Hilbert Group Expands Institutional Crypto Trading With Enigma Nordic Acquisition

Hilbert Group has acquired 100 percent of Enigma Nordic AB, a Swedish fintech firm operating a high-frequency, automated digital asset trading platform. The transaction marks a significant step in Hilbert’s strategy to strengthen its institutional digital asset capabilities as market structure and regulation continue to evolve.

Enigma operates a scalable, market-neutral trading platform designed to capture short-term pricing inefficiencies across . In 2025 alone, the platform executed more than SEK 50 billion in trading volume, underscoring both its liquidity footprint and operational maturity.

The acquisition positions Hilbert among a small group of firms capable of offering institutional-grade, at scale. By combining Enigma’s technology with Hilbert’s existing infrastructure, the group aims to accelerate product development and global distribution.

High-Frequency Strategies With Proven Performance

Enigma’s proprietary strategies rely on data-driven, quantitative models designed to remain market-neutral, allowing performance to be generated independently of broader market direction. The platform has delivered a Sharpe ratio exceeding 3.0, a level rarely sustained in scalable .

These characteristics are particularly relevant as digital assets transition from a retail-driven market toward a more institutional landscape. Professional investors increasingly demand risk-controlled exposure, transparent execution, and consistent performance across market cycles.

Hilbert plans to integrate Enigma’s strategies into its existing investment products, , and upcoming launches. The platform’s existing trading volume is also expected to generate cost synergies through improved execution and infrastructure efficiency.

Transaction Structure And Long-Term Alignment

The acquisition is structured to align long-term incentives between Hilbert Group and Enigma’s founders. At closing, tradeers receive USD 7.5 million in newly issued Hilbert Group shares, priced at SEK 10.47 per share, alongside performance-based earn-outs of up to USD 17.5 million.

The earn-out includes USD 7.5 million in additional shares and USD 10 million in cash, contingent on Enigma’s strategies generating USD 40 million in net income. All shares issued to tradeers are subject to a three-year lock-up period, reinforcing long-term commitment.

Hilbert confirmed that integration of Enigma’s team and platform will begin immediately, with new investment products expected in the coming quarters. The structure also includes clawback provisions should performance targets not be met, reinforcing accountability as the strategies scale.