Hilbert Group buys Enigma Nordic in $32 million deal to boost crypto trading edge

Finance Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Hilbert Group buys Enigma Nordic in $32 million deal to boost crypto trading edge The deal includes performance-based earn-outs contingent on Enigma's strategies generating $40 million in net income. By Francisco Rodrigues , AI Boost | Edited by Aoyon Ashraf Dec 20, 2025, 6:00 p.m. (CoinDesk) What to know : Hilbert Group has acquired high-frequency trading platform Enigma Nordic in a $32 million deal, gaining access to Enigma's proprietary trading system and market-neutral strategies. The deal includes performance-based earn-outs contingent on Enigma's strategies generating $40 million in net income. The acquisition will help Hilbert offer systematic crypto products to institutional investors, with plans to integrate Enigma's platform into its hedge fund offerings. Hilbert Group (HILB), a Swedish investment firm specializing in algorithmic trading within the cryptocurrency market, has acquired the 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 across global cryptocurrency exchanges, the companies stated in a press release . STORY CONTINUES BELOW Don't miss another story. Subscribe to the Crypto Daybook Americas Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy . Enigma said it has handled over 50 billion Swedish krona (around $5.4 billion) in trading volume so far in 2025 and reports a Sharpe ratio above 3.0, a performance the firm claims is “rarely achieved in scalable, market-neutral digital asset strategies globally.” While the $5.4 billion trading volume 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’s known as “alpha decay,” where returns diminish over time over capital deployment inefficiencies. 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 earn-outs, with $10 million of those being 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 of building and scaling public companies,” Biswal said. “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 an initial capital of $200 million. crypto market High-Frequency Trading mergers and acquisitions AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards . For more information, see CoinDesk's full AI Policy . More For You Protocol Research: GoPlus Security By CoinDesk Research Nov 14, 2025 Commissioned by GoPlus What to know : As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M. GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. 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