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The fourth quarter 2023

(compared to fourth quarter 2022)

  • Revenues amounted to kSEK 7,628.9 (kSEK 4,310.8)
  • Operating loss (EBIT) totaled kSEK -11,435.1 (kSEK -18,214.0)
  • Result for the period was kSEK -18,762.6 (kSEK -23,511.5)
  • Net cash flow from operating activities amounted to kSEK -4,460.6 (kSEK 331.5)
  • Earnings per share before and after dilution amounted to SEK -0.32 (SEK -0.41)

Full Year January – December 2023

(compared to full year 2022)

  • Revenues amounted to kSEK 24,106.4 (kSEK 26,949.7)
  • Operating profit/loss (EBIT) totaled kSEK -39,167.6 (kSEK -50,181.1)
  • Result for the period was kSEK -44,708.9 (kSEK -39,264.1)
  • Net cash flow from operating activities amounted to kSEK -28,656 (kSEK -22,337.3)
  • Earnings per share before and after dilution amounted to SEK -0.78 (SEK -0.70)

Highlights from the CEO’s address


During the last 2 years of extreme market and ecosystem conditions, the Hilbert team has focussed on ensuring that Hilbert’s infrastructure and its external trading/custody/banking relationships are secure, resilient to stress and efficient. During 2023, Hilbert’s operations team has evaluated and onboarded 20 new counterparties and solutions across exchanges, prime brokers and banks. This remains a critical focus for the firm in 2024 as, in our 7 years of trading experience in cryptocurrency markets, we have seen that if operational risk management is done extremely well, there is an abundance of investment opportunities across alpha and beta in cryptocurrency markets.

Institutional investors

In 2023, 13 institutional groups have approved and invested in one or multiple of Hilbert’s products and a larger number are at advanced stages of due diligence for investment. Based on existing commitments and due diligence processes, Hilbert aims to have at least 35 institutional groups invested in its products by the end of 2024.

Coinbase partnership

In 2023, Hilbert was selected by Coinbase to provide quantitative alpha strategies on its institutional SMA (separately managed account) platform. SMAs enable institutions to access trading solutions like Hilbert’s in a secure, efficient, transparent structure which is custodied at Coinbase. The equivalent structures in traditional finance have attracted tens of billions of dollars over the last decade – such as MAN, Lyxor and Lighthouse.

Investment in HAYVN BANK

We have noted that HAVYN has recently shifted its ADGM licence status from active to Inactive, confining its operations to its base in the Cayman Islands. In December 2023 HAYVN’s co-founder and CEO, Chris Flinos, stepped down and has since been replaced by the new CEO, Richard Crook. Being a minority shareholder in HAYVN we have limited access to information. Given the current information, we have in this interim report moved away from the DCF valuation in the last annual report and instead used a probability weighted expected return method resulting in a value of approx. MSEK 8.5. This value is approx. MSEK 2.5 lower than the initial acquisition cost and approx. MSEK 3.9 lower than the previously booked fair value. We will closely follow the developments in HAYVN over the next few months and we may adjust the value in the upcoming annual report.

New CIO of Hilbert Capital

As recently announced, we are thrilled that Ms. Barnali Biswal has been appointed Chief Investment Officer of Hilbert Capital. Barnali was at Goldman Sachs for 14 years as Managing Director, running its European high-yield credit trading business which included managing sizeable portfolios for the bank and institutional clients globally. For the last 3 years, Barnali was Chief Investment Officer of Atitlan, the quantitative multi-strategy crypto hedge fund based in London. This appointment enables Dr. Magnus Holm, Co-founder and CIO of Hilbert Group, to focus entirely on research and development of the firm’s core quantitative trading strategies.

For further information, please contact:

Niclas Sandström
CEO Hilbert Group AB
+46 (0)8 502 353 00

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Latest Press Releases

Hilbert Group carries out a directed share issue for payment of advisory fees

The Board of Directors of Hilbert Group AB ( (NASDAQ: HILB B), has resolved, based on the authorization by the AGM, on a directed share issue of 113,880 B-shares to ACAP Ltd. Payment for the shares is made by set-off of ACAP Ltd’s agreed fees for advice in the new share issue in March 2024.

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