Alpine Fox Capital revealed greater than $125 million in crypto-related holdings amongst a complete portfolio of $154 million in its Q1 2026 Type 13F submitting 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 place. A separate name choice masking 100,000 shares added $1.3 million, bringing complete Cipher publicity to roughly $49.7 million. The fund additionally held 750,461 shares of IREN at $25.7 million.
The IBIT name choices are the second-largest wager
Alpine Fox held two name positions on BlackRock’s iShares Bitcoin Belief ETF totaling roughly $45 million. One coated 802,200 underlying shares at $30.8 million. The opposite coated 370,000 shares at $14.2 million.
The fund additionally disclosed iShares Ethereum Belief ETF positions: 467,000 shares at $7.4 million and a name on 90,000 shares price $1.4 million. Between Cipher, IREN, IBIT, and ETHA, crypto-linked holdings accounted for greater than 80% of the disclosed portfolio.
The non-cryptocurrency holdings had been comparatively small: Opendoor ($7.8 million), Attempt Asset Administration ($6.1 million), Novo Nordisk ($6.1 million), in addition to a couple of holdings price lower than $2 million every, reminiscent of Bakkt and BitMine Immersion Applied sciences.
The portfolio is shrinking, not rising
The portfolio decreased by 18.7% from an estimated $240 million within the earlier quarter. Cipher alone declined from $57.8 million within the This fall 2025 monetary report back to $48.4 million, a drop of 16%, attributable to adjustments in costs and never purchases.
The submitting additionally confirmed seven full exits, together with Constellation Manufacturers, Diageo, and Bristol-Myers Squibb. The fund held 16 property at quarter finish, down from 20 beforehand.
As Cryptopolitan reported in February, Cipher has been pivoting aggressively from Bitcoin mining to high-performance computing infrastructure, looking for $2 billion in funding to construct out AI information heart capability.
The agency inked a $5.5 billion, 15-year lease cope with AWS in late 2025 and has amassed near $8.5 billion price of leases pertaining to AI on AWS, Google, and Fluidstack.
IREN took the identical route, agreeing to a $9.7 billion {hardware} provide contract with Microsoft for AI cloud computing.
