Zaheer Ebtikar
Zaheer Ebtikar is the Co-Founder and Chief Investment Officer (CIO) of Split Capital. He was previously a Portfolio Manager at the quantitative crypto trading firm LedgerPrime and has held roles at several traditional and crypto-native financial firms. [1] [2] Ebtikar is also a frequent market commentator, offering analysis on market trends, asset performance, and investment strategies in the digital asset space. [3]
Education
Zaheer Ebtikar attended the University of Waterloo, where he earned a Bachelor of Accounting and Financial Management in 2016, followed by a Master of Accounting in 2017. He also holds a Chartered Professional Accountant (CPA, CA) designation. [2]
Career
Ebtikar began his career in traditional finance before transitioning to the digital asset industry. His professional path shows a progression from capital markets and banking to crypto research and institutional portfolio management. [2]
Early Career in Traditional Finance
After completing his master's degree, Ebtikar joined PwC in September 2017 as an Experienced Associate in Capital Markets, where he worked until May 2019. Following PwC, he participated in the Global Banking and Markets Sales & Trading Rotational Program at Scotiabank from May 2019 to August 2020. [2]
Transition to Cryptocurrency
Ebtikar entered the cryptocurrency industry full-time in September 2020 as a Researcher at the digital asset investment firm BlockTower Capital. [2] In June 2021, he moved to LedgerPrime, a quantitative and discretionary crypto trading firm, to serve as a Portfolio Manager. [1] At LedgerPrime, he managed a portfolio focused on DeFi, digital assets, and derivatives. [2] LedgerPrime was associated with Alameda Research and was later wound down in 2023 following the collapse of its parent company's sister firm, FTX, in late 2022. [4]
Split Capital
In January 2024, Ebtikar co-founded Split Capital, a crypto hedge fund specializing in liquid token investments. He serves as the firm's Chief Investment Officer (CIO), shaping its strategic direction and overseeing all investment activities. [1] [5] The fund was established by Ebtikar and other alumni of LedgerPrime, including co-founder Shiliang Tang, who previously ran the firm. [2]
The firm was founded to address what the founders saw as a need for a more institutional and sophisticated approach to liquid token investing. Ebtikar commented on the firm's founding: "We saw a void in the space in terms of fundamentally-driven liquid token investing... After seeing a lot of the practices that happened in the last cycle, we felt like there was a good opportunity to bring a more institutionalized, sophisticated approach to liquid token investing." [6]
Split Capital employs a multi-strategy playbook that includes relative value, discretionary, and quantitative strategies to capitalize on market volatility and dislocations. [1] The fund focuses on liquid, higher market capitalization tokens and avoids illiquid, early-stage venture capital deals to maintain flexibility. [7]
Public data suggests Split Capital's portfolio has included investments in projects such as:
- Initia (Omnichain rollups)
- Thruster (DEX on Blast)
- Katana (Solana Yield Protocol)
- Ethena
- Scallop
- ZeroLend
- 3Jane (Credit-based money market)
- Echelon Market (Move-based money market)
- Plasma (Stablecoin payments Layer 1)
The portfolio reflects the firm's focus on liquid tokens across various blockchain ecosystems and decentralized finance protocols. [8] [7]
Market Commentary
Ebtikar is a recognized market analyst frequently quoted in financial media. His commentary covers a wide range of topics, from macroeconomic impacts on crypto to protocol-specific critiques.
On Market Cycles and Risk Management
Ebtikar advocates for a measured and strategic approach, particularly during periods of high volatility. Following a significant market crash in early 2026, he noted his firm's cautious stance, stating, "We’re really cautious right now in this environment... our book is close to flat. We feel like it’s correct to be on the side lines." [9] He has described a "straightforward playbook" for post-crash recovery, which involves an initial recovery in blue-chip assets like Bitcoin and Ethereum, followed by a rise in large-cap altcoins, and finally a resurgence in high-beta, smaller altcoins and meme coins. [3]
He has also commented on market sentiment, observing in early 2024 that while Bitcoin's price was near local highs, the altcoin market had entered a bear market in December 2023. He characterized the environment as a "trader's market" requiring nimbleness. [10] In June 2024, he noted that a deleveraging event was necessary for the market uptrend to continue, pointing to slowing ETF inflows and an over-leveraged altcoin market as causes for concern. [2]
On Bitcoin and ETFs
Ebtikar has consistently identified the launch of spot Bitcoin ETFs in the United States as a fundamental shift in market structure. [5] In late 2024, he stated that the ETFs were creating a "supply shock that isn’t fully appreciated yet" due to "consistent, programmatic buying." [1] He later described the phenomenon as a "one-way firehose of demand for Bitcoin" that had attracted a new, persistent stream of institutional capital, which he distinguished from previous retail-driven rallies. [11] [12]
On Ethereum and Altcoins
Ebtikar has been a vocal critic of the Ethereum Foundation, arguing that "bad decisions" regarding its roadmap and tokenomics "destroyed ETH's monetary premium." [1] He has attributed Ethereum's price underperformance against competitors like Solana to a poor user experience, high transaction fees, and a lack of a clear commercial strategy. He commented, "It’s hard to get excited about the fundamental story of Ethereum when you see a competitor like Solana completely eating their lunch in terms of user activity and retaining developer mindshare." [6]
He has praised Solana as "the people's chain" for its low fees and strong development activity. [4] He also noted that in downturns, his strategy can include allocating capital to "high-beta altcoins with low floats and strong narratives" that have been oversold. [1]
On the Future of Crypto
In a discussion on The Block's podcast in February 2026, Ebtikar pushed back on narratives that "crypto is dead," arguing the industry was instead in a phase of refinement and consolidation. He predicted that a few dominant Layer 1 blockchains and their applications would capture most of the market. He also highlighted the tokenization of Real-World Assets (RWA) as a critical growth area for the next cycle, stating, "We're moving from speculative vaporware to assets with tangible cash flow and real-world utility. RWA is not just a buzzword; it's the bridge to trillions in traditional finance." [7]