Hilbert Group

What Hilbert Group does

Hilbert Group (Nasdaq First North Stockholm: HILB B) is a Sweden-based, publicly listed digital-asset investment firm founded in 2018 by Dr. Magnus Holm and Dr. Niclas Sandström. The firm operates an institutional asset management business built on a proprietary quantitative trading stack — the Caerus algorithm in production since 2017 — running multiple market-neutral and basis-trading strategies, including the Hilbert Capital Basis+ BTC and Basis+ USD funds, the Multistrat USD fund, and the Xapo Byzantine BTC Credit Fund, alongside AI-driven products such as the Hilbert Liberty Fund and the Multi-Strat Fund. Reported AUM is approaching $400M, with a $300M pipeline cited and distribution secured through Coinbase (SMA), 3iQ, Xapo, and HAYVN.

The business model is multi-pillar. Core revenue is generated from management and performance fees on the fund platform, with growth-stage revenue increasingly coming from a corporate Bitcoin treasury strategy launched in July 2025 (BTC acquired at an average price around $84,568) and from the Syntetika tokenization platform, which received an initial $105M commitment from Caddy Finance. The firm has used M&A to extend the platform: Liberty Road Capital (November 2024) added the Liberty AI engine and approximately $110M of AUM, Nordark (September 2025) added crypto-banking infrastructure, and Enigma Nordic (December 2025) added an HFT market-making platform for an aggregate consideration of up to $25M including earn-outs. CEO Barnali Biswal (appointed November 2024, effective January 2025) is repositioning the firm toward institutional LPs and a US listing within roughly twelve months, supported by a 6,527-shareholder base, board additions including Fahad Khan (ex-Plurimi Wealth), and Gibraltar regulatory approval for an institutional Bitcoin yield product.

Name

Hilbert Group

Legal name

Hilbert Group AB (publ)

Website

https://hilbert.group

Company type

Public

Founded year

2018

Operating status

Operating

Headcount range

11–50 employees

Short description

Hilbert Group is a Sweden-listed digital-asset investment firm running quantitative and AI-driven crypto hedge funds, a Bitcoin treasury strategy, and a tokenization platform, serving institutional LPs, sovereign wealth funds, and crypto-native investors with AUM approaching $400M.

Ownership category

akta.pro rank

Product category

Digital Asset Management

NAICS

Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Active Crypto Asset Managers (Discretionary) (FSADAHAA)

akta.pro secondary industries

Yield Aggregators, Auto-Compounding & Strategy Vaults (DeFi Yield) (FSADAHAK), Treasury Management & Corporate Crypto Yield Programs (FSADAHAL)

Keywords

• Digital asset management
• Quantitative crypto trading
• Algorithmic trading strategies
• Crypto tokenization platform
• Crypto market data

Headquarters

HQ city

Stockholm

HQ country

Sweden

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Fund Management Fees: Recurring management fees from Hilbert Capital quantitative funds (Basis+ BTC, Basis+ USD, Multistrat USD, Xapo Byzantine BTC Credit Fund, Hilbert Liberty Fund, Hilbert Multi-Strat Fund). 2025 revenue of KSEK 8,287.7 vs KSEK 6,215.3 in 2024. Q1 2026: KSEK 3,286.1.
2. Sales of Cryptocurrency: Direct sales of cryptocurrency (including Bitcoin treasury strategy). Became dominant revenue stream in 2025: KSEK 193,422.2 vs KSEK 103,199.5 in 2024. Q1 2026: KSEK 3,602,420.3 (significant increase driven by Bitcoin treasury accumulation).
3. Advertising Income: Advertising revenue from COIN360 cryptocurrency market data and analytics platform. 2025 revenue: KSEK 2,429.3 vs KSEK 3,562.7 in 2024. Q1 2026: KSEK 339.3.
4. Performance Fees & Carried Interest: Performance-based incentives on managed funds. Enigma acquisition includes performance-based earn-out structure tied to platform return targets. Basis+ strategy delivered above-target returns in 2025 supporting performance fee generation.

Pricing tiers

Go-to-market motion1 record

Distribution channels8 records

Marketing channels8 records

Core offering

Hilbert Group AB is a publicly listed investment firm operating quantitative algorithmic hedge funds and related infrastructure focused exclusively on digital assets and cryptocurrencies. Through its Hilbert Capital subsidiary, the company runs market-neutral crypto strategies (Basis+ BTC, Basis+ USD, Multistrat USD, Xapo Byzantine BTC Credit Fund, Liberty Fund, Multi-Strat Fund) using proprietary technology including the Caerus volatility harvesting algorithm and Liberty AI engine. The firm also operates Syntetika (tokenization platform), Nordark (crypto banking), COIN360 (crypto market data) and the Enigma Nordic HFT trading platform, building an integrated institutional digital-asset platform.

