Swedish investment firm Hilbert Group acquires Enigma Nordic in a $32 million deal, gaining access to Enigma’s high-frequency trading platform for cryptocurrency. Enigma reports handling over $5.4 billion in trading volume in 2025 with a Sharpe ratio above 3.0. The deal includes $7.5 million in Hilbert shares and up to $17.5 million in performance-based earn-outs. Enigma must generate $40 million in net income to receive full earn-out. Hilbert plans to integrate Enigma’s platform into hedge fund offerings and launch new investment products. Hilbert Capital manages a bitcoin-denominated hedge fund with initial capital of $200 million.

Read more at Yahoo Finance: Hilbert Group buys Enigma Nordic in $32 million deal to boost crypto trading edge