Discovery Networks, which owns the Discovery channel and Animal Planet, made Irwin a household name in the United States and one of Australia's richest entertainers, Radio New Zealand reported Tuesday.
The official name of the new fund created in Irwin's memory is the Steve Irwin Crocodile Hunter Fund, it will "honor Steve's passion and exuberance for conservation and the animal kingdom" and will fund programs around the world, Discovery said.
It will also provide educational support for Irwin's children as well as aid his Zoo in Beerwah, Australia.
Irwin, 44, died Monday after being struck through the heart by a stingray on the Great Barrier Reef while filming a segment for his show.
"He came over the top of a stingray and a barb, the stingray's barb went up and put a hole into his heart," Irwin's manager John Stainton told the BBC.
Irwin is survived by his wife, Terri, and two children; Bindi, 8, and Bob, 3.