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LedgerPrime Alumni Launch Liquid Token Hedge Fund

 1 year ago
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LedgerPrime Alumni Launch Liquid Token Hedge Fund

LedgerPrime alumni launch Split Capital, a long-term liquid token hedge fund.

CryptoMode Ledgerprime Hedge Fund
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Former employees of renowned crypto trading firm LedgerPrime have stepped into the limelight by launching a novel hedge fund, Split Capital. 

The founders, including Zaheer Ebtikar, Michael Churchouse, and Nai Boonkongkird, have set their sights on the world of liquid tokens, ushering in a new era of long-term investment strategies in the crypto space. Adding to the lineup of industry veterans, Shiliang Tang, LedgerPrime’s former Chief Investment Officer, has joined the team as an advisor.

It's been a long time coming but I'm thrilled to announce the official launch of Split Capital, a liquid digital assets fund.

Split Capital, as a concept, has been in my mind for years now and it's been a dream to finally see it come to fruition.https://t.co/cItdgFl3Ao

— Zaheer (@SplitCapital) January 19, 2024

Zaheer Ebtikar took to X on Friday to elaborate on the fund’s strategy, emphasizing a focus on the long-term potential of tokens. As an illustrative example, Ebtikar pointed to a recommendation made in December 2022, where the team advocated buying Solana, Lido, and Synapse.

A distinctive feature of Split Capital’s approach is its contention that the middle 80% of the token market often goes unnoticed due to short-term incentives. 

LedgerPrime Veteran Zaheer Ebtikar Navigates FTX Acquisition Fallout

Before venturing into Split Capital, Zaheer Ebtikar served as a portfolio manager at LedgerPrime. This trading firm was under the umbrella of Alameda and FTX’s U.S. subsidiary following its acquisition by FTX in 2021. The transition and FTX’s bankruptcy proceedings presented challenges for LedgerPrime.

According to his LinkedIn profile, Ebtikar spent a year as a portfolio manager before parting ways with LedgerPrime in September 2023. Michael Churchouse, another co-founder, had previously worked on the DeFi investing team at Nickel Digital Asset Management.

Ebtikar, Churchouse, and Nai Boonkongkird established Split Capital to adopt a more extended perspective on token investments than traditional crypto venture capital structures. Dissatisfaction with short time horizons prevalent in crypto VC, often influenced by the liquid nature of token investing, fueled the founders’ desire for a paradigm shift.

Split Capital is critical of the incentive structures in conventional crypto venture capital, which they argue can impede the overall market. The fund intends to focus on less popular tokens, seeking undervalued investments contributing to the ecosystem’s growth beyond mere speculation.

Ebtikar contends that the majority of capital in crypto operates under a venture money mandate to buy early, evangelize, and sell at a premium, necessitating a different approach. The fund primarily aims to uncover value in long-term investments rather than prioritizing short-term gains.

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