{"id":70787,"date":"2026-04-07T18:16:37","date_gmt":"2026-04-07T18:16:37","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/crypto-hedge-fund-split-capital-winds-down-after-100-returns-ebtikar-moves-to-plasma-bitcoin-news\/"},"modified":"2026-04-07T18:16:37","modified_gmt":"2026-04-07T18:16:37","slug":"crypto-hedge-fund-split-capital-winds-down-after-100-returns-ebtikar-moves-to-plasma-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/crypto-hedge-fund-split-capital-winds-down-after-100-returns-ebtikar-moves-to-plasma-bitcoin-news\/","title":{"rendered":"Crypto Hedge Fund Split Capital Winds Down After 100% Returns; Ebtikar Moves to Plasma \u2013 Bitcoin News"},"content":{"rendered":"<p><b>(Originally posted on : Bitcoin News )<\/b><br \/>\n<\/p>\n<div>\n<p><strong>Key Takeaways:<\/strong><\/p>\n<ul class=\"[li_&amp;]:mb-0 [li_&amp;]:mt-1 [li_&amp;]:gap-1 [&amp;:not(:last-child)_ul]:pb-1 [&amp;:not(:last-child)_ol]:pb-1 list-disc flex flex-col gap-1 pl-8 mb-3\">\n<li class=\"whitespace-normal break-words pl-2\">Zaheer Ebtikar shut down Split Capital after delivering over 100% net returns since its January 2024 launch.<\/li>\n<li class=\"whitespace-normal break-words pl-2\">Ebtikar cited $100 billion in venture funding and spot ETFs from BlackRock and Fidelity as reasons the hedge fund model is broken.<\/li>\n<li class=\"whitespace-normal break-words pl-2\">As Plasma\u2019s new CSO, Ebtikar will lead go-to-market strategy for the Plasma One <span>stablecoin<\/span> neobank app launching in 2026.<\/li>\n<\/ul>\n<h2> <span>Crypto<\/span> Hedge Fund Era Ending? Split Capital Closes as Founder Pivots to Plasma <span>Stablecoin<\/span> L1<\/h2>\n<p><span style=\"font-weight:400\">Ebtikar made the <a href=\"https:\/\/x.com\/SplitCapital\/status\/2041491129955172482\" target=\"_blank\" rel=\"noopener noreferrer\">announcement<\/a> on X, where he described the decision as a strategic pivot after nearly two years running the fund. Fortune was the first to <a href=\"https:\/\/fortune.com\/2026\/04\/07\/split-capital-winds-down-zaheer-ebtikar-plasma-stablecoins\/\" target=\"_blank\" rel=\"noopener noreferrer\">report<\/a> on the news on Tuesday with an exclusive. Split Capital delivered roughly 100% returns in 2024 and approxim<\/span>ately 20% in 2025, with net returns exceeding 100% since inception. Virtually every investor turned a profit. The fund is not closing because of poor performance.<\/p>\n<p>Ebtikar framed the wind-down as a response to structural shifts in the broader <span>crypto<\/span> industry. He argued the hedge fund model no longer makes sense as the sector matures. \u201cThe industry no longer rewards traders chasing momentum,\u201d he wrote. \u201cThe only real question is: what does the future lo<span style=\"font-weight:400\">ok like and where is the value?\u201d<\/span><\/p>\n<p><span style=\"font-weight:400\">Ebtikar launched Split Capital during one of <span>crypto<\/span>\u2019s slowest periods, operating on the thesis that venture capital would flow toward undervalued liquid <a href=\"https:\/\/news.bitcoin.com\/japan-recognizes-100-crypto-tokens-across-28-platforms-as-regulation-shapes-market-expansion\/\">tokens<\/a>. The fund attracted limited partners including Novi Loren and <span>UTXO<\/span> Management and held eight figures in assets under management. A related research arm, Split Research, ran alongside it.<\/span><\/p>\n<p><span style=\"font-weight:400\">The thesis did not play out as <\/span>expected. More than $100 billion in venture funding entered the space over six years, and the market returned to what Ebtikar called a \u201chumbling baseline.\u201d He pointed to spot <span>bitcoin<\/span> and ethereum <a href=\"https:\/\/news.bitcoin.com\/bitcoin-holds-weekly-inflows-while-ether-altcoin-etfs-slip\/\">ETFs<\/a> offered by Blackrock and <a href=\"https:\/\/news.bitcoin.com\/fidelity-presses-sec-crypto-task-force-for-on-chain-settlement-clarity\/\">Fidelity<\/a> as one reason the hedge fund model lost its edge. Institutional investors can now access <span>crypto<\/span> without a fund manager.<\/p>\n<p>He also cited a broader retreat among <span>crypto<\/span>\u2019s top venture firms. Paradigm has expanded into <a href=\"https:\/\/news.bitcoin.com\/study-generative-ai-could-add-trillions-to-global-economy\/\">artificial intelligence (AI)<\/a> and robotics. Multicoin\u2019s Kyle Samani has shifted focus. Dragonfly\u2019s Rob Hadick described the current moment as a \u201cmass extinction event\u201d for <span>crypto<\/span> venture capital.