Hilbert Group (STO:HILB-B, FRA:999, Nasdaq:HILB B; symbol: HILBB) plans a directed share issue of at least USD 3 million, via accelerated bookbuilding to Scandinavian and international institutional investors.
Proceeds will fund integration and scaling of Nordark and Enigma, strengthen back-office, governance and audit to meet U.S. capital markets standards, and support general corporate purposes. A U.S.-based cornerstone investor is expected, aligning with plans for a potential U.S. listing within a year. In Q1 2026, hedge fund AuM grew by more than 90%, with net inflows every month and a strengthening AuM pipeline. Hilbert is also progressing Nordark’s MFSA application for dual MiCA and payment institution licensing.
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Positive
Planned directed share issue to raise at least USD 3 million
Funding targeted at scaling Nordark and Enigma platforms
Hedge fund AuM grew by more than 90% in Q1 2026
Net inflows recorded in every month so far in 2026
Expected U.S.-based cornerstone investor to broaden shareholder base
Nordark MFSA dual MiCA and payment institution licensing process is live
Negative
Directed share issue implies potential equity dilution for existing shareholders
Transaction is subject to prevailing market conditions, creating execution uncertainty
Management highlights a difficult market backdrop for digital assets and risk assets
Market Context
This announcement outlines a planned directed share issue of at least USD 3 million to fund integrat...
Analysis
This announcement outlines a planned directed share issue of at least USD 3 million to fund integration and scaling of Nordark and Enigma, strengthen governance and audit capabilities, and prepare for a potential U.S. listing. The company highlights strong Q1 momentum, including 90% hedge fund AuM growth and Basis+ BTC returns at 3x a market neutral index. Investors may focus on execution of platform integration, regulatory licensing progress, and how new capital affects per‑share economics.
Key Figures
Directed share issue size:USD 3 million (minimum)Hedge fund AuM growth:90%Strategy outperformance:3x
3 metrics
Directed share issue sizeUSD 3 million (minimum)Planned directed share issue to institutional and qualified investors
Hedge fund AuM growth90%Hedge fund assets under management growth in Q1 2026
Strategy outperformance3xBasis+ BTC return vs VisionTrack Market Neutral Index in Q1 2026
Key Terms
directed share issue, accelerated bookbuilding procedure, assets under management, sovereign wealth funds, +4 more
8 terms
directed share issuefinancial
"announces its intention to carry out a directed share issue of a minimum"
A directed share issue is when a company sells new shares directly to one or a few chosen investors instead of offering them to the public; think of it as a private sale to specific buyers rather than an open market auction. It matters to investors because it can quickly raise cash, bring in strategic partners, and change ownership stakes—potentially diluting existing shareholders and signaling management’s priorities—so market price and voting power can be affected.
accelerated bookbuilding procedurefinancial
"expected to be conducted through an accelerated bookbuilding procedure directed"
An accelerated bookbuilding procedure is a fast, privately arranged sale of newly issued or existing shares to a small group of institutional investors, typically completed within hours or days instead of weeks. It matters to investors because the speed and limited bidder pool can cut through market uncertainty—like a quick private auction—but may cause sudden price moves or dilution that affect existing shareholders and short-term trading in the stock.
assets under managementfinancial
"Hedge fund AuM grew by more than 90% in Q1, supported by net inflows"
Assets under management (AUM) is the total value of all the investments that a financial company or fund is responsible for overseeing on behalf of its clients. It’s like a big bucket that shows how much money the firm is managing for people or organizations. A higher AUM often indicates a larger, more trusted company, and it can influence how much money they earn and the services they can offer.
sovereign wealth fundsfinancial
"recent allocation from one of the world's largest sovereign wealth funds"
Sovereign wealth funds are large pools of money managed by a country's government, often built from profits earned from natural resources or other national revenues. They invest these funds in global markets to help secure the country's future financial stability and growth. For investors, these funds can influence markets because they have significant resources and long-term investment strategies.
