Shareholder information

Board of directors

David Butler

Board Member

• Board Member, Hilbert Group (since 2021). Independent non-executive director providing governance and strategic oversight.

• Current Roles: Founder and Board Member of Green Day Advisors (Malta) Limited and Green Day Advisors Limited; Board member of multiple entities including Alanda Capital Holdings Ltd, Andurand Capital Management Ltd, Apex Corp. & Adv. (Malta) Ltd, Dominion FS Malta Ltd, East One Alpha Fund, Falcon Money Management Holding Ltd, Galbraith’s Ltd, HC Advisors Limited, Hilbert Capital Ltd, Hilbert Digital Asset Fund, Heptagon Capital Limited, J. Stern & Co. Ltd, Level E Capital, Scipion Capital (UK) Ltd, Vitesse Capital Limited, and others.

• Previous Roles (last 5 years): Board member of ACPI Inv. Ltd, AndurandCSL, ApexFSHold, ApexFSMalta, DominionFSSwitz, and MaltaCapMan.

• Chartered Accountant (CAANZ), Australia & New Zealand.

• Independent in relation to the company, senior management, and major shareholders; no shareholding in Hilbert Group.

Russell Thompson

Partner, Board Member, Chief Investment Officer

• 30+ years in Finance & Trading. Ran Pan-Asia Trading for AIG and managed trading desks for HSBC Hong Kong and Midland Montagu.

• Founder / Owner, The Cambridge Strategy. Oversees USD $3.5B AUM in emerging markets strategies.

• Firm has attained top 1% of returns among investment management firms over the past 10 years.

• Extensive expertise in emerging markets, portfolio management, and global trading operations.

• Holdings in the Company: 33,393,347 B shares as of 13/02/2026

Jonathan Morris

Board Member and Chair of the Board

• 20+ years in global finance and technology, leading public and private companies across fintech, digital infrastructure, aerospace and financial services.

• Raised over USD 850 million as CFO of multiple publicly listed investment vehicles, and previously managed a multi-family office overseeing USD 1.3 billion in global commitments.

• Extensive board experience in the U.S. and internationally, including SunGard AS and several Nasdaq- and NYSE-listed entities, with expertise in governance, cross-border M&A and capital markets.

• Career includes senior roles at The Blackstone Group and Credit Suisse, and early involvement as a founding member of GAIN Capital, leading to its successful IPO.

Fahad Khan

Board Member

• Board Member, Hilbert Group (since June 2026). Provides governance oversight, strategic guidance, and international wealth management expertise.
• Current Role: Group Chief Executive Officer of Plurimi Wealth. Responsible for the strategic leadership and growth of the Group’s international wealth and asset management businesses across London, Monaco, and Dubai.
• Professional Experience: More than 20 years of experience in institutional and private wealth management, international business development, and leadership of regulated financial platforms. He began his career at Morgan Stanley in London in 2004, where he spent nearly ten years building and managing the firm’s institutional and private wealth desk covering the Nordics and Eastern Europe. He joined Plurimi Wealth in 2013 and has played a key role in the firm’s growth from approximately $1 billion to around $13 billion in assets across its wealth and asset management businesses.
• Board & Governance Experience: Extensive experience leading regulated financial businesses, building international client franchises, and overseeing significant growth and expansion across wealth and asset management platforms.
• Education & Qualifications: Master of Business Studies, Michael Smurfit Business School, University College Dublin; Bachelor of Science (Honours), Royal Agricultural College, Cirencester; Private Client Investment Advice & Management Certificate (Level 6).
• Other Significant Positions: Group Chief Executive Officer, Plurimi Wealth.
• Independent in relation to the Company, Senior Management, and major shareholders; no shareholding in Hilbert Group.

Management

Dr. Niclas Sandström

Co-Founder

• Co-Founder, Hilbert Group (2018). Key contributor to the firm’s quantitative modeling, programming, and risk management capabilities.

• Ph.D. in Theoretical Physics, Chalmers University, Gothenburg, Sweden. Expert in quantitative finance, risk modeling, and algorithmic trading.

• 14+ years of experience in FX, interest rates, and credit markets with Credit Suisse First Boston, Barclays Capital, and Finisterre Capital (Emerging Market fixed income hedge fund, 2011–2018).

• Holdings in the Company: 9,163,887 (3,445,050 A shares & 5,718,827 B shares) as of 13/02/2026

Dr. Magnus Holm

Co-Founder

• Co-Founder, Hilbert Group (2018). Initially programmed and implemented the Hilbert algorithmic quantitative digital asset trading strategy in April 2017.

• Ph.D. in Theoretical Physics, Chalmers University, Gothenburg, Sweden. Expert in quantitative modeling, algorithmic trading, and financial systems.

• 15+ years of experience in programming, modeling, and trading across sports-betting, listed equity, derivatives, and cryptocurrency markets.

• Developed algorithmic trading techniques based on fundamental financial models including Game Theory and Kelly Trading; former Swedish Poker Champion.

• Holdings in the Company: 9,809,520 (1,684,300 A shares & 8,125,220 B shares) and 1,250,000 warrants as of 13/02/2026

Barnali Biswal

CEO since Jan 2025

• Barnali has over 2 decades of experience in successfully trading risk-managed sizable portfolios for institutional investors globally.
• Barnali previously worked as Managing Director of Goldman Sachs running its high-yield credit trading business ($1bn+ portfolio).
• The past 3 years she worked as Chief Investment Officer for quantitative multi-strategy crypto hedge fund Atitlan in London.

Tom Bowles

Partner, CTO, Head of AI

• Financial Quantitative Expert, with 25 years experience in top-tier hedge funds, asset management and family offices in London, New York and Monaco with AUM from $1bn to $30bn.
• Specialised in quantitative and machine learning, with a PhD from Oxford in mathematical forecasting.
• Successful entrepreneur track record, building three MedTech companies with strong +$1bn exits.

Anna Dinescu

Partner

• 15+ years in Project Management across top-tier multinationals, fintech startups, and investment companies.

• Specialist in Business Development & Fund-Raising for VCs, hedge funds, and family offices, with a focus on fintech, blockchain, digital assets, and alternative asset portfolios.

• Extensive experience bridging investment strategy, operations, and innovation within financial and technology sectors.

Russell Thompson

Partner, Board Member, Chief Investment Officer

• 30+ years in Finance & Trading. Ran Pan-Asia Trading for AIG and managed trading desks for HSBC Hong Kong and Midland Montagu.

• Founder / Owner, The Cambridge Strategy. Oversees USD $3.5B AUM in emerging markets strategies.

• Firm has attained top 1% of returns among investment management firms over the past 10 years.

• Extensive expertise in emerging markets, portfolio management, and global trading operations.

• Holdings in the Company: 33,393,347 B shares as of 13/02/2026

Advisory Board

Frode Foss-Skiftesvik

Board Member

• Board Member, Hilbert Group (since 2021). Independent non-executive director providing strategic oversight and governance.

• Current Roles: Chairman of the Board & CEO of QCG Capital Ltd and Fitzroy Capital Ltd; Board member of multiple entities including QCG General Partner S.A.R.L., Fitzroy Trading Ltd, Fitzroy Norge AS, LRD Latchi Regeneration and Development Ltd, LCFS Properties Ltd, REGN Datacenters AS, Sogn Datasenter AS, GenKap Limited, Hilbert Capital Ltd, and Gulen Invest AS.

• Previous Roles (last 5 years): Board member of Tue Eiendom AS, Gimle Eiendom AS, Finisterre Holdings Ltd, Finisterre Malta Ltd, and Finisterre Capital LLP.

• Holds an MBA, Thunderbird School of Global Management and a BA in Business Organisation, Heriot-Watt University.

• Shareholder in the company with 5,022,099 shares (3,264,800 A-shares and 1,757,299 B-shares).

Lars Seier Christensen

Board Member

• 35+ years in Finance & Trading. Began career in London in 1988 in foreign exchange and derivatives.

• Co-Founder & Co-CEO, Saxo Bank (1992–2016). Built it into a global multi-asset trading and investment platform serving private clients, institutions, and white-label partners.

• Oversaw 20+ years of growth before selling remaining stake in 2018 to Geely Holdings and Sampo.

• Founder / Owner, Seier Capital. Private family office with combined assets of ~USD $400M. Invested broadly with strong focus on blockchain and compliance-ready solutions.

• Founder, Concordium Blockchain (2018–present). Layer-one protocol with built-in ID framework, balancing privacy and accountability for enterprises and regulators.

In its role as Certified Adviser, Redeye Nordic Growth AB guides and monitors the company’s compliance with the Nasdaq First North Growth Market rules. Redeye Certified Advisers can be reached at certifiedadviser [a] redeye.se.”

The Company’s auditor is PricewaterhouseCoopers AB with Johan Engstam as auditor in charge.

Johan Engstam is an authorised public accountant and member of FAR (the Swedish trade organisation for accounting consultants, auditors and advisors). PricewaterhouseCoopers AB and Johan Engstam can be contacted via PricewaterhouseCoopers AB, 113 97 Stockholm.

Hilbert Group AB (publ)
Company number 559105-2948

Adopted at the extraordinary general meeting on 17 September 2021.

§1

The company’s name is Hilbert Group AB (publ).

§2

The Board of Directors shall have its registered office in the city of Stockholm.

§3

The company shall, directly or through wholly owned or partly owned companies, invest in and carry out business development regarding crypto currencies, blockchain technologies, securities, and operations compatible herewith.

