Hilbert Group Pays $32M for Crypto Trading Firm Enigma


Swedish investment firm Hilbert Group has purchased #high-frequency trading platform Enigma Nordic in a deal worth up to $32 million. The acquisition grants Hilbert ownership of proprietary market-neutral strategies operating across global crypto exchanges.


#Hilbert will pay $7.5 million in newly issued shares at closing. An additional $17.5 million in earn-outs depends on Enigma's strategies generating $40 million in cumulative net income, with $10 million of that total paid in cash. Shares issued to Enigma founders Andereas Friis and Jonas Söderqvist carry a three-year lock-up period with clawback provisions if performance targets fall short.


Enigma reported handling over 50 billion Swedish krona, roughly $5.4 billion, in #trading volume during 2025. The firm claims its quantitative strategies delivered a Sharpe ratio exceeding 3.0, a performance benchmark rarely reached in scalable, market-neutral #digital asset operations. Friis and Söderqvist previously built and listed digital marketing company Speqta on Sweden's Nasdaq First North exchange before launching Enigma in stealth mode in 2024.


High-frequency strategies typically operate on thin margins and require massive turnover to generate returns. These approaches also face alpha decay, where profits diminish as capital scales due to deployment inefficiencies. The $5.4 billion trading volume signals high activity but does not guarantee profitability on its own.


Hilbert CEO Barnali Biswal said the deal strengthens the firm's capacity to deliver systematic crypto products to #institutional investors. Biswal stated Enigma brings both advanced technology and an entrepreneurial team with proven experience scaling public companies. The market-neutral strategies complement Hilbert's existing quantitative platform, according to the CEO.

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December 22, 2025 at 2:17 AM