Split Capital Closes; Ebtikar Joins Plasma as CSO

Zaheer Ebtikar, founder of the cryptocurrency hedge fund Split Capital, announced on Tuesday the closure of the fund after nearly two years of operation, citing structural changes in the crypto industry that have diminished the viability of traditional hedge fund models. In a simultaneous move, Ebtikar has joined Plasma, a blockchain startup focused on stablecoin infrastructure, as its chief strategy officer.

Split Capital launched in early 2024 amid a recovery in cryptocurrency prices, operating on the premise that undervalued liquid tokens would attract venture capital inflows following a market downturn. The fund managed assets in the eight-figure range and drew limited partners including Novi Loren and UTXO Management. It delivered strong returns, achieving approximately 100 percent in 2024 and 20 percent in 2025, with net gains exceeding 100 percent since inception. Virtually all investors profited, according to Ebtikar. By late 2025, the fund returned external capital to investors and transitioned to a limited operation using only proprietary funds. No regulatory issues or disputes were reported in connection with the winddown.

Ebtikar attributed the decision not to...