Split Capital winds down as founder joins stablecoin startup Plasma

Split Capital founder Zaheer Ebtikar is closing his crypto hedge fund after strong returns to join Plasma as chief strategy officer, citing a major industry shift.

Split Capital, a digital asset hedge fund founded by investor Zaheer Ebtikar, is shutting down, with the founder joining Peter Thiel-backed stablecoin startup Plasma.

Ebtikar announced the news in an X post on Tuesday, saying Split Capital was profitable both in 2024 and 2025, and delivered over 100% in returns.

“We were a top performing fund by every mark,” Ebtikar claimed, adding that his decision to wind down the business was driven by a belief that the crypto market had shifted away from strategies that hedge funds are designed to capture.

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