Top Crypto Fund of Funds on the Current Crypto Cycle, Hedge Funds, & VCs | Pure Crypto LP

Sep 25, 2025

Jeremy Boynton and Zach Lindquist, managing partners at Pure Crypto, delve into the evolving crypto landscape shaped by ETFs and digital asset treasuries. They discuss the significance of manager selection, highlighting the importance of experience through market cycles. The duo explores capital rotations toward Ethereum and Solana, as well as the impact of meme coins and political shifts favoring crypto. They also share insights on their concentrated investment strategies and the mechanics of crypto fund structures, emphasizing transparency and practical access for allocators.

Ask episode

AI Snips

Chapters

Transcript

Episode notes

INSIGHT

Market Structure Has Fundamentally Changed

ETFs and digital-asset treasury companies are now the marginal buyers that move crypto markets.
That shift can redefine cycle shape, making cycles longer and more elongated.

ADVICE

Judge Managers Over Full Cycles

Evaluate manager performance over a full market cycle, not one hot year.
Expect most outperformance to occur across a full bear and bull market span.

INSIGHT

ETF Rollout Drives Capital Rotation

Bitcoin ETF capital flows created a rotation opportunity into Ethereum and Solana as new ETFs launch.
Over time capital may index the market with ETFs for many assets.

Get the Snipd Podcast app to discover more snips from this episode

Get the app

This Other People’s Money episode is brought to you by VanEck.

Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHMax

Learn more about the VanEck Fabless Semiconductor ETF (SMHX): http://vaneck.com/SMHXMax

Jeremy Boynton and Zach Lindquist, managing partners at Pure Crypto, have built one of the best performing crypto fund of funds since their inception 2018. In this interview they discuss their view that the crypto market structure is being changed by ETFs and crypto treasury companies, how they think about manager selection, the subtle differences between crypto VCs and crypto hedge funds, and why they are eschewing new entrants into the crypto fund space in favor of OGs who have managed capital and survived multiple market cycles. They also explain why they are volatility agnostic and prefer to take on crypto market beta rather than invest in market neutral and multi-manager crypto funds.

Follow Zach Lindquist on X: https://x.com/PureCryptoLP

Follow Max on X: https://x.com/maxwiethe

Follow Other People’s Money on:

Apple Podcast https://bit.ly/4e7QJ1M

Spotify https://bit.ly/3Yhaazi

YouTube https://bit.ly/3C63VXR

X https://x.com/opmpod

An investment in the VanEck Semiconductor ETF (SMH) and VanEck Fabless Semiconductor ETF (SMHX) may be subject to risks which include, among others, risks related to investing in the semiconductor industry, special risk considerations of investing in Taiwanese issuers, equity securities, small-, medium and large-capitalization companies, foreign securities, emerging market issuers, foreign currency, depositary receipts, issuer-specific changes, market, operational, index tracking, authorized participant concentration, new fund, no guarantee of active trading market, trading issues, passive management, fund shares trading, premium/discount and liquidity of fund shares, non-diversified, and index-related concentration risks, all of which may adversely affect the Fund. Small, medium and large-capitalization companies may be subject to elevated risks. Emerging market issuers and foreign securities may be subject to securities markets, political and economic, investment and repatriation restrictions, different rules and regulations, less publicly available financial information, foreign currency and exchange rates, operational and settlement, and corporate and securities laws risks.

Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of a Fund carefully before investing. To obtain a prospectus and summary prospectus, which contain this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing.