Swedish Digital Asset Manager Hilbert Group to Acquire Monaco's Liberty Road Capital

Swedish-listed digital asset manager Hilbert Group AB has agreed to acquire Liberty Road Capital (LRC), a Monaco-based crypto derivatives specialist managing $110 million (SEK 1.2 billion) in assets, in an all-equity deal expected to close in January 2025.

The acquisition brings industry veteran Russell Thompson to Hilbert Group. Thompson, who will join the board subject to shareholder approval, co-founded The Cambridge Strategy in 2003, which grew to manage $3.5 billion before its sale in 2018.

The deal structure includes an earn-out component with a smaller upfront payment, designed to align interests during periods of asset volatility. Hilbert Group will acquire LRC's complete operations, including client relationships, intellectual property and key personnel.

Niclas Sandström, CEO of Hilbert Group, said: "This acquisition complements Hilbert on multiple fronts. Russell brings unparalleled experience as a CIO and derivatives trader, along with an extensive global network that will significantly accelerate our business development. Moreover, incorporating LRC's expertise in derivatives and AI-trading expands our range of strategies."

The acquisition strengthens Hilbert's artificial intelligence capabilities through the addition of LRC's proprietary trading technology and its founders' expertise. LRC co-founders Anna Dinescu and Tom Bowles will join Hilbert, bringing operational and quantitative trading experience.

Thompson, currently CEO of LRC, said: "We are thrilled to join forces with Hilbert Asset Management, merging deep expertise in both fiat and crypto markets to deliver a best-in-class digital asset management experience for our investors. By 2025, I believe Hilbert will establish itself as a leading name in the digital asset space."

LRC's Tom Bowles added: "We are excited to fully scale our AI-trading capabilities in partnership with Hilbert."

Liberty Road Capital, founded in 2019, operates as an Approved Investment Manager under BVI Financial Services Commission regulation. The firm specialises in digital derivatives trading, focusing on Bitcoin and Ethereum markets.

Shareholders controlling over 60 per cent of Hilbert Group's voting rights support Thompson's board appointment, with an extraordinary general meeting planned to coincide with the deal's closing.

Hilbert Group is listed on Nasdaq First North Growth Market under the ticker HILB B.