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Hilbert Group buys Enigma Nordic for $32M, tying full payout to $40M net income target

Hilbert Group, a Sweden-based algorithmic crypto investment firm, has agreed to purchase high-frequency trading platform Enigma Nordic in a $32 million transaction. The deal combines newly issued shares and performance-based earn-outs, with Enigma required to generate $40 million in net income to unlock the full payout. Enigma has reported over 50 billion SEK (around $5.4 billion) in 2025 trading volume and a Sharpe ratio above 3.0, as Hilbert prepares to integrate the platform into its hedge fund and proprietary trading operations.