<\/p>\n<p><span style=\"font-weight:400\">Split Capital returned outside capital to investors in late 2025 and began winding down as a full fund vehicle. It continues in a limited capacity using only proprietary capital. <\/span><span style=\"font-weight:400\">Ebtikar had been an early backer and advisor at <a href=\"https:\/\/news.bitcoin.com\/new-rails-for-digital-dollars-plasmas-mainnet-beta-is-live\/\">Plasma<\/a> since mid-2024. He invested personally and helped with fundraising, hiring, and strategy after meeting CEO Paul Faecks. He joined formally as a founding team member and Chief Strategy Officer on Tuesday.<\/span><\/p>\n<figure id=\"attachment_804178\" aria-describedby=\"caption-attachment-804178\" style=\"width:1320px\" class=\"wp-caption aligncenter\"><figcaption id=\"caption-attachment-804178\" class=\"wp-caption-text\">Plasma\u2019s welcome post on X.<\/figcaption><\/figure>\n<p><span style=\"font-weight:400\">Plasma is a layer one (L1) <span>blockchain<\/span> built for <a href=\"https:\/\/news.bitcoin.com\/why-japans-stablecoin-push-may-be-the-most-practical-crypto-story-in-the-world-right-now\/\">stablecoin<\/a> settlement and distribution. It is EVM-compatible, designed for high throughput, near-zero fees, and gasless transfers for assets like <span>USDT<\/span>. The protocol uses a split-block architecture to resist spam. Backers include Peter Thiel\u2019s Founders Fund, Tether CEO Paolo Ardoino, Bitfinex, and Framework Ventures, which led a round of approximately $20 million to $24 million.<\/span><\/p>\n<p><span style=\"font-weight:400\">In his new rol<\/span>e, Ebtikar will lead senior partnerships, investor relations, and product go-to-market strategy. His primary focus will be the launch of Plasma One, a consumer app the company describes as a stablecoin-powered neobank aimed at competing with <a href=\"https:\/\/news.bitcoin.com\/sofi-technologies-launches-first-national-bank-enterprise-crypto-and-stablecoin-platform\/\">SoFi<\/a> and <a href=\"https:\/\/news.bitcoin.com\/ripple-survey-shows-72-of-finance-leaders-see-digital-asset-revolution-happening-now\/\">Revolut<\/a> for global payments, savings, and financial access.<\/p>\n<p>Ebtikar called Plasma \u201cwhat I believe will be the best company in <a href=\"http:\/\/www.bitcoin.com\/get-started\/a-quick-introduction-to-crypto\/\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">crypto<\/a>\u201d and described joining the team as the culmination of nine years in the industry. He spent time in <a href=\"https:\/\/news.bitcoin.com\/tether-and-city-of-lugano-commit-6-4-million-to-plan-%e2%82%bf-phase-ii\/\">Lugano<\/a> with the team working through the Series A and go-to-market preparation.<\/p>\n<p>The move reflects a broader shift inside <a href=\"http:\/\/www.bitcoin.com\/get-started\/a-quick-introduction-to-crypto\/\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">crypto<\/a> from speculative trading toward infrastructure built around real-world utility. <a href=\"http:\/\/www.bitcoin.com\/get-started\/what-are-stablecoins\/\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">Stablecoins<\/a> have become the sector\u2019s largest practical use case, processing trillions in settlement <a href=\"http:\/\/www.bitcoin.com\/get-started\/what-is-trading-volume\/\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">volume<\/a> annually. Plasma is positioning itself as the settlement layer for that activity.<\/p>\n<p>Ebtikar acknowledged his Split Capital limited partners, team<span style=\"font-weight:400\">, and family in his post. No regulatory issues or investor disputes were cited. The closure reflects his view that the next phase of <a href=\"https:\/\/news.bitcoin.com\/japans-next-crypto-boom-may-be-institutional\/\">crypto<\/a> will be defined by builders, not traders.<\/span><\/p>\n<\/div>\n<p><a href=\"https:\/\/news.bitcoin.com\/crypto-hedge-fund-split-capital-winds-down-after-100-returns-ebtikar-moves-to-plasma\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : Bitcoin News ) Key Takeaways: Zaheer Ebtikar shut down Split Capital after delivering over 100% net returns since its January 2024 launch. Ebtikar cited $100 billion in venture funding and spot ETFs from BlackRock and Fidelity as reasons the hedge fund model is broken. As Plasma\u2019s new CSO, Ebtikar will lead [&hellip;]<\/p>\n","protected":false},"author":19,"featured_media":70788,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[32],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/70787"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/19"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=70787"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/70787\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/70788"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=70787"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=70787"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=70787"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}