Split Capital winds down as founder cites $100 billion crypto venture ‘last dance’, joins Plasma

Split Capital founder Zaheer Ebtikar said he is winding down the crypto hedge fund and joining stablecoin settlement chain Plasma as chief strategy officer, citing a broken business model for crypto-focused funds.

“I raised money on the thesis that Crypto VC was overflowing with capital and the value would inevitably find its way down to tokens that were mispriced coming out of the bear market.” Ebtikar said in an X post on Tuesday, adding that, “Yet after more than $100 billion in venture funding and six years of euphoria, we’ve come back to a humbling baseline. Investors, operators, and traders all ask the same question ‘what does the future look like, and where is the value?”

Split Capital operated for nearly two years, from its inception in 2024 to its closure in 2025. Ebtikar said the fund was profitable in both years, with net returns well over 100% since its launch. He wrote that "virtually every investor made money" and called Split Capital a “top performing fund by every mark.” 

Ebtikar began the wind-down process in the fall of 2025 when the firm returned capital to outside investors. While he did not provide a precise figure, he told Fortune that the total amount returned was in the “eight-figure” range.

New Era 

Ebtikar views the stablecoin sector and Plasma as a “new era” capable of scaling to meet “trillions of dollars in settlement” demand through integration with legacy financial systems. 

In his new role as chief strategy officer, he will manage senior partnerships, oversee investor relationships, and have a direct hand in the product development cycle.

His remit includes directing the go-to-market strategy for the upcoming launch of “Plasma One,” a chain designed for stablecoin distribution and settlement.

“This is the culmination of experience I’ve gained working in crypto, and I now will actively apply it at Plasma going forward as an early founding team member,” Ebtikar said.