Hilbert Group (HILB), a Swedish investment firm focused on algorithmic trading in the cryptocurrency sector, has acquired the high-frequency trading platform Enigma Nordic in a deal valued at $32 million.
This acquisition provides Hilbert with access to Enigma’s proprietary trading system, which implements market-neutral strategies across global cryptocurrency exchanges, as per a press release from the companies.
Enigma has reported a trading volume exceeding 50 billion Swedish krona (approximately $5.4 billion) in 2025 and boasts a Sharpe ratio above 3.0, a performance level that is “rarely achieved in scalable, market-neutral digital asset strategies worldwide,” according to the firm.
While the substantial trading volume of $5.4 billion suggests significant activity, it does not necessarily indicate profitability. High-frequency strategies frequently depend on large turnover to generate narrow margins. Furthermore, these strategies are prone to “alpha decay,” where returns decrease over time due to inefficiencies in capital deployment.
To address these risks, Hilbert Group appears to be incorporating performance-based clauses into the agreement. The arrangement includes $7.5 million in newly issued Hilbert shares and up to $17.5 million in performance-based earn-outs, which includes $10 million in cash.
For Enigma to receive the full earn-out, its strategies need to yield $40 million in net income. Additionally, the shares given to Enigma’s founders will have a three-year lock-up period.
Hilbert CEO Barnali Biswal stated that this acquisition bolsters the firm’s capacity to provide systematic crypto products for institutional investors.
“Enigma provides advanced technology and a dynamic team with a strong history of successfully building and scaling public companies,” Biswal remarked. “Their market-neutral strategies have achieved very high Sharpe ratios and naturally complement our own quantitative platform.”
Hilbert intends to integrate the platform into its hedge fund services and proprietary trading desk, with plans for new investment products to be launched in upcoming quarters.
Hilbert Group’s asset management division, Hilbert Capital, initiated a bitcoin-denominated hedge fund last year with an original capital of $200 million.
