New U.S. Securities and Exchange Commission filings from FintTwit investor Mike Alfred’s Alpine Fox LP disclosed significant positions in cryptocurrency miners transitioning to AI/HPC infrastructure.
Of note, the fund added positions in Bitcoin miner-turned-AI factory TeraWulf (NASDAQ: WULF) and Strive Asset Management (NASDAQ: ASST) since last quarter, among other companies. Alpine Fox also increased its relative positions in CleanSpark (NASDAQ: CLSK), IREN (NASDAQ: IREN), and BlackRock’s iShares Ethereum ETF (ETHA).
The hedge fund lists Cipher Mining (NASDAQ: CIFR) as its largest equity position with a value of $57.8 million. Cipher signed major tenant agreements in the fall, including with Amazon and Fluidstack. The fund also holds a $41 million notional position in the iShares Bitcoin Trust (NASDAQ: IBIT) using shares and call options to manage liquidity. The actual value to the portfolio is less than 1%, however.
Alpine Fox currently holds a $28.3 million stake in IREN. Alfred serves as a non-executive director at the company, which has been using its bitcoin mining operations to deploy a self-owned and operated neo-cloud business line.
Other notable holdings include a $1.1 million position in TeraWulf (NASDAQ: WULF), a developer of brownfield energy sites for AI factories, and a $2.3 million stake in Strive Asset Management (NASDAQ: ASST), a Bitcoin treasury firm.
Alfred joined the board of Bakkt in September 2025
Correction (Tuesday, February 17 12:46 pm ET): Edited iShares Bitcoin Trust position to clarify notional versus actual holdings.
