Split Capital is winding down operations as founder Zaheer Ebtikar exits the crypto hedge fund to join stablecoin startup Plasma as chief strategy officer.
Ebtikar said the fund delivered over 100% returns and remained profitable in 2024 and 2025, but argued the hedge fund model no longer fits the evolving crypto market.
“The hedge fund model did not make sense for crypto, in perpetuity,”
Ebtikar said, citing a broader shift away from short-term trading strategies.
He said the industry has matured beyond momentum-driven trading, with investors now focused on long-term value and infrastructure development.
Ebtikar’s move comes as crypto hedge funds face ongoing pressure following the 2022 downturn and changing market dynamics.
Plasma, backed by investors including Peter Thiel and Tether CEO Paolo Ardoino, is building stablecoin infrastructure aimed at global payments and financial access.
Ebtikar said the transition reflects a belief that crypto is entering a new phase centred on building scalable financial systems rather than speculative trading.