Split Capital, a digital asset hedge fund founded by Zaheer Ebtikar, is ending its operations and will join Peter Thiel-backed stablecoin startup Plasma. The announcement was made in an X post, stating that Split Capital was profitable both 2024 and 2025 and delivered over 100% in returns. The decision comes amid continued pressure on crypto hedge funds, which have reportedly faced more challenging market conditions since the 2022 market downturn. Ebbattikar believes that the crypto market has shifted away from traditional hedge funds' strategies and that the hedge fund model did not make sense for the future of the industry.