PANews reported on April 7th that, according to Fortune, crypto hedge fund Split Capital has returned funds to external investors, and founder Zaheer Ebtikar has announced his joining stablecoin startup Plasma as Chief Strategy Officer. Ebtikar stated that the fund achieved approximately 100% returns in 2024 and 20% in 2025 , and its assets under management once reached "eight figures" in US dollars. However, he believes the crypto hedge fund model is unsustainable, partly because large institutions can directly gain exposure through crypto ETFs issued by companies like BlackRock and Fidelity . Split Capital will operate on a small scale using only its own capital in the future. Plasma is preparing to launch a consumer-facing stablecoin application, positioning itself as a competitor to new types of banks such as SoFi and Revolut .