market neutral indexfinancial
"Basis+ BTC delivered 3x the VisionTrack Market Neutral Index return in Q1 2026"
A market neutral index tracks a group of investments designed to cancel out overall market moves by balancing buys and sells so the portfolio’s gains don’t depend on whether the market rises or falls. Think of two equally strong teams in a tug-of-war where the contest focuses on which individuals outperform, not which side pulls harder. Investors use such an index as a benchmark or hedge to measure stock-picking skill and to reduce correlation with broad market swings.
payment institution licensingregulatory
"MFSA application process is now live in relation to a dual MiCA and payment institution licensing"
Payment institution licensing is a regulatory approval that lets a company legally offer services like processing payments, moving money, or issuing e-wallets. For investors, it signals that the business can operate across formal banking rails and is subject to oversight and safeguards—similar to a driver's license for a courier business—reducing legal risk, enabling revenue growth, and imposing compliance costs that affect profitability.
digital asset bankingtechnical
"build-out of a regulated digital asset banking and infrastructure platform"
A service that stores, moves, and manages cryptocurrencies and tokenized securities much like a traditional bank handles cash and stocks; it offers custody, payment, lending and transaction services tailored to digital-only assets. Investors care because these banks provide the infrastructure that turns hard-to-hold digital tokens into usable, tradeable instruments, affecting security, liquidity and regulatory risk — essentially acting as the bridge between crypto markets and conventional finance.
MiCAregulatory
"MFSA application process is now live in relation to a dual MiCA and payment institution licensing"
Mica is a naturally occurring group of minerals that split into thin, shiny sheets and is used as an insulating material and filler in products such as electronics, cosmetics, paints and construction materials. Investors care because mica is a key input whose supply, quality and price affect manufacturing costs and product performance, and because its mining and sourcing carry environmental and ethical risks that can impact company reputations and valuations—like a single critical ingredient changing a recipe’s outcome.
STOCKHOLM, SE / ACCESS Newswire / May 22, 2026 / Hilbert Group AB (STO:HILB-B)(FRA:999)(Nasdaq:HILB B), a leading investment firm focused on bridging traditional and digital assets, today announces its intention to carry out a directed share issue of a minimum of USD 3 million (the "Directed Share Issue"), subject to prevailing market conditions. The Directed Share Issue is expected to be conducted through an accelerated bookbuilding procedure directed to Scandinavian and international institutional and qualified investors.
The purpose of the Directed Share Issue is to support the next phase of Hilbert Group's development as an institutional digital asset platform. The Company intends to use the proceeds primarily to support the integration and scaling of Nordark and Enigma, expand the back-office and support functions required for a larger and more complex platform, advance governance, reporting and audit capabilities aligned with U.S. capital markets standards, and for general corporate purposes.
The Company expects the investor base in the transaction to include a U.S.-based cornerstone investor, supporting Hilbert Group's ambition to broaden its international shareholder base and advance its medium-term U.S. listing readiness.
Hilbert Group entered 2026 with exceptional momentum across its asset management platform. Hedge fund AuM grew by more than 90% in Q1, supported by net inflows every month of the year to date. At the same time, the Company's AuM pipeline continued to strengthen, with institutional investor engagement reaching what management believes is an all-time high. A clear signal of this growing institutional traction is the recent allocation from one of the world's largest sovereign wealth funds, alongside increased commitments from several existing investors.
This progress has been delivered against a difficult market backdrop. Ongoing geopolitical tension, broader weakness across digital assets and pressure across risk markets have weighed on both performance and capital formation across much of the industry. Against that backdrop, Hilbert's strategy performance has stood out. Basis+ BTC delivered 3x the VisionTrack Market Neutral Index return in Q1 2026, and management believes the strategy ranks in the top decile of its peer group. More importantly, Hilbert has continued to attract and deepen institutional engagement during a period in which many peers have faced both weaker performance and a more challenging fundraising environment.
A key priority is the continued expansion of Enigma and Nordark. Following the recent acquisition and integration of Enigma, the Company intends to allocate additional capital to support the scaling of its trading strategies and broader platform development. In parallel, Hilbert Group will continue advancing Nordark, where the MFSA application process is now live in relation to a dual MiCA and payment institution licensing, supporting the build-out of a regulated digital asset banking and infrastructure platform.
