Fund · 13F holdings
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.
How to read these tables. A Form 13F reports each holding's market value as of the quarter-end date and the share count — not the price the fund paid, when it bought, or any short positions. Buys and sells are inferred by comparing share counts across quarters. Put/call lines are options (often hedges), and their value is notional rather than a straight equity stake. Figures are the fund's US-listed 13(f) holdings only; private positions appear when the manager reports them.
History
2023
Alpine Fox launched
Mike Alfred starts the concentrated, long-biased fund in Nevada.
2024
Digital-assets and AI tilt
The book concentrates in Bitcoin miners and AI-infrastructure equities such as Cipher Mining and IREN.
2026
Growing 13F footprint
The fund crosses the reporting threshold and begins disclosing a concentrated set of public positions.
Q2 2026 holdings
Period end
2026-06-30
Filed
2026-08-14
Portfolio value
$211.2M
Positions
24
We track
1
| # | Company | Class | Value | Shares | % Port. | vs prior |
|---|---|---|---|---|---|---|
| 1 | Cipher Digital INC. | COM | $82.6M | 3.4M | 39.1% | TRIM |
| 2 | IRENIris Energy Limited★ | ORD SHS | $34.3M | 750K | 16.2% | HOLD |
| 3 | Ishares Bitcoin Trust Etf | Call | $26.6M | 800K | 12.6% | ADD |
| 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 | Ishares Bitcoin Trust Etf | Call | $9.0M | 270K | 4.3% | TRIM |
| 7 | Bakkt, Inc | COM CL A NEW | $7.1M | 905K | 3.3% | ADD |
| 8 | Ishares Ethereum Trust Etf | SHS | $6.7M | 560K | 3.2% | ADD |
| 9 | Strive, INC. | CL A COM | $6.1M | 560K | 2.9% | TRIM |
| 10 | Bitmine Immersion Technologies, INC. | COM NEW | $1.3M | 100K | 0.6% | ADD |
| 11 | Soluna Holdings INC. | COM NEW | $1.0M | 751K | 0.5% | NEW |
| 12 | Ishares Bitcoin Trust Etf | Call | $999K | 30K | 0.5% | TRIM |
| 13 | Cipher Digital INC. | Call | $980K | 40K | 0.5% | TRIM |
| 14 | Bed Bath & Beyond, INC. | COM | $579K | 100K | 0.3% | NEW |
| 15 | Wynn Resorts, Limited | COM | $485K | 5K | 0.2% | NEW |
| 16 | Ishares Bitcoin Trust Etf | Call | $333K | 10K | 0.2% | TRIM |
| 17 | Ishares Bitcoin Trust Etf | Call | $333K | 10K | 0.2% | TRIM |
| 18 | Regeneron Pharmaceuticals, INC. | COM | $312K | 500 | 0.1% | TRIM |
| 19 | Celsius Holdings, INC. | COM NEW | $293K | 10K | 0.1% | NEW |
| 20 | Canadian Pacific Kansas City Limited | COM | $173K | 2K | 0.1% | TRIM |
| 21 | Constellation Brands, INC. | CL A | $139K | 1K | 0.1% | TRIM |
| 22 | Pepsico, INC. | COM | $135K | 1K | 0.1% | TRIM |
| 23 | Target Corporation | COM | $131K | 1K | 0.1% | TRIM |
| 24 | Enhanced Group Inc | COM CL A | $103K | 36K | 0.0% | NEW |
Notable Q2 2026 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 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 |
|---|---|---|---|---|
| IRENIren Limited | $34.3M | $25.7M | $28.3M | $35.2M |
Earlier filings
Q1 2026 · 17 positions · $154.0M · filed 2026-05-14
| # | Company | Class | Value | Shares | % Port. | vs prior |
|---|---|---|---|---|---|---|
| 1 | Cipher Digital INC. | COM | $48.4M | 3.8M | 31.4% | TRIM |
| 2 | Ishares Bitcoin Trust Etf | Call | $30.8M | 802K | 20.0% | ADD |
| 3 | IRENIris Energy Limited★ | ORD SHS | $25.7M | 750K | 16.7% | HOLD |
| 4 | Ishares Bitcoin Trust Etf | Call | $14.2M | 370K | 9.2% | ADD |
| 5 | Opendoor Technologies INC. | COM | $7.8M | 1.7M | 5.1% | ADD |
| 6 | Ishares Ethereum Trust Etf | SHS | $7.4M | 467K | 4.8% | ADD |
