- Split Capital, a top-performing crypto hedge fund, is closing after delivering over 100% returns.
- Founder Zaheer Ebtikar argues the crypto market has matured beyond short-term trading strategies.
- Ebtikar is joining Peter Thiel-backed stablecoin startup Plasma as Chief Strategy Officer.
- The fund’s closure reflects broader pressure on crypto hedge funds, which have faced challenging conditions since 2022.
Digital asset hedge fund Split Capital is winding down, as founder Zaheer Ebtikar departs to join Peter Thiel-backed stablecoin firm Plasma. Ebtikar announced the move on Tuesday, noting his fund was profitable and delivered over 100% returns. However, he concluded the hedge fund model is ill-suited for crypto’s current evolution.
Ebtikar described his early career as “PvP button-clicking” in momentum-driven markets. Consequently, he now believes the industry rewards long-term vision over speculative trading. This perspective led him to shutter the profitable fund and join an infrastructure builder.
He is betting on Plasma‘s vision for stablecoin settlement and global financial access. The startup raised $24 million last February from investors like Framework Ventures and Bitfinex. Meanwhile, Ebtikar will serve as chief strategy officer, focusing on partnerships and policy.
This transition signals a broader shift from speculation to systemic building. Ebtikar framed it as the end of crypto’s old era and the pursuit of a new golden age.
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