China Renaissance Acts as Sole Asian Underwriter for C1 Fund's $60 Million NYSE Debut

The IPO structure, which lists LP shares, is designed to address exit uncertainties in Web3’s primary market investments, while linking the sector’s growth opportunities with U.S. market liquidity.

TMTPOST -- China Renaissance served the sole Asian underwriter for the New York Stock Exchange listing of C1 Fund (CFND), the first closed-end fund in the Web3 sector focused on primary market investments, marking a milestone in the convergence of traditional finance and digital assets.

California-based C1 Fund raised $60 million in its initial public offering, selling six million shares at $10 each. At least 80% of its assets will be invested in equity and equity-linked securities of companies engaged in Web3 and digital asset services and technology, targeting a portfolio of 30 industry-leading firms worldwide.

The fund’s leadership includes industry veterans such as Michael Lempres, former chief legal and policy officer at Coinbase (chairman); Najam Kidwai, fintech and digital asset investor (CEO); Michael Zhao, CEO of Klickl (vice chairman); and Elliot Han, a former Goldman Sachs and NYSE executive (CIO). C1 Fund aims to deliver above-market returns through active management of a concentrated portfolio of top-tier digital asset and technology companies.

The IPO structure, which lists LP shares, is designed to address exit uncertainties in Web3’s primary market investments, while allowing China's fast-growing Web3 sector to tap into the U.S. stock market.

China Renaissance leveraged its cross-border deal execution capabilities, institutional investor network, and industry ecosystem to connect C1 Fund with high-profile backers including Vision Knight Capital. “This partnership reflects deep alignment in our focus on top-tier digital asset leaders and our commitment to regulatory compliance,” said Wu Jiang, president of China Renaissance International. “It’s a landmark case in the new economy space, built on trust, shared vision, and strong execution.”

The deal comes as China Renaissance accelerates its push into Web3 and digital assets, part of its “2.0 era” strategy announced in June. The bank has been building infrastructure, expanding talent, and developing new business lines aimed at bridging Web2 and Web3. It plans to deepen its role as a comprehensive financial institution in the Web3 era, pursuing opportunities that merge traditional and decentralized finance.

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