Alpine Fox discloses $125 million in crypto positions as Cipher Mining and IBIT calls dominate Q1 filing

Alpine Fox Capital revealed more than $125 million in crypto-related holdings among a total portfolio of $154 million in its Q1 2026 Form 13F filing with the SEC.

The Las Vegas-based fund, run by investor Mike Alfred, held 3.76 million shares of Cipher Mining valued at $48.4 million, its largest position. A separate call option covering 100,000 shares added $1.3 million, bringing total Cipher exposure to roughly $49.7 million. The fund also held 750,461 shares of IREN at $25.7 million.

The IBIT call options are the second-largest bet

Alpine Fox held two call positions on BlackRock’s iShares Bitcoin Trust ETF totaling roughly $45 million. One covered 802,200 underlying shares at $30.8 million. The other covered 370,000 shares at $14.2 million.

The fund also disclosed iShares Ethereum Trust ETF positions: 467,000 shares at $7.4 million and a call on 90,000 shares worth $1.4 million. Between Cipher, IREN, IBIT, and ETHA, crypto-linked holdings accounted for more than 80% of the disclosed portfolio.

The non-cryptocurrency holdings were relatively small: Opendoor ($7.8 million), Strive Asset Management ($6.1 million), Novo Nordisk ($6.1 million), as well as a few holdings worth less than $2 million each, such as Bakkt and BitMine Immersion Technologies.

The portfolio is shrinking, not growing

The portfolio decreased by 18.7% from an estimated $240 million in the previous quarter. Cipher alone declined from $57.8 million in the Q4 2025 financial report to $48.4 million, a drop of 16%, caused by changes in prices and not purchases.

The filing also showed seven complete exits, including Constellation Brands, Diageo, and Bristol-Myers Squibb. The fund held 16 assets at quarter end, down from 20 previously.

As Cryptopolitan reported in February, Cipher has been pivoting aggressively from Bitcoin mining to high-performance computing infrastructure, seeking $2 billion in funding to build out AI data center capacity.

The firm inked a $5.5 billion, 15-year lease deal with AWS in late 2025 and has amassed close to $8.5 billion worth of leases pertaining to AI on AWS, Google, and Fluidstack.

IREN took the same route, agreeing to a $9.7 billion hardware supply contract with Microsoft for AI cloud computing.