Split Capital Winds Down After 100% Returns; Ebtikar Moves to Plasma

• Stacey George
• April 7, 2026
• Investment
• 0 Comments

Split Capital is winding down after a run of 100% returns, with founder Zaheer Ebtikar leaving fund management to become chief strategy officer at Plasma. The shift stands out because it pairs a profitable crypto hedge fund exit with a move into Bitcoin-linked stablecoin infrastructure rather than another liquid-token trading seat.

Fortune reported on April 7, 2026 that Ebtikar is winding down Split Capital and taking the chief strategy officer role at Plasma. The same report said Split had already returned investor capital in late 2025 and now continues only with its own capital.

“The entire hedge fund industry in crypto is kind of down and out.”

Zaheer Ebtikar in Fortune

Why Split Capital’s Wind-Down Stands Out

Performance context matters more than the headline alone

Split Capital describes itself as a research-driven liquid fund focused on deep-conviction bets in digital assets, which makes a shutdown after about 100% in 2024 and about 20% in 2025 notable. Working from the verified record, the contrast is between strong reported returns and a manager choosing to leave the hedge fund lane anyway.

Fortune said the fund once managed assets in the eight figures and counted Novi Loren and UTXO Management among its backers before shrinking down to internal capital. That timing lands as bitcoin allocation stories still dominate market attention, including nftenex’s look at Morgan Stanley Bitcoin ETF Expected Tomorrow as Inflow Speculation Builds.

What remains unconfirmed

The available reporting does not document a blowup, a regulatory order, or a forced liquidation behind the decision. What is confirmed is that outside money was returned in late 2025, while the fund had still posted about 20% in 2025, which supports a strategic wind-down more than a documented loss-driven closure.

What Ebtikar’s Move to Plasma Means for the Story

The transition had roots before the job title changed

Plasma said in a February 13, 2025 announcement that it had raised $24M across seed and Series A funding led by Framework and Bitfinex/USD₮0. That same official post listed Ebtikar among Plasma’s angels and advisers, so the move to chief strategy officer extends an existing relationship rather than creating a brand-new one.

“Plasma is designed to provide these essential rails by leveraging Bitcoin as its security layer.”

Paolo Ardoino in Plasma’s funding announcement

That focus on payment rails rather than short-cycle token trading fits a broader infrastructure theme. The same shift is visible in nftenex coverage of Utah Bankers Association Endorses Stablecore for Banks and Justin Sun Highlights Agentic AI Payments on TRON at EthCC, where the competition is over distribution, banking access, and settlement speed.

Bitcoin traded near $68,405 during the market backdrop for this move. That price context helps explain why Plasma is pitching a stablecoin chain secured by Bitcoin instead of presenting itself as one more general-purpose crypto app.

What readers should watch next

With investor capital already returned in late 2025 and Plasma already funded with $24M, the next concrete signal is operational, not rhetorical. If Ebtikar’s move turns that capital base and advisory tie into visible product traction, this story will read less like one fund closing and more like talent migrating from liquid-token hedge funds into Bitcoin-anchored stablecoin infrastructure.

Disclaimer: This content is for informational purposes only and is not investment advice.

Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.