Barnali Biswal, Chief Executive Officer of Hilbert Group, commented:
"We are now entering the next phase of Hilbert Group's development, focused on institutionalisation, operational scaling and preparing the Company for a U.S. listing within the next year. This capital raise is a deliberate step in that process. It enables us to invest in the governance, reporting, audit and platform capabilities required to meet the standards expected by U.S. investors, while also accelerating growth in the business areas where we see the clearest opportunities.
Ironically, despite the current share price, the Company has never been stronger operationally. Assets under management are at record levels, strategy performance has remained strong, and the pipeline across the business is solid. We have recorded net inflows in every month in a market where many funds have experienced outflows and negative returns. In other words, the underlying fundamentals of the business are significantly stronger than they have ever been before in the Company's history.
We are therefore raising capital from a position of strategic intent, not reaction. With a stronger operating platform, improving market positioning, a U.S.-based cornerstone investor and insider participation in the transaction, we believe this financing supports the next stage of Hilbert Group's development and long-term value creation."
Further information regarding the Directed Share Issue, including the final terms and timing, will be announced in due course, subject to prevailing market conditions.
For further information, please contact: Barnali Biswal, VD, eller Niclas Sandström, Co-Founder +46 (0)8 502 353 00 ir@hilbert.group
About Us
Hilbert Group is a quantitative investment company specializing in algorithmic trading strategies in digital asset markets.
Hilbert Group is a Swedish public company and is committed to providing operational infrastructure, risk management and corporate governance that meets the ever-increasing demands of institutional investors.
Hilbert Group is listed on Nasdaq First North Growth Market (ticker HILB B) with Redeye Nordic Growth AB as Certified Adviser.
What did Hilbert Group (HILBB) announce on May 22, 2026?
Hilbert Group announced plans for a directed share issue of at least USD 3 million. According to Hilbert Group, the accelerated bookbuilding will target Scandinavian and international institutional and qualified investors, supporting growth, platform integration and U.S. listing readiness.
How much capital does Hilbert Group (HILBB) aim to raise in the directed share issue?
Hilbert Group plans to raise a minimum of USD 3 million through the directed share issue. According to Hilbert Group, the deal will be conducted via an accelerated bookbuilding process, subject to prevailing market conditions and final terms announced later.
How will Hilbert Group (HILBB) use the proceeds from the directed share issue?
Proceeds are earmarked for integrating and scaling Nordark and Enigma and strengthening operations. According to Hilbert Group, funds will expand back-office, governance, reporting and audit capabilities aligned with U.S. capital markets standards, and support general corporate purposes across the platform.
What does the directed share issue mean for Hilbert Group (HILBB) shareholders?
The directed share issue could dilute existing shareholders but aims to support long-term growth. According to Hilbert Group, new capital should enhance platform scale, governance and U.S. listing readiness, while adding a U.S.-based cornerstone investor to broaden the international shareholder base.
How is Hilbert Group (HILBB) performing ahead of the capital raise?
Hilbert Group reports strong operational momentum entering 2026, despite a difficult market. According to Hilbert Group, hedge fund AuM grew over 90% in Q1 2026 with monthly net inflows, and the AuM pipeline and institutional investor engagement are described as particularly strong.
How does the Hilbert Group (HILBB) share issue relate to a potential U.S. listing?
The share issue is positioned as a step toward U.S. listing readiness within about a year. According to Hilbert Group, proceeds will fund governance, reporting, audit and platform upgrades needed to meet standards expected by U.S. investors and capital markets.
What is happening with Hilbert Group’s Nordark and Enigma platforms after the HILBB share issue?
Hilbert Group intends to allocate capital to scale Enigma and advance Nordark’s development. According to Hilbert Group, Nordark’s MFSA application for dual MiCA and payment institution licensing is live, supporting plans for a regulated digital asset banking and infrastructure platform.
