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