Zaheer Ebtikar, founder of crypto hedge fund Split Capital, announced the closure of the fund and his move to Plasma, a stablecoin settlement startup, as chief strategy officer. Ebtikar returned capital to external investors —a sum in the eight-figure range— after operating for nearly two years, between 2024 and 2025, with net returns above 100% since launch.
The founder explained in a post on X that the crypto hedge fund model is “broken” and “doesn’t make sense for crypto in perpetuity”. He noted that more than $100 billion in venture capital funding and six years of euphoria represent the “last dance” of the sector. He clarified that virtually all investors made gains and described Split Capital as a high-performance fund.
In his new role, Ebtikar will manage strategic partnerships, oversee investor relations, and participate directly in the product development cycle. He will also lead the go-to-market strategy for the launch of “Plasma One“, a chain designed for stablecoin distribution and settlement.
The executive believes Plasma represents a “new era” with the capacity to scale toward trillions of dollars in settlement demand through integration with traditional financial systems.
Source: https://x.com/splitcapital/status/2041491129955172482
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