From the $32 million acquisition: How high-frequency trading empowers cryptocurrency institutional investment

2025-12-20 18:20:11

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【Crypto World】Swedish crypto investment firm Hilbert Group recently invested $32 million to acquire high-frequency trading platform Enigma Nordic. The highlight of this deal is not just the price itself, but the strategic considerations behind it—Hilbert is interested in Enigma’s market-neutral algorithm strategy system.

The deal structure is also quite sophisticated. Hilbert paid $7.5 million in stock as the upfront consideration, with the remaining $17.5 million set as performance-based incentives. The key condition is that Enigma must achieve a net profit of $40 million after integration to receive the full reward. This design protects the buyer while leaving incentives for the seller.

Hilbert CEO Barnali Biswal explicitly stated that this move significantly enhances the company’s ability to deliver systematic crypto products to institutional investors. From an M&A perspective, this reflects a substantial shift of traditional high-frequency trading technology into the crypto space and also demonstrates the ongoing demand from institutional investors for algorithmic trading strategies.

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StopLossMaster

· 13h ago

It's the same old "performance-linked" trick... To put it simply, they're afraid of being left holding the bag. A net profit threshold of 40 million isn't low; can they really hold out until that day?

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MiningDisasterSurvivor

· 13h ago

Another story of high-frequency trading cutting leeks, I've experienced it all. 7.5 million in cash + performance-based? Haha, you need a net profit of 40 million to get the full payment. I've seen this trick too many times since 2018. Algorithmic strategies sound impressive, but few can actually make money. It's betting that the market will always move in one direction, but do you know when the trend will reverse? No one knows. Basically, this trading structure means the buyer doesn't trust enough, fearing being trapped. If it can achieve a net profit of 40 million, I would stream and eat the screen live.

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GateUser-74b10196

· 13h ago

Algorithm strategy system? Sounds impressive, but isn't the goal of 40 million in net profit a bit unrealistic?

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SneakyFlashloan

· 13h ago

30 million invested just for that algorithm? To put it simply, it's a gamble that Enigma can consistently generate profits. This kind of betting structure is actually quite rare in the crypto world.

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SoliditySurvivor

· 13h ago

Market-neutral algorithms sound impressive, but can this performance betting really be realized? Is a net profit of 40 million a pipe dream or is there real hope? High-frequency trading gets more intense each year; let's see if Enigma's integration can withstand it. Honestly, 7.5 million in cash plus the subsequent wager—this approach is quite clever, with risk shared fairly evenly. Everyone wants to get free money, but it really depends on how well the subsequent execution goes. The Swedish team taking over high-frequency trading—I'm not sure if it's a blessing or a curse...

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