BlockBeats news, on April 7, according to Fortune, the cryptocurrency hedge fund Split Capital has dissolved, and its founder Zaheer Ebtikar has joined the stablecoin startup Plasma as an executive.
Ebtikar decided to shut down Split Capital not due to poor performance. The founder stated that his returns were approximately 100% in 2024 and 20% in 2025. Instead, he believes that cryptocurrency hedge funds are no longer a viable business. “The entire cryptocurrency hedge fund industry has essentially collapsed.”
By the end of 2025, Split Capital returned funds to investors. Former supporters of the fund included the venture capital firm Novi Loren and the digital assets company UTXO Management. Although Ebtikar declined to disclose the exact amount managed by his firm, he stated that the assets under management were in the "eight-digit" range. The fund will continue operating at a smaller scale, using only its own capital.
Split Capital was founded in early 2024 by Zaheer Ebtikar during the cryptocurrency market rally. Unlike a traditional VC, it is a hedge fund focused on liquid tokens, employing a "bullish bias" strategy—maintaining a long-term positive outlook on the crypto market and generating profits through active management. Public reports have only disclosed one investment, in the perpetual yield stratification protocol Strata; other activities primarily involve trading and hedging.