Numerai crypto up 41% after JPMorgan’s $500m commitment
With its latest JPMorgan deal, crowdsourced quant hedge fund Numerai will more than double its assets under management.
- JPMorgan commits $500M under management by Numerai
- Numerai is a crowdsourced quant hedge fund powered by crypto
- Quant traders have to stake NMR tokens to make predictions
The crowdsourced quant hedge fund Numerai, backed by legendary investor Paul Tudor Jones, got another major backer. On Tuesday, August 26, Numerai announced that it had secured a $500 million commitment from investment banking giant JPMorgan. The deal more than doubles the quant firm’s assets under management, which are currently at $450 million.
JPMorgan’s commitment adds both institutional legitimacy and a potential new source of revenue for Numerai. For one, with more assets under management, Numerai can expect greater revenue. For this reason, the NMR token rose 41.03% after the announcement and is currently trading at $11.65. Despite the latest surge, the token is still trading below its multi-month high of $25.58 in December 2024.
How the Numberai quant hedge fund works
Numerai is a crowdsourced quant hedge fund, powered by its own native crypto. It enables freelance quant traders to submit their prediction models by staking numeraire (NMR) tokens. Winners earn rewards, while losers lose their staked tokens. What is more, Numerai adds the best-performing models to its master fund, which trades in equities.
“That’s when investors like JPMorgan started to be like: Whoa, you guys aren’t just back, you’re way back,” Richard Craib, Numerai’s founder, said. “People don’t really want to invest until there’s a track record. And when you’re doing something super unusual and different, like we are, they might wait even longer before they get excited.”
JPMorgan committed its funds after the fund achieved a 25% return in 2024, recovering from a loss it suffered one year earlier. Paul Tudor Jones , a world-famous hedge fund investor, is one of the investors in the fund.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
NMR +240% in 24 Hours as Liquidity Mechanisms Fuel Rally
- NMR surged 240% in 24 hours to $10.85, driven by upgraded on-chain liquidity mechanisms and a new AMM boosting cross-chain swaps and DeFi utility. - Institutional and retail investors flocked to NMR as the AMM improved price discovery and slippage, supported by a recent smart contract audit. - Technical indicators show NMR breaking key resistance, with RSI overbought but MACD bullish, as traders watch the $8.20–$11.50 range for potential pullbacks. - Strong on-chain accumulation, stable long-term holders
Bitcoin News Today: Bitcoin-Powered Shift: AirNet Reimagines Itself as Crypto-Backed Hybrid
- AirNet Technology raised $90M in digital assets (819.07 BTC, 19,928.91 ETH) via a registered direct offering, shifting to a crypto-backed hybrid model. - The deal, accepting digital assets instead of fiat, restructures AirNet’s balance sheet and business model, offering shareholders equity and crypto exposure. - The company hires crypto experts to actively manage assets, positioning itself as a rare public crypto fund amid regulatory and volatility risks. - Institutional adoption and reduced Bitcoin vola
Bitcoin News Today: Bitcoin Miner's Nasdaq Leap: A Game of Splits and Splits
- Gryphon Digital Mining shareholders approved a merger with American Bitcoin, creating a Nasdaq-listed entity under ticker ABTC via a stock-for-stock deal. - A 5-for-1 reverse stock split reduced shares from 82.8M to ~16.6M to meet Nasdaq bid price rules, with automatic rounding of fractional shares. - American Bitcoin, rebranded from a data center firm, aims to build a BTC treasury and leverages the merger to bypass IPO for public market access. - Post-merger volatility saw Gryphon's stock drop 10.5% aft
Whale Moves and Golden Cross Set ADA's $0.90 Showdown
- Cardano (ADA) nears $0.90 resistance after forming a golden cross and 120M whale accumulation, signaling potential bullish momentum. - Technical indicators show neutral RSI (50.50) and bearish MACD divergence, suggesting possible short-term corrections ahead. - Regulatory delays for Grayscale ADA ETF haven't dampened bullish sentiment, with institutional buying and new U.S. retail access via Robinhood. - A decisive $0.90 break could target $1.02 psychologically, while failure risks testing $0.77 support
Trending news
MoreCrypto prices
More
