Crypto hedge fund Split Capital is closing its external asset management operations as founder Zaheer Ebtikar transitions to stablecoin startup Plasma as Chief Strategy Officer. Despite achieving returns of approximately 100% in 2024 and 20% in 2025, Ebtikar cited the unsustainable nature of the current crypto hedge fund industry as the reason for the closure. He expressed optimism about the long-term potential of the stablecoin sector.