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

Hilbert Group, a Swedish investment firm focused on algorithmic cryptocurrency trading, has acquired high-frequency trading platform Enigma Nordic in a deal valued at $32 million.

Key Takeaways:

• Hilbert Group acquired Enigma Nordic for $32 million to expand its crypto trading capabilities.
• Enigma reported $5.4 billion in trading volume and a Sharpe ratio above 3.0.
• The deal ties payouts to performance, requiring $40 million in net income to unlock the full earn-out.

The acquisition gives Hilbert full ownership of Enigma’s proprietary trading system, which runs market-neutral strategies across global digital asset exchanges.

According to a joint statement, the platform is designed to profit from short-term price inefficiencies rather than directional market moves, a model that has gained traction as crypto markets mature.

Enigma Reports $5.4B in Crypto Trading Volume as Questions Linger on Profitability

Enigma said it has processed more than 50 billion Swedish krona (around $5.4 billion) in trading volume so far in 2025 and reported a Sharpe ratio above 3.0, a level the firm described as uncommon for scalable, market-neutral strategies in digital assets.

While high trading volume signals active deployment, it does not automatically translate into profitability.

High-frequency strategies typically rely on narrow margins and are vulnerable to “alpha decay,” where returns decline as capital scales and competition intensifies.

Hilbert appears to have addressed those risks through the structure of the deal. The transaction includes $7.5 million in newly issued Hilbert shares at closing and up to $17.5 million in performance-based earn-outs.

Of that earn-out, $10 million will be paid in cash, while the rest will be settled in shares. To unlock the full earn-out, Enigma’s strategies must generate $40 million in net income.

Shares issued to Enigma’s founders are subject to a three-year lock-up, with clawback provisions if performance targets are not met.

Hilbert CEO Barnali Biswal said the acquisition strengthens the firm’s ability to serve institutional investors seeking systematic exposure to crypto markets.

“Enigma brings cutting-edge technology and an entrepreneurial team with a track record of building scalable businesses,” Biswal said.

“Their market-neutral strategies complement our quantitative platform and broaden the range of products we can offer.”

Crypto’s Shift Toward Institutional, Market-Neutral Trading Gains Momentum

The deal comes as crypto markets continue to professionalize, with hedge funds and asset managers increasingly favoring data-driven strategies over speculative trading.

Market-neutral approaches, which aim to reduce exposure to broader price swings, have become more attractive amid heightened volatility and regulatory scrutiny.

Hilbert plans to integrate Enigma’s platform into its hedge fund products and proprietary trading operations, with new investment vehicles expected to launch in the coming quarters.

The firm’s asset management arm, Hilbert Capital, began managing a bitcoin-denominated hedge fund last year with initial capital of $200 million.

Enigma was founded by Andreas Friis and Jonas Söderqvist, entrepreneurs previously known for building and listing digital marketing company Speqta.

Last year, Xapo Bank and Hilbert Capital announced plans to launch a $200 million Bitcoin-denominated hedge fund.

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