Swedish investment firm Hilbert Group has purchased high-frequency trading platform Enigma Nordic in a $32 million deal to enhance its cryptocurrency trading capabilities. The acquisition provides access to Enigma's proprietary market-neutral strategies and aims to bolster offerings for institutional investors. Performance-based earn-outs are tied to generating $40 million in net income from Enigma's strategies.
Hilbert Group, a Swedish firm focused on algorithmic trading in the cryptocurrency market, announced the acquisition of Enigma Nordic, a high-frequency trading platform, for $32 million. This move allows Hilbert to incorporate Enigma's proprietary trading system, which operates market-neutral strategies across global crypto exchanges.
Enigma Nordic has processed over 50 billion Swedish krona—equivalent to about $5.4 billion—in trading volume during 2025. The platform boasts a Sharpe ratio exceeding 3.0, a metric that highlights strong risk-adjusted returns in digital asset strategies. However, such high-volume trading often involves slim margins and potential challenges like alpha decay, where performance can erode over time.
The deal structure includes $7.5 million in newly issued Hilbert shares, with up to $17.5 million in additional performance-based earn-outs, of which $10 million would be in cash. To unlock the full earn-out, Enigma's strategies must produce $40 million in net income. The shares issued to Enigma's founders come with a three-year lock-up period.
Hilbert CEO Barnali Biswal emphasized the strategic fit: "Enigma brings both cutting-edge technology and an entrepreneurial team with a proven track record of building and scaling public companies. Their market-neutral strategies have delivered very high Sharpe ratios and naturally complement our own quantitative platform."
Hilbert intends to integrate Enigma's platform into its hedge fund offerings and proprietary trading desk, with new investment products slated for launch in upcoming quarters. The firm's asset management arm, Hilbert Capital, already oversees a bitcoin-denominated hedge fund that started with $200 million in initial capital last year.
This acquisition positions Hilbert to deliver more systematic crypto products to institutional clients amid growing demand in the sector.
