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Alpine Fox discloses $125 million in crypto positions as Cipher Mining and IBIT calls dominate Q1 filing
- Alpine Fox Capital’s Q1 2026 13F shows crypto-linked assets at over $125 million of its $154 million portfolio.
- Cipher Mining is the largest single position at $49.7 million. IBIT call options total $45 million.
- The fund’s portfolio shrank 18.7% from the prior quarter’s $240 million.
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.
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Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Micah Abiodun
Micah has been covering events in the crypto space for over seven years. He studied Environmental Engineering and Management (MSc) at Tallinn University of Technology (TalTech). He started covering tech and crypto news in 2016 and later moved on to crypto guides and price analysis. Nowadays, Micah works as a content editor with Cryptopolitan.
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