Hilbert Group Acquires Enigma Nordic for $32 Million to Enhance Crypto Trading Capabilities
Swedish algorithmic crypto trader Hilbert Group has acquired Enigma Nordic in a $32 million deal aimed at boosting its crypto trading edge. The transaction includes up to $17.5 million in performance-based earn-outs, up to $10 million in cash, and $7.5 million in newly issued Hilbert shares. The full earn-out payment is contingent on Enigma generating $40 million in net income.
Enigma Nordic offers access to its proprietary trading system and market-neutral crypto strategies. In 2025, Enigma's trading volume exceeded 50 billion SEK (approximately $5.4 billion) and maintained a Sharpe ratio above 3.0. Hilbert plans to integrate Enigma's platform into its hedge fund offerings and proprietary trading desk to deliver systematic crypto products to institutional investors, with new products expected in the coming quarters.
The shares held by Enigma's founders are subject to a three-year lock-up period. Hilbert Group's asset management arm, Hilbert Capital, launched a bitcoin-denominated hedge fund last year with an initial capital of $200 million.
The deal takes into account the nature of high-frequency, market-neutral strategies, which typically require high turnover and operate with thin margins amid risks of alpha decay. Accordingly, the earn-outs are structured to mitigate these risks. Hilbert's CEO, Barnali Biswal, stated that the acquisition strengthens the company's ability to offer systematic crypto products and complements its quantitative platform, adding cutting-edge technology and an entrepreneurial team to its operations.
