CEO Update
calculated with reported data as of
1 June 2026
Asset Management - May in Numbers
-
$ 121 M
Contracted Hedge Fund AuM
-
4555 BTC
Byzantine Fund AuM
-
+ 2.9 %
Inflow/Outflow
-
$ 316 M+ AuM*
Total Active Pipeline
-
2 Strategic Partnerships
Highlight of the Month
* Pipeline reflects current investor interest only, is not committed or guaranteed AUM, and does not include Byzantine or Syntetika.
Strategy Performance* (Net)
| 2025 | May-26 | YTD | |
| Basis + BTC** | +20.19% | +0.01%* | +2.49% |
| Basis + USD | +29.26% | +0.13%* | +2.20% |
| MultiStrat | -0.46% | +3.42%* | +25.36% |
*Estimated performance for May 2026
**Return on top of Bitcoin Return
Bitcoin Performance
|
2025 |
May-26 |
YTD |
|
| BTC | -6.43% | -3.5% | -15.8% |
Market Insight & Other Updates
May was another selective and macro-sensitive month for digital assets. Bitcoin traded largely in the mid-to-high USD 70,000s through most of the month before softening into the low-to-mid USD 70,000s by month-end, finishing down approximately 4% over the period. The broader tone across crypto remained cautious rather than euphoric, with investors continuing to prioritize liquidity, quality and downside resilience as inflation concerns and macro uncertainty shaped capital allocation.
Against that backdrop, Hilbert delivered a month of solid execution. Basis+, in both BTC and USD share classes, continued to perform steadily in a challenging market environment, while the MultiStrat fund generated a positive monthly return despite subdued performance in underlying spot markets. Importantly, as market conditions became more challenging through May and into June, the team maintained a deliberately defensive tilt, with very low risk exposure across the portfolio. Active positions, including inverse basis trades, funding arbitrage and low-delta volatility arbitrage strategies, continued to perform as expected and remained well within low risk parameters. This combination of resilient strategy performance, disciplined execution and prudent risk management remains central to the platform’s positioning.
May also marked further progress across a number of important corporate and platform initiatives. Syntetika completed the final steps relating to its core legal and operating framework, the Group published its 2025 Annual Report, and Hilbert successfully completed a directed share issue of approximately SEK 46 million, attracting strategic investors and further strengthening both the balance sheet and the platform’s institutional standing.
The month concluded with the publication of Hilbert’s Q1 2026 report, available here. Taken together, May’s developments point to a business that is displaying more visible operating momentum, with stronger foundations for scale across asset management, platform distribution and institutional partnerships. At the same time, the investment team remains cautious in the current market environment and expects to maintain a defensive stance until a clearer trend emerges.
Disclaimer
This material is provided for informational purposes only and does not constitute an offer to sell or a solicitation to buy any financial instrument or investment product. Nothing on this website should be relied upon as investment, legal, tax or other professional advice.
The information and opinions expressed are based on sources believed to be reliable; however, no representation or warranty, express or implied, is made as to their accuracy, completeness or correctness. Hilbert Capital Ltd. accepts no liability whatsoever for any loss (direct, indirect or consequential) arising from the use of, or reliance on, this information.
Performance figures are provided for illustrative purposes only. Past performance is not indicative of future results. Returns are shown net of management and performance fees and transaction costs unless otherwise stated. All statistics are calculated based on monthly returns.