Hilbert Group (HILB), a Swedish investment firm focused on algorithmic trading in crypto markets, has acquired high-frequency trading platform Enigma Nordic in a $32 million transaction. The deal gives Hilbert access to Enigma’s proprietary trading system and market-neutral strategies.

The acquisition includes $7.5 million in newly issued Hilbert shares and up to $17.5 million in performance-based earn-outs, $10 million of which will be paid in cash. To receive the full earn-out, Enigma’s strategies must generate $40 million in net income, while shares issued to Enigma’s founders are subject to a three-year lock-up.

Enigma said it has processed more than 50 billion Swedish krona (about $5.4 billion) in trading volume so far in 2025, reporting a Sharpe ratio above 3.0. Hilbert said the deal will strengthen its ability to offer systematic crypto products to institutional investors and plans to integrate Enigma’s platform into its hedge fund offerings and proprietary trading desk, with new products expected to launch in the coming quarters.