Differentiator

Problem solved

Functional benefit

Brands

• Hilbert Capital: The quantitative asset management division of Hilbert Group, operating algorithmic trading funds including Basis+, Multistrat USD, and the Hilbert Xapo Byzantine BTC Credit Fund.
• Syntetika
• COIN360
• Nordark
• Enigma Nordic
• CapChap
• Basis+ BTC
• Basis+ USD
• MS USD (Hilbert Multistrat USD)
• Byzantine (Hilbert Xapo Byzantine BTC Credit Fund)

Products and services

• Hilbert Capital Basis+ BTC Strategy
• Hilbert Capital Basis+ USD Strategy
• Hilbert Capital Multistrat USD Fund
• Hilbert Xapo Byzantine BTC Credit Fund
• Hilbert Liberty Fund
• Hilbert Multi-Strat Fund
• Syntetika Tokenization Platform
• Nordark Crypto Banking
• COIN360 Crypto Market Data Platform

Quantifiable outcome

• Basis+ BTC: +25.01% YTD 2025 net return; Basis+ USD: +26.44% YTD 2025; Q2 2025: +5.99% (BTC) and +7.97% (USD)
• +5 more outcomes

Named customers13 records

Segments5 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

18 partnerships are on record, tiered core, minor, strategic and flagship.

• Plurimi WealthcoreOthers · 17 June 2026Fahad Khan, Group CEO of Plurimi Wealth (~$13B AUM in wealth and asset management across London, Monaco, and Dubai), appointed to Hilbert's Board of Directors effective 17 June 2026, strengthening international governance and institutional growth platform.
• ConcordiumcoreStrategic or Co-development Partner · 24 September 2025Strategic long-term investment in CCD — the native token of Concordium, a leading PayFi blockchain built for institutional-grade payments. Marks Hilbert Group's first core token investment beyond Bitcoin and Ethereum. Lars Seier Christensen (Concordium Founder) is also on Hilbert's Advisory Board.
• John LilicminorOthers · 12 September 2025Nordark's largest external investor and early Bitcoin/Ethereum contributor increased stake in Hilbert Group by purchasing additional B-shares.
• Ryan HorncoreOthers · 12 August 2025Former C-suite Director at Binance and Founder/CEO of N3ON joined the advisory board of Syntetika to provide guidance on tokenization platform and on-chain strategy.
• Juliet TangcoreOthers · 11 August 2025Asia-based investment professional joined the advisory board of Syntetika bringing expertise in investment management and strategic leadership.
• ARCH AIcoreTechnology or Integration · 11 June 2025COIN360 subsidiary selected ARCH AI's ChainGraph open-source framework as its official on-chain AI-Agent platform, bringing autonomous, composable AI-Agents into COIN360's research suite for DeFi analysts, institutional investors, and Web3 users.
• Galactica.comstrategicStrategic or Co-development Partner · 30 April 2025Co-development partner for the launch of Syntetika tokenization platform and trading venue. Platform offers trading of tokenized funds, tokenized Real-World-Assets (RWAs) such as popular pre-IPO shares (SpaceX, OpenAI, Anthropic) and native crypto assets.
• Private Pools Network (PPN Labs)strategicStrategic or Co-development Partner · 19 February 2025Partnership for development of Syntetika on-chain platform including SyntX DEX (Real World Asset trading module). Code completion milestone achieved October 2025 ahead of early 2026 token launch.
• CoinTelegraph / CT.comcoreGTM or Marketing Partner · 7 February 2025Partnership announcement for the launch of Hilbert's platform for trading of tokenized equities and popular pre-IPO shares (SpaceX, OpenAI, Anthropic).
• Reservoir ProtocolcoreTechnology or Integration · 2 October 2024Reservoir Protocol (stablecoin issuer) selected Hilbert Capital to use a tokenized version of Hilbert Capital's V1 fund as collateral for their rUSD stablecoin. Reservoir aims for rUSD to have market cap of at least $500M.
• Xapo BankflagshipStrategic or Co-development Partner · 16 September 2024Strategic investment partnership for launch of Xapo Byzantine Bitcoin Credit Fund (managed by Hilbert Capital) with $175 million in initial investments and over $200 million committed. Gibraltar regulatory approval secured Aug 2025. Near-term inflows projected at 10,000 BTC.
• Zingy LabscoreGTM or Marketing Partner · 20 June 2024Hong Kong based Web3 marketing agency partnered with COIN360.com subsidiary for global marketing efforts and full buildout of subscription services.
• 4+VenturescoreImplementation/ SI/ Consulting Partner · 14 June 2024Stockholm-based firm leading comprehensive overhaul and major revamp of COIN360.com platform, slated for completion October 2024. Enhances functionality and architecture.
• 3iQ Digital AssetscoreChannel Partner/ Reseller/ Distributor · 2 May 20243iQ Digital Assets launched 3iQ Managed Account Platform (QMAP) connecting institutions with Hilbert Capital digital asset alpha strategies. 3iQ has approximately $1 billion in AUM.
• Redeye ABcoreOthers · 1 January 2024Certified Adviser to Hilbert Group on Nasdaq First North Growth Market, providing guidance and monitoring compliance with exchange rules.
• Coinbase SMA (Coinbase Asset Management)flagshipStrategic or Co-development Partner · 16 November 2023Coinbase selected Hilbert Capital as one of seven investment managers to provide investment solutions to its global private wealth and institutional client base. First actively managed strategy launched: Hilbert Bitcoin Momentum (Jan 2024).
• HAYVN Investment BankcoreChannel Partner/ Reseller/ Distributor · 15 September 2023HAYVN Investment Bank distributes Hilbert Capital fund products in the Middle East and beyond. Hilbert Capital selected as first hedge fund solution for HAYVN.
• PricewaterhouseCoopers AB (PwC)coreOthersExternal auditor for Hilbert Group AB (publ); Johan Engstam is auditor in charge (authorised public accountant and member of FAR). Contactable at PricewaterhouseCoopers AB, 113 97 Stockholm.

