Alpine Fox LP
Mike Alfred · Nevada · Founded 2023
Alpine Fox is a Nevada-based hedge fund founded in January 2023 by Mike Alfred, its managing partner. Alfred — previously a co-founder of BrightScope and Digital Assets Data, and a widely-followed commentator on Bitcoin and digital assets — runs a highly concentrated, long-biased equity book.
The portfolio is built around a few high-conviction themes: digital-asset infrastructure and Bitcoin miners (its largest positions have included Cipher Mining, IREN and CleanSpark), AI-related equities, and select consumer and industrial names. It is small relative to the other funds here, with roughly a few hundred million in US-listed equities and options.
History
Mike Alfred starts the concentrated, long-biased fund in Nevada.
The book concentrates in Bitcoin miners and AI-infrastructure equities such as Cipher Mining and IREN.
The fund crosses the reporting threshold and begins disclosing a concentrated set of public positions.
2026 Q2 holdings
| # | Company | Class | Value | Shares | % Port. | vs prior |
|---|---|---|---|---|---|---|
| 1 | Cipher Digital INC. | COM | $82.6M | 3.4M | 39.1% | TRIM |
| 2 | Ishares Bitcoin Trust Etf | Call | $37.3M | 1.1M | 17.7% | TRIM |
| 3 | IRENIris Energy Limited★ | ORD SHS | $34.3M | 750K | 16.2% | HOLD |
| 4 | Opendoor Technologies INC. | COM | $21.9M | 4.7M | 10.4% | ADD |
| 5 | Novo-nordisk A/s | ADR | $9.6M | 201K | 4.6% | ADD |
| 6 | Bakkt, Inc | COM CL A NEW | $7.1M | 905K | 3.3% | ADD |
| 7 | Ishares Ethereum Trust Etf | SHS | $6.7M | 560K | 3.2% | ADD |
| 8 | Strive, INC. | CL A COM | $6.1M | 560K | 2.9% | TRIM |
| 9 | BMNRBitMine Immersion Technologies, Inc.★ | COM NEW | $1.3M | 100K | 0.6% | ADD |
| 10 | Soluna Holdings INC. | COM NEW | $1.0M | 751K | 0.5% | NEW |
| 11 | Cipher Digital INC. | Call | $980K | 40K | 0.5% | TRIM |
| 12 | Bed Bath & Beyond, INC. | COM | $579K | 100K | 0.3% | NEW |
| 13 | Wynn Resorts, Limited | COM | $485K | 5K | 0.2% | NEW |
| 14 | Regeneron Pharmaceuticals, INC. | COM | $312K | 500 | 0.1% | TRIM |
| 15 | Celsius Holdings, INC. | COM NEW | $293K | 10K | 0.1% | NEW |
| 16 | Canadian Pacific Kansas City Limited | COM | $173K | 2K | 0.1% | TRIM |
| 17 | Constellation Brands, INC. | CL A | $139K | 1K | 0.1% | TRIM |
| 18 | Pepsico, INC. | COM | $135K | 1K | 0.1% | TRIM |
| 19 | Target Corporation | COM | $131K | 1K | 0.1% | TRIM |
| 20 | Enhanced Group Inc | COM CL A | $103K | 36K | 0.0% | NEW |
Notable 2026 Q2 moves
New positions
- Soluna Holdings INC. $1.0M
- Bed Bath & Beyond, INC. $579K
- Wynn Resorts, Limited $485K
- Celsius Holdings, INC. $293K
- Enhanced Group Inc $103K
Exited
- Ishares Ethereum Trust Etf (Call) was $1.4M
Position history in tracked names
Quarter-end value of each holding that has a page on R40, most recent first.
| Stock | 2026 Q2 | 2026 Q1 | 2025 Q4 | 2025 Q3 |
|---|---|---|---|---|
| IRENIren Limited | $34.3M | $25.7M | $28.3M | $35.2M |
| BMNRBitmine Immersion Technologies, INC. | $1.3M | $1.8M | — | — |
| PYPLPaypal Holdings, INC. | — | — | $292K | — |