Catenaa, Wednesday, April 15, 2026- Split Capital, a crypto-focused hedge fund founded by Zaheer Ebtikar, is winding down after nearly two years of operation, with Ebtikar joining stablecoin settlement chain Plasma as chief strategy officer. The move comes amid a reassessment of venture-backed crypto investment strategies after more than $100 billion flowed into the sector.
Ebtikar cited a “broken business model” for crypto hedge funds, noting that despite over six years of industry euphoria, investors, operators, and traders are questioning long-term value creation. Split Capital launched in 2024, delivering net returns exceeding 100% over its lifespan, and returned capital to investors in 2025. While total amounts were not disclosed, Ebtikar indicated the fund returned an eight-figure sum.
At Plasma, Ebtikar will oversee senior partnerships, investor relations, and product development, including the upcoming launch of “Plasma One,” a chain designed for stablecoin distribution and settlement integrated with legacy financial systems. He described the opportunity as a “new era” capable of supporting trillions of dollars in settlement activity.
Split Capital’s closure reflects a broader shift in crypto investment, where venture-fueled token speculation is giving way to infrastructure-focused projects, such as stablecoins and on-chain settlement networks. The trend highlights investor demand for projects with measurable utility and scalable financial applications.
Ebtikar’s transition to Plasma underscores the growing importance of stablecoin ecosystems and compliance-ready blockchain infrastructure. His expertise in crypto investing and market strategy will support Plasma’s expansion, potentially influencing how institutional capital engages with on-chain settlements.
The closure of high-performing funds like Split Capital may signal a recalibration in the crypto hedge fund space, emphasizing strategic positioning over aggressive speculative investment.
