Hilbert Group Acquires Enigma Nordic for $25 Million

Swedish investment firm Hilbert Group announced the acquisition of fintech company Enigma Nordic for $25 million, aiming to enhance its cryptocurrency trading capabilities.

This acquisition marks a strategic move to scale institutional crypto trading, potentially impacting market structure and liquidity without altering specific crypto assets or protocols.

In a strategic move, Hilbert Group AB has acquired Enigma Nordic AB for up to $25 million. The acquisition aims to scale Hilbert’s institutional, systematic, and high-frequency crypto trading capabilities.

Both firms, based in Sweden, highlight Enigma Nordic’s track record of using market-neutral data-driven strategies. The deal involves $7.5 million in Hilbert shares and performance-based earn-outs worth $17.5 million.

Hilbert’s acquisition is predicted to strengthen infrastructure for institutional crypto trading internationally. According to Andreas Friis, CEO of Enigma:

Digital asset markets have long been inefficient, which creates significant opportunities for those who can operate systematically and with a data-driven approach. Joining Hilbert Group gives us the institutional framework and leverage required to scale our offering internationally.

Jonas Söderqvist, Enigma’s CTO, noted that the partnership will enable them to develop the next generation of trading strategies. The deal potentially impacts trading volumes and the Sharpe ratio positively.

Enigma’s high-frequency trading depends heavily on precision and technology. Hilbert’s offering provides Enigma with a solid institutional framework, potentially influencing the broader market structure and liquidity.

Although the acquisition does not involve new token issuance, it highlights a trend in the crypto sector towards enhanced trading infrastructure and efficiency. The three-year lock-up on shares aligns long-term growth incentives for both entities.