C1 Fund jumps; StoneX starts coverage at 'buy'
BUZZ-C1 Fund jumps; StoneX starts coverage at 'buy' ** Shares of C1 Fund CFND.N, a closed-end investment fund, rise 7.4% to $3.05
** StoneX initiates coverage of CFND at "buy" with PT of $6, implying a 111% premium to the stock's last close
** Brokerage says CFND provides the only means through which a public market investor can own pre-IPO digital asset infrastructure firms in a single security
** Adds the blue-chip portfolio is trading at steep discount to net asset value
** "We are aware that closed-end funds trade at discounts, and our investment framework does not assume that it will close the gap entirely within our projection period. But 57% is not a liquidity discount; it is one that prices in either disbelief in the fund’s marks or indifference from a market that has yet to understand the stock," StoneX analyst Mark Palmer says
** As of last close, CFND down 42% YTD
(Reporting by Arasu Kannagi Basil in Bengaluru)