Hilbert Group Acquires Enigma Nordic in $32M Deal to Boost Crypto Algorithmic Trading

Swedish investment firm Hilbert Group (HILB) has announced the acquisition of Enigma Nordic, a high-frequency trading platform focused on cryptocurrency markets, in a deal valued at up to $32 million. The move significantly strengthens Hilbert Group’s position in algorithmic trading and market-neutral crypto strategies, as competition intensifies among institutional crypto investment firms.

Through the acquisition, Hilbert gains access to Enigma Nordic’s proprietary trading system, which deploys market-neutral, high-frequency strategies across global cryptocurrency exchanges. According to a joint press release, the platform is designed to capitalize on inefficiencies in digital asset markets while minimizing exposure to overall market volatility, a key requirement for institutional investors seeking risk-adjusted returns.

Enigma Nordic reported handling more than 50 billion Swedish krona, roughly $5.4 billion, in trading volume so far in 2025. The firm also claims a Sharpe ratio above 3.0, a metric widely used to measure risk-adjusted performance. While such figures suggest strong operational scale and efficiency, high trading volumes alone do not guarantee profitability, especially in high-frequency trading where margins are typically thin and alpha decay can erode returns over time.

Hilbert Group appears to have structured the deal to address these challenges. The transaction includes $7.5 million in newly issued Hilbert shares and up to $17.5 million in performance-based earn-outs, of which $10 million will be paid in cash. To unlock the full earn-out, Enigma’s trading strategies must generate $40 million in net income. Shares issued to Enigma’s founders will be subject to a three-year lock-up period, aligning long-term incentives.

Hilbert CEO Barnali Biswal said the acquisition enhances the firm’s ability to deliver systematic crypto investment products to institutional clients. She emphasized that Enigma’s technology and experienced team complement Hilbert’s quantitative trading platform and long-term growth strategy.

Hilbert plans to integrate Enigma Nordic’s platform into its hedge fund offerings and proprietary trading desk, with new crypto investment products expected to launch in the coming quarters. The firm’s asset management arm, Hilbert Capital, already manages a bitcoin-denominated hedge fund that launched last year with $200 million in initial capital, underscoring Hilbert’s expanding footprint in institutional crypto asset management.