Key Takeaways
- • Zaheer Ebtikar is shutting down Split Capital, the crypto hedge fund he founded, and joining Plasma as chief strategy officer, he announced on X on a Tuesday.
- • Split Capital was profitable in both 2024 and 2025 and delivered returns exceeding 100%, according to Ebtikar.
- • Ebtikar said the hedge fund model "did not make sense for crypto, in perpetuity," citing a market that has matured beyond short-lived, narrative-driven momentum trading.
- • Plasma, a stablecoin infrastructure startup backed by Peter Thiel, raised $24 million in February 2025 from Framework Ventures, Bitfinex, Peter Thiel, and Tether CEO Paolo Ardoino.
- • As chief strategy officer, Ebtikar will oversee partnerships, growth, and go-to-market execution ahead of the launch of Plasma One.
Summary
Zaheer Ebtikar is closing Split Capital, the crypto hedge fund he founded, and joining Plasma as chief strategy officer, according to an announcement he made Tuesday on X, as reported by CoinMarketCap. Ebtikar said the fund was profitable in both 2024 and 2025 and delivered returns exceeding 100%. Despite those results, he said the hedge fund structure no longer fits where the crypto market is heading, writing that "the hedge fund model did not make sense for crypto, in perpetuity."
Ebtikar described the early years of crypto trading as fast-moving and narrative-driven, with traders competing to capture short-lived momentum in markets that rewarded speed over analysis. He argued those conditions have changed significantly over the past several years, and that the market has matured to the point where the central question is where long-term value is being built. He acknowledged that critics who questioned whether funds like Split Capital were sustainable had a point, and said his own conviction narrowed over time to a small number of founders and verticals he strongly believed in.
Plasma focuses on infrastructure for stablecoin settlement and expanding financial access globally. The company raised $24 million in February 2025 from Framework Ventures, Bitfinex, Peter Thiel, and Tether CEO Paolo Ardoino. Ebtikar said he worked closely with Plasma's founding team throughout 2024 and 2025 before deciding to join.
In his new role, Ebtikar will oversee partnerships, growth, and go-to-market execution, and will engage with investors and policymakers ahead of the launch of Plasma One and ongoing ecosystem development. He framed his exit from fund management as a deliberate shift away from speculation toward building financial infrastructure, describing the move as closing one chapter in crypto and opening another. His stated goal at Plasma is to help the industry reach a new phase defined by global utility rather than market momentum.
Ebtikar described the early years of crypto trading as fast-moving and narrative-driven, with traders competing to capture short-lived momentum in markets that rewarded speed over analysis. He argued those conditions have changed significantly over the past several years, and that the market has matured to the point where the central question is where long-term value is being built. He acknowledged that critics who questioned whether funds like Split Capital were sustainable had a point, and said his own conviction narrowed over time to a small number of founders and verticals he strongly believed in.
Plasma focuses on infrastructure for stablecoin settlement and expanding financial access globally. The company raised $24 million in February 2025 from Framework Ventures, Bitfinex, Peter Thiel, and Tether CEO Paolo Ardoino. Ebtikar said he worked closely with Plasma's founding team throughout 2024 and 2025 before deciding to join.
In his new role, Ebtikar will oversee partnerships, growth, and go-to-market execution, and will engage with investors and policymakers ahead of the launch of Plasma One and ongoing ecosystem development. He framed his exit from fund management as a deliberate shift away from speculation toward building financial infrastructure, describing the move as closing one chapter in crypto and opening another. His stated goal at Plasma is to help the industry reach a new phase defined by global utility rather than market momentum.
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