Key Takeaways
- • Alpine Fox Capital increased its Cipher Mining position to $57.8 million (from $48.4 million in prior filings), maintaining it as the fund's largest equity holding, while reducing IREN exposure to $28.3 million from $25.7 million.
- • The hedge fund added new positions in AI/HPC infrastructure plays TeraWulf ($1.1 million) and Strive Asset Management ($2.3 million), reflecting a strategic pivot toward cryptocurrency miners transitioning to artificial intelligence and high-performance computing infrastructure.
- • Alpine Fox holds a $41 million notional position in iShares Bitcoin Trust (IBIT) using shares and call options, though actual portfolio value representation is less than 1%, and maintains material stakes in CleanSpark and BlackRock's iShares Ethereum ETF.
- • Fund manager Mike Alfred serves as a non-executive director at IREN, which operates both bitcoin mining and a self-owned neo-cloud business line, while also joining the Bakkt board in September 2025, signaling deepening involvement in the cryptocurrency infrastructure ecosystem.
- • Alpine Fox's total disclosed portfolio value stands at approximately $154 million across 16 holdings, with cryptocurrency and blockchain-adjacent assets representing the core concentration.
Summary
Alpine Fox Capital, the Las Vegas-based hedge fund run by investor Mike Alfred, has repositioned its cryptocurrency and infrastructure holdings in recent SEC filings, reflecting a broader strategic shift toward computational infrastructure assets. The fund's largest equity position remains Cipher Mining at $57.8 million, an increase from prior quarter valuations of $48.4 million. Cipher Mining, which signed major tenant agreements in the fall with Amazon and Fluidstack, continues to anchor Alpine Fox's cryptocurrency-focused strategy.
Concurrently, Alpine Fox trimmed its relative position in IREN to $28.3 million from $25.7 million in previous filings. Despite this reduction, Alfred maintains a non-executive director seat at IREN, which operates both bitcoin mining operations and a self-owned neo-cloud business line, indicating continued strategic alignment despite the position sizing adjustment. The fund also increased positions in CleanSpark and BlackRock's iShares Ethereum ETF, broadening exposure across the cryptocurrency mining sector.
Reflecting sector evolution, Alpine Fox added new positions in infrastructure plays targeting artificial intelligence and high-performance computing deployment. These include TeraWulf, a developer of brownfield energy sites for AI factories, valued at $1.1 million, and Strive Asset Management, a Bitcoin treasury firm, at $2.3 million. Additionally, the fund maintains a $41 million notional position in the iShares Bitcoin Trust using both shares and call options for liquidity management, though this represents less than 1% of actual portfolio value.
Alpine Fox's total disclosed portfolio value reaches approximately $154 million across 16 holdings. Beyond crypto-linked positions, the fund maintains exposure to other sectors including real estate technology. Alfred's board appointments, including a September 2025 role at Bakkt, underscore his expanding influence within the cryptocurrency infrastructure ecosystem and suggest continued active involvement in shaping industry development during this period of infrastructure transition and AI deployment.
Concurrently, Alpine Fox trimmed its relative position in IREN to $28.3 million from $25.7 million in previous filings. Despite this reduction, Alfred maintains a non-executive director seat at IREN, which operates both bitcoin mining operations and a self-owned neo-cloud business line, indicating continued strategic alignment despite the position sizing adjustment. The fund also increased positions in CleanSpark and BlackRock's iShares Ethereum ETF, broadening exposure across the cryptocurrency mining sector.
Reflecting sector evolution, Alpine Fox added new positions in infrastructure plays targeting artificial intelligence and high-performance computing deployment. These include TeraWulf, a developer of brownfield energy sites for AI factories, valued at $1.1 million, and Strive Asset Management, a Bitcoin treasury firm, at $2.3 million. Additionally, the fund maintains a $41 million notional position in the iShares Bitcoin Trust using both shares and call options for liquidity management, though this represents less than 1% of actual portfolio value.
Alpine Fox's total disclosed portfolio value reaches approximately $154 million across 16 holdings. Beyond crypto-linked positions, the fund maintains exposure to other sectors including real estate technology. Alfred's board appointments, including a September 2025 role at Bakkt, underscore his expanding influence within the cryptocurrency infrastructure ecosystem and suggest continued active involvement in shaping industry development during this period of infrastructure transition and AI deployment.
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