Hilbert Group (HILB), a Swedish investment firm specializing in algorithmic trading within the cryptocurrency market, has acquired high-frequency trading platform Enigma Nordic in a $32 million deal.
The move gives Hilbert access to Enigma’s proprietary trading system, which executes market-neutral strategies across global cryptocurrency exchanges, the companies said in a press release.
Enigma said it has handled over SEK 50 billion (about US$5.4 billion) in trading volume so far in 2025 and reports a Sharpe ratio of over 3.0, a performance the firm claims is “rarely achieved in scalable, market-neutral digital asset strategies globally.”
While trading volume of $5.4 billion indicates high activity, it does not inherently signal profitability. High frequency strategies often require massive turnover to generate thin margins. On top of that, these strategies often face what is known as “alpha decay,” where returns decline over time due to capital deployment inefficiencies.
Hilbert Group looks to mitigate these risks through performance-based clauses. The deal includes $7.5 million in newly issued Hilbert shares and up to $17.5 million in performance-based earn-outs, of which $10 million is in cash.
To receive the full earn-out, Enigma’s strategies must generate $40 million in net income. The shares issued to Enigma’s founders are subject to a three-year lock-up.
Hilbert CEO Barnali Biswal said the acquisition strengthens the firm’s ability to offer systematic crypto products to institutional investors.
“Enigma brings both cutting-edge technology and an entrepreneurial team with a proven track record in building and scaling public companies,” said Biswal. “Their market neutral strategies have delivered very high Sharpe ratios and naturally complement our own quantitative platform.”
Hilbert plans to integrate the platform into its hedge fund offerings and proprietary trading desk, with new investment products expected to launch in the coming quarters.
Hilbert Group’s asset management arm, Hilbert Capital, began managing a bitcoin-denominated hedge fund last year with initial capital of $200 million.