| 7 | Strive, INC. | CL A COM | $6.1M | 606K | 3.9% | NEW |
| 8 | Novo-nordisk A/s | ADR | $6.1M | 165K | 3.9% | ADD |
| 9 | Bitmine Immersion Technologies, INC. | COM NEW | $1.8M | 92K | 1.2% | NEW |
| 10 | Ishares Ethereum Trust Etf | Call | $1.4M | 90K | 0.9% | NEW |
| 11 | Cipher Digital INC. | Call | $1.3M | 100K | 0.8% | NEW |
| 12 | Pepsico, INC. | COM | $776K | 5K | 0.5% | TRIM |
| 13 | Regeneron Pharmaceuticals, INC. | COM | $773K | 1K | 0.5% | HOLD |
| 14 | Constellation Brands, INC. | CL A | $450K | 3K | 0.3% | TRIM |
| 15 | Canadian Pacific Kansas City Limited | COM | $393K | 5K | 0.3% | TRIM |
| 16 | Bakkt, Inc | COM CL A NEW | $294K | 40K | 0.2% | HOLD |
| 17 | Target Corporation | COM | $242K | 2K | 0.2% | TRIM |
Q4 2025 · 22 positions · $189.5M · filed 2026-02-13
| # | Company | Class | Value | Shares | % Port. | vs prior |
|---|---|---|---|---|---|---|
| 1 | Cipher Mining INC. | COM | $57.9M | 3.9M | 30.6% | TRIM |
| 2 | IRENIris Energy Limited★ | ORD SHS | $28.3M | 750K | 15.0% | HOLD |
| 3 | Ishares Bitcoin Trust Etf | Call | $19.9M | 400K prn | 10.5% | ADD |
| 4 | Constellation Brands, INC. | CL A | $13.8M | 100K | 7.3% | ADD |
| 5 | Ishares Bitcoin Trust Etf | Call | $13.3M | 268K prn | 7.0% | ADD |
| 6 | Diageo Plc | SPON ADR NEW | $10.5M | 122K | 5.6% | ADD |
| 7 | Canadian Pacific Kansas City Limited | COM | $8.8M | 120K | 4.7% | NEW |
| 8 | Ishares Bitcoin Trust Etf | Call | $7.9M | 160K prn | 4.2% | ADD |
| 9 | Novo Nordisk A/s | ADR | $7.6M | 150K | 4.0% | ADD |
| 10 | Pepsico, INC. | COM | $4.5M | 32K | 2.4% | NEW |
| 11 | Ishares Ethereum Trust Etf | SHS | $3.2M | 142K | 1.7% | ADD |
| 12 | Bristol-myers Squibb Company | COM | $2.7M | 50K | 1.4% | NEW |
| 13 | Lennar Corporation | CL A | $2.6M | 25K | 1.4% | NEW |
| 14 | Target Corporation | COM | $2.4M | 25K | 1.3% | NEW |
| 15 | Strive Asset Management, Llc | CL A COM | $2.3M | 3.2M | 1.2% | NEW |
| 16 | Terawulf INC. | COM | $1.1M | 100K | 0.6% | NEW |
| 17 | Regeneron Pharmaceuticals, INC. | COM | $772K | 1K | 0.4% | HOLD |
| 18 | Cleanspark, INC. | COM NEW | $506K | 50K | 0.3% | ADD |
| 19 | Bakkt, INC. | COM CL A NEW | $402K | 40K | 0.2% | HOLD |
| 20 | Brown Forman Corporation | CL A | $342K | 13K | 0.2% | NEW |
| 21 | PYPLPayPal Holdings, Inc.★ | COM | $292K | 5K | 0.2% | NEW |
| 22 | Opendoor Technologies INC. | COM | $146K | 25K | 0.1% | NEW |
Q3 2025 · 15 positions · $238.9M · filed 2025-11-14
| # | Company | Class | Value | Shares | % Port. | vs prior |
|---|---|---|---|---|---|---|
| 1 | Ishares Bitcoin Trust Etf | Call | $110.8M | 1.7M prn | 46.4% | |
| 2 | Cipher Mining INC. | COM | $63.0M | 5.0M | 26.4% | |
| 3 | IRENIris Energy Limited★ | ORD SHS | $35.2M | 750K | 14.7% | |
| 4 | Constellation Brands, INC. | CL A | $9.1M | 68K | 3.8% | |
| 5 | Ishares Bitcoin Trust Etf | Call | $5.2M | 80K prn | 2.2% | |
| 6 | Novo Nordisk A/s | ADR | $3.4M | 61K | 1.4% | |
| 7 | Diageo Plc | SPON ADR NEW | $2.3M | 24K | 1.0% | |
| 8 | Cipher Mining INC. | Call | $2.3M | 180K prn | 0.9% | |
| 9 | Ishares Ethereum Trust Etf | SHS | $2.2M | 70K | 0.9% | |
| 10 | Bakkt Holdings INC. | COM CL A NEW | $1.3M | 40K | 0.6% | |
| 11 | Cipher Mining INC. | Call | $1.1M | 85K prn | 0.4% | |
| 12 | Sharplink Gaming, INC. | COM NEW | $1.0M | 60K | 0.4% | |
| 13 | Cleanspark INC. | Call | $870K | 60K prn | 0.4% | |
| 14 | Cleanspark INC. | COM NEW | $580K | 40K | 0.2% | |
| 15 | Regeneron Pharmaceuticals , INC. | COM | $562K | 1K | 0.2% |