C1 Fund Inc 2025年度报告

FORMN-CSR CERTIFIED SHAREHOLDER REPORTOF REGISTERED MANAGEMENTINVESTMENT COMPANY Investment Company Act File Number 811-23460 C1 Fund,Inc.(Exact name of registrant as specified in charter) 228 Hamilton Avenue, Third FloorPalo Alto Ca 94301(Address of Principal Executive Offices) 3000 El Camino Real Building 4Palo Alto Ca 94306(Name and address of agent for service) Registrant’s Telephone Number, including Area Code: (650) 374-7800 Date of fiscal year end: December31 Date of reporting period: August6 – December31, 2025 Item 1. Report to Shareholders. (a) C1 Fund Manager’s StatementPerformanceSchedule of InvestmentsStatement of Assets and LiabilitiesStatement of OperationsStatements of Changes in Net AssetsStatement of Cash FlowsFinancial HighlightsNotes to Financial StatementsReport of Independent Registered Public Accounting FirmBoard of Directors and Executive OfficersAdditional Information and Privacy PolicyApproval of Advisory Agreement 123567891019202325 As of December 31, 2025 (Unaudited) Dear Shareholders: On August 7, 2025, C1 Fund became the first exchange-listed fund focused on digital asset services and technology companies, listed on the NewYork Stock Exchange (NYSE: CFND). From our initial public offering through December 31, 2025, the Company deployed approximately 57% of its ~$53.3 million in total assets acrossseven portfolio companies. Our strategy is focused on investing in larger, late-stage private companies operating in digital asset infrastructure andservices. Investments are selected from a defined universe of leading companies (the “C1 30”), based on availability in secondary markets andexpected return potential. As a non- diversified, registered investment company (RIC) under the U.S. Securities and Exchange Commission (SEC), the Company invests atleast 80% of its assets in this sector, with individual positions typically representing 5% or less of total assets. As of year-end, the portfolio had higherexposure to two positions: Ripple Labs Inc. (18%) and Payward, Inc. (dba Kraken) (18%), reflecting the Company’s concentration on select marketleaders. During the period, several portfolio companies progressed toward potential liquidity events. Kraken and Blockchain.com have confidentially filed forinitial public offerings. In January 2026, BitGo, Inc. completed its initial public offering (see subsequent events). The Company seeks to realize returns through IPOs, mergers and acquisitions and secondary market sales. In most cases, the company’s investmentsare subject to customary post-IPO lock-up periods, typically six months, as well as transfer restrictions governed by issuers and market conditions. Portfolio valuations as of December 31, 2025 were determined in accordance with ASC 820 using multiple market-based inputs. Valuations reflectbroader sector conditions, including volatility in Bitcoin during the year. Variability in market conditions is expected to continue. While the Company’s market price has, at times, traded below its net asset value, this reflects broader market conditions, limited trading volume andthe early stage of the Company’s development rather than changes in underlying portfolio performance. The Company remains focused ondisciplined capital deployment and building long-term value through its portfolio of leading private digital asset companies. At the same time, structural developments continue across the industry, including regulatory progress in the United States and internationally andincreasing institutional participation. These trends support the long-term development of digital asset infrastructure and services. The Company believes “it’s still early” in the industry’s growth cycle. The Company’s focus is to build a portfolio of leading private companiespositioned to benefit from long-term adoption of digital financial infrastructure. Thank you for your continued support. Dr. Najam KidwaiCo-founder, Chief Executive OfficerC1 Fund Inc. (NYSE: CFND) Annual Report | As of December 31, 2025 Past performance is not indicative of future results. The investment return and principal value of an investment will fluctuate. An investor’s shareswhen repurchased, may be worth more or less than the original cost. The Nasdaq-100 Total Return Index (XNDX) measures the performance—including price appreciation and reinvested dividends—of the 100 largest non-financial companies listed on the Nasdaq stock exchange. It is amodified capitalization-weighted index dominated by technology, consumer services, and healthcare stocks. C1 Fund Inc.Schedule of InvestmentsDecember 31, 2025 (a)Investments have no redemption provisions, are issued in private placement transactions and are restricted as to resale. Total fair value ofrestricted securities amounts to $30,483,151, which represents approximately 58.57% of the Company's net assets as of December 31, 2025.(b)As a result of the use of significant unobservable inputs to determine fair value, these inv