Alpine Fox Capital LLC

2. Key Holdings

The portfolio is dominated by digital assets and the crypto ecosystem, with a specific focus on Bitcoin and Bitcoin-related infrastructure.

• iShares Bitcoin Trust (IBIT): This is the cornerstone position, valued at $116.00 million (49.47%). By allocating nearly half of the fund's assets to a spot Bitcoin ETF, Alpine Fox Capital has established a direct, liquid proxy for Bitcoin price action. This suggests a strong bullish view on the digital asset as a store of value or inflation hedge.
• Cipher Mining Inc. (CIFR): The second-largest holding, valued at $66.30 million (28.28%), represents a significant bet on the infrastructure side of the crypto economy. Cipher Mining is a Bitcoin mining company. The large stake here indicates a strategy to gain leveraged exposure to Bitcoin—mining stocks often exhibit higher beta than the underlying asset—while supporting the operational security of the network.
• IREN Limited: The third position, valued at $35.22 million (15.02%), further reinforces the infrastructure thesis. IREN (formerly Iris Energy) is a Bitcoin mining and data center operator. This diversification within the mining sector suggests the firm is picking winners based on operational efficiency or energy strategies rather than just holding the asset itself.