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Quantitative trading of digital assets

Hilbert Group is an investment company which specialises in quantitative, algorithmic trading strategies in digital asset markets.

Hilbert was established in 2018 by Dr. Niclas Sandström and Dr. Magnus Holm to manage the algorithmic trading strategy, focused on digital assets, which they had programmed and initiated with partners’ capital in April 2017.

Hilbert Group is listed on the Nasdaq First North in Sweden. The Hilbert Group listing imposes regulatory oversight and transparency discipline. It also provides access to capital to enable ongoing investment in the Hilbert team and operating platform.

Hilbert’s trading algorithms take advantage of observable statistical characteristics of crypto-currency markets, such as volatility and decorrelation. Hilbert’s Cayman fund investment mandates are defined by crypto delta, volatility and drawdown profiles, from market neutral to directional.

Featured appearances

Allnews interviews Hilbert Capital’s Richard Murray

Hilbert Capital’s CEO, Richard Murray, has been interviewed Allnews on the rise of quantitative fund managers in the Crypto space. Read the full article here (Note: English translation is available on Allnews’ website)

Hilbert first to launch SMA strategy on new Coinbase OneSMA platform

Hilbert Capital was recently featured in Alternatives Watch on Hilbert’s launch of the first SMA strategy on the new Coinbase OneSMA platform. Coinbase OneSMA is a new service operated by Coinbase Prime that allows investors to subscribe to a strategy of their liking straight from their Coinbase Prime account(s) while keeping full control of their…

Hilbert B shares +288% “winner” of Nasdaq First North in 2023

Hilbert Group’s HILB B shares, listed on Nasdaq First North in Stockholm, was the share that appreciated most during 2023 on the Exchange. Swedish newspaper “Realtid” wrote an article on the most appreciated shares listed on the exchange, calling shares HILB B the “winner” of 2023. Read the full article here (Swedish only)

City A.M. on Tim Grant’s appointment to Hilbert Group Board

City A.M. recently published an article about Hilbert Group’s latest addition to it’s Board of Directors, Tim Grant. The article brings up Tim’s distinguished background and deep experience in both traditional finance and the blockchain/crypto industry. Tim recently became the CEO of Deus X Capital, before that he was the Head of EMEA at Galaxy.…

Press releases

Recent Publications

Hilbert regularly publishes market analyses and peer-reviewed academic articles that study the quantitative-financial workings of markets.

The Geometry of Risk Adjustments

ABSTRACT – In this paper we present a geometric approach to portfolio theory, with the aim to explain the geometrical principles behind risk adjusted returns; in particular Jensen’s alpha. We find that while the alpha/beta approach has severe limitations (especially in higher dimensions), only minor conceptual modifications are needed to complete the picture. However, these…

Leverage and risk relativity: how to beat an index

ABSTRACT In this paper we show that risk associated with leverage is fundamentally relative to an arbitrary choice of reference asset or portfolio. We characterize leverage risk as a drawdown risk measure relative to the chosen reference asset. We further prove that the growth optimal Kelly portfolio is the only portfolio for which the relative…

Kelly trading and option pricing

ABSTRACT In this paper we show that a Kelly trader is indifferent to trade the derivative if and only if the no-arbitrage price is uniquely given by the minimal martingale measure no-arbitrage price, thus providing a natural selection mechanism for option pricing in incomplete markets. We also show that the unique Kelly indifference price results…

Kelly Trading and Market Equilibrium

ABSTRACT We show that the Kelly framework is the natural multi-period extension of the one-period mean-variance model of Markowitz. Any allocation on the instantaneous Kelly efficient frontier can be reached by trading in the bank account and a particular mutual fund consisting of risky assets only. However, different to the mean-variance model there is an…

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