection with the Ripple-led share buyback, which was done at a roughly 50 billion dollar valuation uh and on top of that uh c1 we continue to maintain uh exposure to ripple uh even after that partial sale now i think to to address the second part of that question about realized nav so the realized gain is not reflected in the december 31st 2025 nav right of 781. The Ripple transaction, it occurred in April, 2026. So in Q2, and we've reported it as a subsequent event here. So the economic benefit will be captured in our next reported now. That's the first thing. I think the other thing I want to mention is that even with this partial divestiture, our thesis in Ripple still remains fully intact. There's a lot of great news around the company it has is now an xrp etf which has been approved it's still uh continuing to scale its blockchain-based payments custody and stablecoin infrastructure franchise um and it's you know serving financial institutions globally in fact we've actually uh increased our position in ripple um as part of that 10.5 million of uh post year end deployments so i think what this transaction reinforces here, it's an important point about how we manage the portfolio. We're not simply a buy and hold vehicle waiting slowly for IPOs for liquidity here. Where we see opportunities to realize attractive returns, whether it's through secondary transactions, tender offers like in this situation, I'm sorry, company-led buybacks in this situation, you know, we will act on them and we're going to still preserve our core exposure where it makes sense so i think the the key point here is that the realized return it validates basically our sourcing discipline right a 150 gross return in under four months i think reflects the quality of our entry point and also the underlining franchise here that we're building um not only with ripple but other the other companies in our portfolio back to you operator thank you and our

Our final question for today is how many more exits or liquidity events are we likely to see this year?

I can take this one as well. I think I think we're going to see multiple. Well, we're already seeing multiple potential paths to liquidity over the remainder of this year. Obviously, timing is going to be subject to market conditions and the actual decisions of the underlying portfolio companies. You know, we obviously had the most visible item, it wasn't BitGo, right? We hold 2.2 million shares in their Series B1 preferred, which we acquired in early 2026. Now, BitGo has already completed its IPO on January 22nd, and our shares will come off of lockup on July 21st. So at that point, we're going to evaluate what's the, I guess, the optimal action at that point to maximize value for the shareholders. If you look across our pipeline, we got good visibility on Kraken. It's already filed a confidential S1 with the SEC last November. It's already reported record Q3 2025 revenue, and that's $648 million. You know, we view this as a potential second half 2026 IPO candidate, again, subject to market conditions. We know that blockchain.com has been in the press over the last few months about exploring a 2026 IPO listing here. Again, that's also subject to market conditions. And the exact timing of that remains unknown, but we're actively following that. And also the other companies that are probably closer to a potential exit are Chainalysis, Uphold, ConsenSys, and potentially even Polymarket, who we all know are regarded and being talked about as near-term IPO candidates. So we think we have a healthy list of additional public market candidates that are sitting in our portfolio at the moment. The other, I think, point I want to emphasize is that even beyond these IPOs, our Ripple realization is a useful template here. You know, we do expect, you know, depending on if the IPO market isn't necessarily open for a lot of these companies, you know, we expect there's going to be a lot more secondary transactions, buybacks, tender offers. And that's going to potentially provide us, like it did with Ripple, these intermittent, I guess, realization opportunities that are going to be completely independent of IPO timing. So I think as a general principle here, what we're trying to do at C1, we're not trying to peg our shareholder returns to a single exit. You know, we have 11 companies and expands the broad range of digital asset infrastructure from custody to exchanges, payments, analytics, and so forth. So what we're doing is we're building a portfolio of multiple potential catalysts. So we're not confined to one particular subsector. Obviously, we can't predict exact timing, but we think given the runway of activity in front of us, it's going to be a lot more visible right now than at any other point since our IPO.

Thank you. I would now like to turn the call back over to Dr. Kidwai for his closing remarks.

Thank you, Operator. Thank you all for joining us for today's call. And thank you to our shareholders, our advisors and our portfolio company partners for the trust that you have placed in C1 Fund. We are proud to serve as the bridge between public market investors and the leading private companies powering the digital asset economy. And C1 Fund continues to be well positioned for long-term value creation. If we were unable to answer any of your questions today, please reach out to our firm, MZ Group, who would be more than happy to assist. Thank you for your time today. And this concludes the call.

This concludes C1 Fund Q4 2025 annual results. If you have any further questions, please send an email to investors at c1fund.com. Thank you for your participation. You may now disconnect.