Key Takeaways
- • Hilbert Group AB (Nasdaq First North: HILB B) launched Enigma One, the first investment product from its Enigma platform, which it acquired in January 2026, with on-chain subscriptions via Syntetika Vault opening 6 October 2026.
- • Enigma One is a market-neutral statistical arbitrage fund capped at $5 million total capacity, launching with $500,000 in seed capital.
- • The fund charges a 2% management fee and 30% performance fee, and targets 40–60% annualised gross returns before fees with a maximum monthly drawdown target of 4–6%.
- • The product marks the first time external investors can access strategies from Enigma's proprietary trading operation, and converts part of that trading capability into recurring management and performance fees for Hilbert.
- • Return targets are based on a model backtest since January 2023 and live trading since 21 August 2026, and are explicitly not forecasts or guarantees.
Summary
Hilbert Group AB announced the launch of Enigma One, the first investment product from the Enigma platform, which Hilbert acquired in January 2026. The fund share class went live on the announcement date, and on-chain subscriptions through Syntetika Vault open on 6 October 2026. Enigma One is the second Hilbert strategy available through Syntetika Vault, following Basis+ BTC. According to the company, the launch delivers on the plan set out in its Q2 2026 report to develop new market-neutral strategies with Enigma.
The fund packages one version of Enigma's statistical arbitrage strategy for external capital. Enigma's broader set of strategies remains closed to outside investors and has previously run only on internal capital. Enigma One is designed not to depend on the direction of crypto markets: for every coin bought, the strategy takes an offsetting position of equal size, earning from the spread between stronger and weaker assets. It runs several uncorrelated routines, including positioning the strongest coins against the weakest over days to weeks, and wagering that coins that typically move together will converge when they temporarily diverge, often within hours. The strategy is fully systematic, trades 24/7 on Binance, and plans to add other exchanges.
Capacity is deliberately constrained. The fund launches with $500,000 in seed capital and a total capacity cap of $5 million. Hilbert states that returns in statistical arbitrage tend to erode as capital grows, and that the limit reflects this individual strategy rather than the capacity of the Enigma platform, which the company says is built to manage capital at institutional scale. Further capacity is expected through additional strategies and products. The first on-chain deposits will be processed at the mid-month NAV calculation.
The fund charges an annual management fee of 2% and a performance fee of 30%. It targets annualised gross returns of 40–60% before fees and a maximum monthly drawdown of 4–6%. The company notes these targets reflect a model backtest since January 2023 and live trading since 21 August 2026, and that the historical annualised figure extrapolates a short reporting period. Hilbert cautioned that Enigma platform performance published in its quarterly results and monthly KPI reports reflects proprietary capital across strategies largely closed to external investors and is not comparable with Enigma One. The Enigma One fact sheet on the Syntetika platform is described as the authoritative source for the strategy's statistics.
CEO Barnali Biswal said the launch shows the Enigma acquisition beginning to pay off for investors, describing Enigma as a proven quantitative trading engine that could support a product pipeline. Hilbert aims to bring further Enigma strategies to market, either within existing offerings or as standalone products. Hilbert Group describes itself as a quantitative investment company specializing in algorithmic trading in digital asset markets, listed on Nasdaq First North Growth Market with Redeye Nordic Growth AB as Certified Adviser.
The fund packages one version of Enigma's statistical arbitrage strategy for external capital. Enigma's broader set of strategies remains closed to outside investors and has previously run only on internal capital. Enigma One is designed not to depend on the direction of crypto markets: for every coin bought, the strategy takes an offsetting position of equal size, earning from the spread between stronger and weaker assets. It runs several uncorrelated routines, including positioning the strongest coins against the weakest over days to weeks, and wagering that coins that typically move together will converge when they temporarily diverge, often within hours. The strategy is fully systematic, trades 24/7 on Binance, and plans to add other exchanges.
Capacity is deliberately constrained. The fund launches with $500,000 in seed capital and a total capacity cap of $5 million. Hilbert states that returns in statistical arbitrage tend to erode as capital grows, and that the limit reflects this individual strategy rather than the capacity of the Enigma platform, which the company says is built to manage capital at institutional scale. Further capacity is expected through additional strategies and products. The first on-chain deposits will be processed at the mid-month NAV calculation.
The fund charges an annual management fee of 2% and a performance fee of 30%. It targets annualised gross returns of 40–60% before fees and a maximum monthly drawdown of 4–6%. The company notes these targets reflect a model backtest since January 2023 and live trading since 21 August 2026, and that the historical annualised figure extrapolates a short reporting period. Hilbert cautioned that Enigma platform performance published in its quarterly results and monthly KPI reports reflects proprietary capital across strategies largely closed to external investors and is not comparable with Enigma One. The Enigma One fact sheet on the Syntetika platform is described as the authoritative source for the strategy's statistics.
CEO Barnali Biswal said the launch shows the Enigma acquisition beginning to pay off for investors, describing Enigma as a proven quantitative trading engine that could support a product pipeline. Hilbert aims to bring further Enigma strategies to market, either within existing offerings or as standalone products. Hilbert Group describes itself as a quantitative investment company specializing in algorithmic trading in digital asset markets, listed on Nasdaq First North Growth Market with Redeye Nordic Growth AB as Certified Adviser.
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