Alpine Fox Adds Soluna, Boosts Bakkt Stake Amid Crypto Market Volatility

Alpine Fox Capital has made significant changes to its portfolio in the second quarter. The investment firm, led by Mike Alfred, has established a position in Soluna Holdings Inc., a renewable-powered data center operator.

The firm reported owning 750,882 shares of Soluna worth around $1 million as of June 30. This marks the first time Soluna has appeared in Alpine Fox's filings.

Alpine Fox also increased its stake in Bakkt Inc. by a significant margin, purchasing an additional 865,000 shares to bring its total holding to 905,000. This increase made Bakkt around 3.3% of the portfolio at quarter-end.

The firm trimmed its exposure to Cipher Digital Inc., reducing its common-share position for a second consecutive quarter by 10%. The position was valued at $83.6 million as of June 30, with the majority of this value coming from an increase in Cipher's share price rather than new purchases.

Alpine Fox's reported US long portfolio rose to $211.2 million at the end of June, a 37% increase from $154 million three months earlier. The firm's largest individual equity holdings remain Cipher and IREN, which together represented around 56% of its reported portfolio value at quarter-end.