Alpine Fox Capital disclosed in its Q1 2026 Type 13F submitting with the SEC that it has crypto-related holdings of greater than $125 million out of a complete portfolio of $154 million.
The Las Vegas-based fund, run by investor Mike Alfred, held 3.76 million Cipher Mining shares value $48.4 million, its largest place. One other name choice masking 100,000 shares provides $1.3 million, bringing the entire Cipher publicity to roughly $49.7 million. The fund additionally held 750,461 shares of IREN for $25.7 million.
IBIT name choice is the second largest wager
Alpine Fox has two name positions in BlackRock’s iShares Bitcoin Belief ETF, totaling roughly $45 million. One firm lined 802,200 underlying shares for $30.8 million. The opposite lined 370,000 shares for $14.2 million.
The fund additionally disclosed positions within the iShares Ethereum Belief ETF: 467,000 shares value $7.4 million and calls on 90,000 shares value $1.4 million. Between Cipher, IREN, IBIT, and ETHA, crypto-related holdings account for over 80% of their disclosed portfolios.
Non-cryptocurrency holdings have been comparatively small, with Opendoor ($7.8 million), Try Asset Administration ($6.1 million), Novo Nordisk ($6.1 million), and a number of other holdings of lower than $2 million every, together with Bakkt and BitMine Immersion Applied sciences.
Portfolio is shrinking as a substitute of rising
The portfolio decreased 18.7% from final quarter’s estimated $240 million. Cipher alone decreased 16% from $57.8 million in its 2025 fourth quarter monetary report back to $48.4 million resulting from value adjustments quite than purchases.
The submitting additionally exhibits the whole exit of seven corporations, together with Constellation Manufacturers, Diageo and Bristol-Myers Squibb. The fund had 16 belongings on the finish of the quarter, down from 20 beforehand.
As Cryptopolitan reported in February, Cipher is aggressively pivoting away from Bitcoin mining and towards high-performance computing infrastructure, looking for $2 billion in funding to construct out its AI information heart capabilities.
The corporate signed a $5.5 billion, 15-year lease with AWS in late 2025, amassing practically $8.5 billion in lease commitments associated to AI on AWS, Google, and Fluidstack.
IREN adopted the identical path, agreeing to a $9.7 billion {hardware} provide take care of Microsoft for AI cloud computing.
