Hilbert Group has agreed to acquire Enigma Nordic, a high-frequency trading platform, for $32 million. The deal will grant Hilbert access to Enigma’s proprietary trading system and market-neutral strategies across crypto markets. It includes an earn-out tied to Enigma’s strategy generating $40 million in net profits, with founder equity subject to a three-year lock-up.
The transaction is expected to help Hilbert offer institutional cryptocurrency products and to integrate Enigma’s platform into hedge fund offerings. Both parties said the arrangement will give Hilbert access to Enigma’s exclusive trading system across the global crypto trading ecosystem, and Hilbert plans to integrate the platform into its hedge fund products and trading desk, with new investment vehicles launching in the coming quarters.
Hilbert Capital, the asset-management arm of Hilbert Group, began operating a Bitcoin-based hedge fund last year. The deal underscores the potential to expand systematic crypto products for institutional investors, as Enigma’s leadership notes that their team has a track record of building and expanding public companies while delivering high Sharpe ratios through market-neutral strategies that complement Hilbert’s quantitative platform.
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