Hilbert Group buys Enigma Nordic in $32 million deal to boost crypto trading edge

Swedish investment firm Hilbert Group has acquired the high-frequency trading platform Enigma Nordic for $32 million. This acquisition grants Hilbert access to Enigma's proprietary system, which uses market-neutral strategies across global crypto exchanges and boasts a Sharpe ratio above 3.0, having handled over $5.4 billion in trading volume in 2025. The deal structure includes $7.5 million in newly issued Hilbert shares and up to $17.5 million in performance-based earn-outs, contingent on Enigma's strategies generating $40 million in net income. Hilbert CEO Barnali Biswal stated the move strengthens the firm's ability to offer systematic crypto products to institutional investors by complementing their quantitative platform with Enigma's technology and team. Hilbert plans to integrate the platform into its hedge fund offerings and proprietary trading desk, with new investment products anticipated in the coming quarters. Hilbert Capital, the asset management arm, previously launched a bitcoin-denominated hedge fund with $200 million in initial capital last year.

(Source：CoinDesk)