Alpine Fox Boosts Bakkt Stake, Trims Exposure to Cipher
Alpine Fox Capital, led by Mike Alfred, has made significant changes to its investment portfolio in the second quarter. The firm added a position in Soluna Holdings Inc., a renewable-powered data center operator that seeks to turn curtailed energy into computing capacity for Bitcoin mining and AI.
The fund's reported US long portfolio rose to $211.2 million at the end of June, a 37% increase from $154 million three months earlier. Much of this gain came from rising quarter-end valuations rather than disclosed share purchases.
Alpine Fox also increased its stake in Bakkt Inc., purchasing an additional 865,000 shares worth about $7.1 million. The firm's largest individual equity holding remains Cipher Digital, with a position valued at nearly $83.6 million. However, Alpine Fox reduced its exposure to Cipher by 10% and trimmed its call-option position.
The fund's holdings in IREN and Soluna represent around 56% of its reported portfolio value at June 30. These quarter-end valuations have since come under pressure, with Cipher falling 32% from its June 30 close.