Just a note, by FUM (funds under management) CPIF means all funds under management, which is currently sitting at ~740USD, not ~120USD.
In summary, your primary concern is regarding the buyback value of shares (correct me if I am are wrong), and with that the Mkt. Cap CPIF reports since it directly influences the current buyback formulae as per the contract agreement with CPIF. CPIF is open to other suggestions of buyback value calculations, bearing in mind that each share is currently backed by ~740USD / 1249 (outstanding shares) = ~0.6USD or ~0.335LTC, no more and no less. For simplicity, CPIF is willing to simplify the buyback value to this calculation, if that is what the shareholders want.
Regarding price manipulation, CPIF is open to suggestions of showing that it is not performing any such actions. Nonetheless, trust is what a lot of it comes back to and which is probably why the Mkt. Cap << FUM.
And cpif_admin are the bids around 0.233 yours?
Currently, there are two entities at play, CipherInvestments and CPIF, of which both have the same physical person administrating them. CPIF is the management company, as in it holds the funds and generates a return using the funds. CipherInvestments is (by far) the largest shareholder in CPIF, and the 1 bid at 0.233LTC was put there by CipherInvestments. As a side note, as soon as a dividend payment is done, CipherInvestments reinvests its dividend into CPIF up to the point where it can't afford a whole share anymore, and then it places a bid for a single share as high as it can.
If you have any other questions, please don't hesitate to ask