Swedish Investment Firm Completes Acquisition of High-frequency Crypto Trading Platform

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Swedish investment firm Hilbert Group has acquired high-frequency crypto trading platform Enigma Nordic in a transaction valued at up to $25 million, the companies announced Friday. The acquisition provides Hilbert with complete ownership of Enigma’s proprietary trading system, which implements market-neutral strategies across global digital asset exchanges.

Hilbert will pay $7.5 million in newly issued shares at closing, with an additional $17.5 million in earn-outs dependent on Enigma’s strategies producing $40 million in cumulative net income. Shares issued to Enigma’s founders are subject to a three-year lock-up with clawback provisions if performance targets are not met.

Enigma, founded by Andereas Friis and Jonas Söderqvist, has executed over SEK 50 billion (approximately $5.4 billion) in trading volume so far in 2025. The company claims its quantitative strategies have delivered a Sharpe ratio exceeding 3.0 — a performance benchmark rarely achieved in scalable, market-neutral digital asset strategies. Friis and Söderqvist previously built and listed digital marketing company Speqta on Sweden’s Nasdaq First North exchange before launching Enigma in stealth mode in 2024.

“Enigma brings both cutting-edge technology and an entrepreneurial team with a proven track record of building and scaling public companies,” Hilbert CEO Barnali Biswal said in a statement.