§4

The share capital shall amount to at least SEK 2,000,000 and not more than SEK 8,000,000.

The number of shares shall amount to at least 40,000,000 and not more than 160,000,000.

Shares can be issued in two series, A-shares with ten votes per share and B-shares with one vote per share. Shares of both series may each be issued to an amount corresponding to the entire share capital.

All shares have equal rights to the company’s profits.

§5

Should the company decide to issue new shares, for cash or set-off consideration, of several series shall holders of A-shares and B-shares have preferential rights to subscribe for new shares of the same class of shares pro rata to the number of shares already held (primary preferential right). Shares which are not subscribed for on the basis of primary preferential rights shall be offered for subscription to all shareholders (subsidiary preferential right). If the number of shares offered in this manner is insufficient for subscription based on subsidiary preferential rights, the shares are to be allotted pro rata to the number of shares already held and, insofar as this is not possible, by lottery.

Should the company decide to issue new shares, for cash or set-off consideration, of only B-shares shall all shareholders, irrespective of whether their shares are A-shares or B-shares have preferential rights to subscribe for new shares in pro rata to the number of shares already held. Issue, for cash or set-off consideration, of only A-shares shall not take place.

Should the company decide to, by way of a cash issue or set-off, issue warrants or convertible instruments of debt shareholders are to have preferential rights to the subscription of warrants on the same basis as that for the newly issued shares resulting from the option or have preferential rights to the subscription of convertible instruments of debt on the same basis as that for the shares that will be exchanged for the convertibles.

The aforementioned stipulation is not to constitute any restriction on the possibility to make a resolution to resolve on a new issue of shares to issue new shares, for cash or set-off consideration, with derogation from the shareholders’ preferential rights.

Should the share capital be increased by way of a bonus issue shall new A-shares and B-shares be issued so that the relationship between the number of already existing shares of these series is maintained. In such cases, shares of a specific series carry entitlement to new shares of the same series.

The aforementioned stipulation is not to constitute any restriction on the possibility, following the requisite amendment in the Articles of Association, to issues shares of a new series through a bonus issue.

A-shares shall, upon request by the owner of such shares, be converted to B-shares. The conversion request, must be submitted in writing to the Board of Directors and it must state the number of A-shares that are to be converted to B-shares and, if the request does not apply to the entire holding, which A-shares the conversion pertains to.

The company must immediately notify the Swedish Companies Registration Office so that the conversion can be registered in the Register of Companies. The conversion is completed once registration has occurred and is recorded in the CSD register.

§6

The Board of Directors shall be comprised of at least three (3) and at most eight (8) members, not including deputies.

§7

The company shall have one or two auditors with or without deputy auditor(s) or one registered audit firm.

§8

Notice of a general meeting of shareholders shall be published in Post och Inrikes Tidningar (the Official Swedish Gazette) as well as on the company’s website. The fact that notice has been published shall be advertised in Svenska Dagbladet newspaper.

Notices of annual general meetings and of extraordinary general meetings at which matters concerning amendments of the Articles of Association will be dealt with shall be issued not earlier than six weeks and not later than four weeks prior to the meeting. For notices of other extraordinary general meetings, the notice shall be issued not earlier than six weeks and not later than two weeks prior to the meeting.

Shareholders who wish to participate in a general meeting must be included in a printout or other presentation of the entire share register on the record date for the general meeting which is determined in accordance with the Swedish Companies Act and notify the company of the intention to attend the meeting no later than the day stipulated in the notice of the meeting. The latter day may not be a Sunday, other public holiday, Saturday, Midsummer Eve, Christmas Eve or New Year’s Eve and neither may it be a day that is less than five working days prior to the general meeting.

§9

The calendar year shall be the company’s fiscal year.

§10

The annual general meeting shall be held within six months after the end of the fiscal year.

The following matters shall be dealt with at the annual general meeting:

1.  Election of Chairman of the Meeting
2. Preparation and approval of voting list
3. Approval of the agenda
4. Election of one or two persons to verify the minutes
5. Determination of whether the Meeting has been duly convened
6. Presentation of the annual accounts and the auditors’ report and, where applicable, the consolidated financial statements and the auditors’ report for the group
7. Decisions
   a)    on adoption of the income statement and balance sheet and, where applicable, the consolidated income statement and consolidated balance sheet
   b)    on allocation of the company’s profit or loss according to the adopted balance sheet
   c)    on the discharge from liability for Board members and the Managing Director
8. Determination of remuneration for Board members and auditors
9. Election of Board of Directors and auditor, as well as any deputy auditor(s)
10. Other matters to be addressed at the Meeting in accordance with the Swedish Companies Act or the articles of association.

§11

The company’s shares shall be registered in a CSD register in accordance with the the Swedish Central Securities Depositories and Financial Instruments (Accounts) Act (1998:1479).

Main Shareholders

As of November 6th 2024