Hilbert Group launches Enigma One, the first fund from the Enigma trading platform the company bought in January. The fund is market-neutral, capped at five million dollars and targets 40–60 per cent annual returns before fees.
Photo: Barnali Biswal is chief executive of Hilbert Group.
Hilbert Group AB is a Swedish listed investment company running algorithmic trading in the crypto market, and is quoted on Nasdaq First North Growth Market. In January 2026 it acquired the trading platform Enigma, which until now has traded only its own capital. Enigma One is the first product giving outside investors access to one of Enigma's strategies. The fund share class went live on 1 October, and onchain subscriptions through Syntetika Vault open on 6 October.
"Enigma One is where the Enigma acquisition starts paying off for investors. When we acquired Enigma, we were buying a proven quantitative trading engine that could become a product pipeline, not just a technology asset. Enigma One is the first product to come out of that," says Barnali Biswal, chief executive of Hilbert Group, in a press release.
Enigma One takes one version of Enigma's statistical arbitrage strategy and packages it for external capital. The rest of the platform runs several other strategies that remain closed to outsiders.
For Hilbert, it means part of Enigma's trading capacity moves from proprietary trading to recurring management and performance fees. The product combines Enigma's trading engine with Hilbert's fund management and governance framework, and is distributed onchain through Syntetika, the platform Hilbert backs. It is the second Hilbert strategy offered through Syntetika Vault, after Basis+ BTC, and follows up the plan in the second-quarter report to develop new market-neutral strategies that complement Basis+.
The company says the launch establishes a repeatable route from Enigma strategy to external product, and that more strategies are expected over time, either as part of existing offerings or as stand-alone products.
Enigma One is designed not to depend on whether the crypto market rises or falls. For every cryptocurrency the fund buys, it takes an offsetting position of the same size, earning from the gap between winners and losers rather than from the market's direction.
The fund runs several independent routines at once, using two main approaches. One positions the strongest cryptocurrencies against the weakest over days to weeks. The other bets that currencies which usually move together will converge when they briefly drift apart, often within hours. The strategy is fully systematic and trades around the clock on Binance, with more exchanges expected later.
The fund starts with 500,000 dollars of seed capital, and total capacity is deliberately limited to five million dollars. The reasoning is that returns in statistical arbitrage tend to erode as capital grows, and that a small fund protects returns for the first investors. Allocations will therefore be limited.
Hilbert stresses that the cap applies to this one strategy, not to the Enigma platform as a whole, which is designed to manage capital at institutional scale.
The fund charges an annual management fee of 2 per cent and a performance fee of 30 per cent. It targets annual gross returns of 40–60 per cent before fees, with a risk framework targeting a maximum monthly drawdown of 4–6 per cent.
The targets are based on a model backtest since January 2023 and live trading since 21 August 2026, and the company states that they are not a forecast or guarantee. Hilbert also notes that performance figures previously published for the Enigma platform reflect the company's own capital across all strategies and are not comparable with Enigma One. The fact sheet on the Syntetika platform is given as the authoritative description of the strategy.
The first onchain deposits will be processed at the mid-month net asset value calculation.
Sources: Hilbert Group
You have read what you can read for free. With an account you get unlimited access to all news and articles on kaupr.io — and become part of the network of investors, professionals and builders following onchain finance.