Catenaa, Friday, December 26, 2025-Swedish investment firm Hilbert Group has acquired high-frequency crypto trading platform Enigma Nordic in a deal valued up to $25 million, advancing its institutional crypto strategy.
The acquisition grants Hilbert full ownership of Enigma’s proprietary trading system, which executes 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 contingent on Enigma achieving $40 million in cumulative net income.
Shares issued to Enigma’s founders are subject to a three-year lock-up and clawback provisions if performance targets are missed.
Enigma, founded in 2024 by Andereas Friis and Jonas Söderqvist, has executed roughly $5.4 billion in trading volume so far this year.
The company reports its quantitative strategies maintain a Sharpe ratio above 3.0, a benchmark rarely reached in scalable, market-neutral crypto trading.
Friis and Söderqvist previously launched and listed Sweden-based digital marketing firm Speqta.
Hilbert plans to integrate Enigma’s platform into its hedge fund offerings and proprietary trading desk, building on its Bitcoin-denominated hedge fund with Xapo Bank that launched in late 2024 with $200 million in initial capital.
The firm expects new products to roll out in the coming quarters.
High-frequency trading carries inherent risks, including thin margins and the potential for diminishing returns as capital scales.
Hilbert’s performance-linked deal structure is designed to mitigate these challenges. Crypto mergers and acquisitions have grown in 2025 amid increasing regulatory clarity and renewed interest from traditional finance investors.
