Hilbert Group Makes $32M Power Move to Strengthen Its Crypto Trading Arsenal:

Hilbert Group has acquired Enigma Nordic, a high-frequency trading firm, in a deal worth $32 million, in a strategic push to sharpen its edge in crypto trading.

The acquisition gives Hilbert access to Enigma's proprietary trading infrastructure that runs market-neutral strategies across global crypto exchanges. Designed to perform irrespective of market direction, these are an increasingly attractive feature for institutional investors in today's volatile conditions.

Enigma claims to process more than $5.4 billion in trading volume during the year of 2025, with a Sharpe ratio higher than 3.0-a level not usually sustained by scalable, market-neutral crypto strategies. High-volume trading certainly does not directly translate into high profits. Nevertheless, such figures in performance indeed are indicative of disciplined risk management along with execution efficiency.

The deal structure has performance incentives to manage downside risk. Hilbert will be issuing $7.5 million in shares upfront, while it can issue up to $17.5 million in additional earn-outs based on results. Enigma must achieve net income of $40 million for the full earn-out; founder shares will be locked up for three years.

According to Hilbert's leadership, the acquisition bolsters its ability to deliver institutional-grade crypto products by fusing Enigma's execution technology with its quantitative platforms.

It would integrate Enigma's systems into the hedge fund operations and the firm's proprietary trading desk. Many new products are expected to be released in upcoming quarters.

This move reflects the broader trend of consolidation in crypto trading as scale, execution quality, and market-neutral strategies become crucial with deepening institutional participation.

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