Hilbert Group bolsters institutional crypto push with $25 million Enigma Nordic deal
Hilbert Group acquired high-frequency crypto trading platform Enigma Nordic for up to $25 million to enhance its institutional digital asset trading capabilities.Summary
Swedish investment firm Hilbert Group announced the acquisition of high-frequency crypto trading platform Enigma Nordic for a potential total of $25 million. The deal structure involves $7.5 million paid in newly issued shares at closing, with an additional $17.5 million contingent on earn-outs based on Enigma's strategies generating $40 million in cumulative net income. Enigma, founded by Andereas Friis and Jonas Söderqvist, brings proprietary trading technology and has executed significant trading volume with a claimed Sharpe ratio exceeding 3.0. Hilbert CEO Barnali Biswal stated the acquisition strengthens their institutional crypto push, allowing for the integration of Enigma's platform into Hilbert Capital's hedge fund offerings and proprietary trading desk. The move aligns with a predicted increase in crypto M&A activity in 2025.
(Source：The Block)