Scale indicators14 records

Recent moves6 records

Expansion highlights7 records

Direct peers

• Galaxy Digital: Publicly listed digital-asset and crypto-asset management firm offering trading, asset management, proprietary investments and advisory. Directly comparable to Hilbert's full-stack institutional crypto model, with the same emphasis on quantitative strategies, AUM growth and treasury-style crypto holdings.
• CoinShares International: European (Sweden/Jersey-listed) digital-asset investment manager with quantitative, beta and hedge fund products. Closest direct peer given geographic overlap (Nordic base), public-market listing, and similar mix of institutional ETP-style and active quantitative strategies.
• 21Shares: Swiss crypto ETP and asset manager with institutional fund products. Comparable to Hilbert Capital's Basis+ and Multistrat offerings, though more focused on listed product structures and distribution rather than discretionary institutional mandates.
• Grayscale Investments: Largest US digital-asset manager (part of Digital Currency Group) offering spot crypto funds and institutional products. Closest analogue in AUM scale and institutional mandate focus; differs in being a single-strategy spot/beta manager rather than multi-strategy quantitative.
• Bitwise Asset Management: US crypto asset manager with both index/ETP products and actively managed strategies for advisors and institutions. Comparable in offering institutional-grade alpha strategies (e.g., Bitwise Alpha) alongside regulated fund wrappers, with similar institutional go-to-market motion.
• Pantera Capital: Long-standing US crypto hedge fund and venture firm managing multi-strategy digital-asset mandates for institutions and HNW. Comparable to Hilbert Capital in offering market-neutral and directional crypto strategies to institutional LPs with a quant-driven, multi-fund structure.

Emerging players

• Wave Financial: California-based digital-asset manager offering structured yield, BTC/ETH funds and venture exposures. Smaller and more US-centric than Hilbert, but overlapping in Bitcoin yield and institutional mandate focus (e.g., parallels with the Xapo Byzantine BTC Credit Fund).
• FalconX: Institutional digital-asset prime brokerage offering trading, credit and structured products to institutions. Comparable to Hilbert's Nordark/Enigma market-neutral trading infrastructure and to its institutional distribution ambitions; differs in being execution-focused rather than fund-management-led.

Regional players

• HashKey Capital: Asia (Hong Kong)-headquartered digital-asset manager operating regulated crypto funds, OTC and tokenization services. Comparable to Hilbert's institutional and tokenization strategy but primarily serves Asia-Pacific institutional clients rather than European/Nordic.

Broad incumbents

• WisdomTree Investments: Large US-listed asset manager with a growing crypto ETP and digital-fund lineup. Comparable distribution channel overlap (listed products to retail and institutional clients) but crypto is a small part of a much broader traditional asset-management platform.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/hilbertcapital
• Facebookfacebook.com/profile.php
• LinkedInlinkedin.com/company/hilbert-capital

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries7 records

Funding overview

Funding rounds11 records

Investors8 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hilbert Group