Crypto Hedge Fund Founder Exits Amid Market Shifts, Joins Infrastructure Startup
Split Capital Founder Closes Fund Due to Shift in Crypto Market
Zeheer Ebtikar, founder of crypto hedge fund Split Capital, announced he is shutting down the fund and joining Plasma as chief strategy officer. Despite delivering returns exceeding 100% in both 2024 and 2025, Ebtikar cited a shift in the crypto market as the reason for closing Split Capital.
Ebtikar described the early years of crypto trading as fast-moving and narrative-driven, where traders competed to capture short-lived momentum. However, he argued that the market has matured over the past several years, with long-term value creation becoming more relevant than short-term gains.
In his new role at Plasma, Ebtikar will oversee partnerships, growth, and go-to-market execution, as well as engage with investors and policymakers ahead of the launch of Plasma One.
Ebtikar framed his exit from fund management as a deliberate shift away from speculation and toward building financial infrastructure. He described the move as the closing of one chapter in crypto and the opening of another, aiming to help the industry reach a new phase defined by global utility rather than market momentum.