vaneck launches New Fund Focused on Avalanche’s Real Businesses
Asset manager VanEck is set to launch a new digital assets fund in June. The PurposeBuilt Fund will focus on Avalanche (AVAX), aiming to support genuine businesses rather than hype-driven tokens.
VanEck, based in New York, announced the fund will invest in liquid tokens and venture-backed crypto projects. these projects will be in sectors like gaming, payments, AI, and financial services. The fund will also use idle capital through Avalanche’s real-world asset products, such as tokenized money market funds.
Pranav Kanade, a portfolio manager at VanEck, said the fund won’t chase short-term trends. “The next wave of value in crypto will come from real businesses, not more infrastructure,” he explained. Avalanche has attracted thoughtful builders, and the fund aims to support founders creating lasting value.
The PurposeBuilt Fund will be managed by the team behind the VanEck Digital Assets Alpha Fund, which has over $100 million in assets. This move comes as institutional interest in Avalanche grows. Grayscale recently filed to convert its Avalanche Trust into a spot exchange-traded fund, pending SEC approval.
