Crypto Hedge Fund Split Capital Winds Down as Founder Joins Stablecoin Startup Plasma

Split Capital was founded in January 2024 with a focus on liquid token investments. Founder Zaheer Ebtikar said the influx of more than $100 billion in venture capital and the launch of spot crypto ETFs by firms including BlackRock and Fidelity shifted capital and fees toward large institutions. That narrowed opportunities for crypto hedge funds to generate excess returns from mispricing and momentum trades, while also underscoring the industry’s shift from speculative trading toward payment infrastructure.

Ebtikar announced on April 7, 2026, that Split Capital was winding down. The fund returned an eight-figure dollar sum to external investors in fall 2025. It delivered returns of about 100% in 2024 and 20% in 2025, with net returns exceeding 100% since inception. The same day, Ebtikar joined Plasma, which had raised $24 million, as chief strategy officer. He will help advance Plasma One, a stablecoin neobank app set to launch in 2026.