Two listed Nordic companies have brought in hedge fund veterans as chief investment officers, both through acquiring the manager's own firm. Peter Warren will trade derivatives for H100, Russell Thompson manages for Hilbert Group.
Peter C. Warren becomes chief investment officer at H100 Group, responsible for trading options and other derivatives on the company's 3,506 bitcoin. Eighteen months earlier, Sweden's Hilbert Group did the same thing: Russell Thompson, a veteran of the hedge fund industry, became chief investment officer with responsibility for active, quantitative management. Both arrived because the listed company bought the manager's own business. Both were handed a mandate written in the language of a hedge fund manager rather than a bitcoin investor: risk management, cash flow, limited downside. For an investor familiar with traditional asset management, this is recognisable terrain. What is new is the asset the tools are aimed at.
Thompson draws a clear line between Hilbert and companies that accumulate bitcoin on their own balance sheet in the hope of price appreciation. Hilbert manages money on behalf of external investors, and his job is not to drive the company's share price.
"The stock will take care of itself. My job is to manage risk and generate alpha. That's it."
Russell Thompson, Chief Investment Officer, Hilbert Group
The line is worth noting, given that H100 is precisely a company that holds bitcoin on its own balance sheet. The difference lies in who the management is done for, not in which instruments are used. Hilbert aims to increase the number of bitcoin by exploiting price differences between the spot market and the markets for futures and options, including in the BTC Basis+ strategy. H100 aims to generate additional cash flow on its own balance sheet while limiting the downside and retaining long-term exposure. The instruments are the same. The set of accounts they land in is not.
Neither Warren nor Thompson was recruited in the conventional way. Thompson's own firm, Liberty Road Capital, was folded into Hilbert in March 2025, bringing market-neutral strategies and five years of experience in AI-driven trading and crypto derivatives. Warren arrived through H100's acquisition of Moonshot AS, where he managed around 2,450 bitcoin together with Eirik Grøttum through Moonshot and its subsidiary PDI AS. Grøttum was appointed chief executive of H100 this week.
In both cases, more than a person came along. With the firms came the strategies and the developer teams that build the trading systems. That is a different type of transaction from an appointment, and it says something about what is actually being bought: not merely experience, but a functioning trading operation.
Both point to technology as the precondition for what they do.
"We have developed our own technology that allows us to execute and manage strategies that historically would have required far larger trading desks and infrastructure. Combining that technology with H100's bitcoin holdings gives us an exciting platform to operate from."
Peter C. Warren, Chief Investment Officer, H100 Group
At Hilbert, the same principle was built through acquisition. The high-frequency trading platform Enigma Nordic, bought in December 2025 for up to $32 million, had a trading volume exceeding 50 billion Swedish kronor in 2025 and a Sharpe ratio above 3.0. The company's management is run using mathematical models and automated trading.
When Thompson met Hilbert founders Niclas Sandström and Magnus Holm in Monaco in the summer of 2024, his assessment of the company's products was harsh. They carried extreme volatility, could not be scaled, and the algorithms traded almost exclusively in altcoins — a segment he describes as difficult to trade in. What he considered worth keeping was the infrastructure around them: regulatory compliance, operational capacity and legal frameworks capable of withstanding institutional scrutiny.
That is the same distinction an investor faces when bitcoin is held through listed companies. The question is no longer only how much bitcoin the company owns, but who manages it, with what machinery, and under what mandate.
Sources: Kaupr, Hilbert Group, H100 Group
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