Bitcoin custody provider Applied Digital (formerly Applied Blockchain) has launched a separate fund aimed at acquiring distressed cryptocurrency assets, including mining hardware and digital infrastructure assets. The fund and acquired assets will be managed by Highland Digital, a new entity jointly established by it and GMR Limited. The stand-alone fund aims to raise up to $100 million from outside investors. Applied Digital does not expect to issue any equity to raise funds for the fund funds, and does not intend to directly own any mining hardware.