Quant Fund Manager Numerai's Token Rises 9% on Report of Impressive Return

Numerai users input their trading, which are then fed to a quantitative model, and receive rewards in the form of the NMR token.

AccessTimeIconMar 1, 2023 at 12:26 p.m. UTC
Updated May 29, 2023 at 7:15 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

The Numeraire token (NMR), which is the native token of quant fund manager Numerai, has risen 8.8% to $21.64 over the past 24 hours after Bloomberg reported that the fund returned 20% to investors last year.

The Numerai hedge fund is backed by billionaire investor Paul Tudor Jones and uses crowdsourced trading ideas to generate a profit. The fund started in 2019, and in 2020, it started offering $50 million to quants and researchers in exchange for trading signals.

  • Key Events You Shouldn't Miss at Consensus 2024
    Key Events You Shouldn't Miss at Consensus 2024
  • What to Expect From Consensus 2024
    What to Expect From Consensus 2024
  • Will Solana and Altcoins Dominate the Market Next?
    Will Solana and Altcoins Dominate the Market Next?
  • What's Next for FIT21?
    What's Next for FIT21?
  • According to Bloomberg, Numerai received $100 million in inflows in 2022 and returned 20% to investors despite a market downturn that saw the value of several cryptocurrencies erode by more than 90%.

    The NMR token, which is paid out to those who provide successful trading strategies, has also seen 24-hours trading volume increase by 379% as traders attempt to capitalize on its relatively low market cap of $127 million, according to data provided by CoinDesk Data.

    Numerai founder Richard Craib told Bloomberg that when the firm secures $1 billion in assets under management it will explore paying users out in other currencies but that for now, it will continue using the NMR token.

    CORRECTION (May 29, 07:19 UTC): Corrects Numerai's description in headline and story.


    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Oliver Knight

    Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.