Zaheer Ebtikar, founder of Split Capital, has become Chief Strategy Officer at Plasma, a stablecoin infrastructure startup, signaling a shift toward building core financial infrastructure.

Split Capital has wound down to a proprietary-capital operation after returning outside capital to investors in late 2025, with Split Research managing eight-figure assets.

Plasma's One app is positioning to compete with SoFi and Revolut by expanding global payments, savings, and access, effectively aiming to be the settlement layer for stablecoin activity amid a broader move from trading to real-world utility.

Ebtikar argues the crypto industry has matured from momentum trading to questions of sustainable value and models, acknowledging concerns about fund longevity in a rapidly evolving market.

Industry context shows over $100 billion in venture funding into crypto over six years, with institutions gaining direct access via ETFs and major firms recalibrating toward infrastructure and utility-based crypto applications.

Ebtikar contends crypto hedge funds are no longer viable as a business model amid a sector shakeout and shifting market dynamics.

The wind-down is framed as a strategic pivot driven by structural shifts, not poor performance, with hedge fund models no longer rewarding momentum trading in crypto.

The closure was announced via a Tuesday X post, highlighting a move away from hedge fund strategies toward a new crypto era.

The story reflects a broader arc in crypto: from active fund management to leadership in stablecoin infrastructure.

The wind-down proceeded through formal, transparent procedures to return assets to investors, illustrating greater market maturity and governance in crypto investing.

Ebtikar’s move signals talent shifting from active fund management toward stablecoin infrastructure and related fintech roles.

Industry timelines show peak fund activity around 2021, followed by consolidation driven by regulatory and market dynamics, while stablecoins grow in volume and integration with traditional finance.