NMR Coin - Numeraire
$NMR is the native cryptocurrency of the Numerai platform, a San Francisco-based hedge fund founded in 2015 by Richard Craib, a Cornell graduate in mathematics and economics.
The platform's concept is completely different from other hedge funds. Numerai does not hire internal analysts, but instead relies on a global network of thousands of anonymous data scientists around the world. The company provides them with encrypted and obfuscated financial data, and they build AI models that predict stock market movements.
How does the coin work?
NMR is a token built on the Ethereum network under the ERC-20 standard. Its total supply is limited to only 11 million coins, with around 7.6 million currently circulating.
Its primary use is for staking in a weekly competition called the Numerai Tournament:
1. The data scientist submits their market prediction
2. They place a bet alongside their prediction with an amount of NMR coins
3. If their prediction is correct in the real market, they get their stake back and receive an additional reward in NMR
4. If their prediction is wrong, the coins they staked are burned
This way, the platform ensures that participants do not send random predictions, but only bet on models they are confident in.
After that, Numerai collects all the winning predictions and merges them into one massive model called the Meta Model, and this model is what the company uses for actual trading on the stock exchange.
The Coin's Ecosystem
- Tournament: The main weekly competition for data scientists
- Signals: Allows users to trade equities directly on the blockchain using their own models
- Erasure Protocol: A protocol developed by the company to sell predictions in a decentralized way
Current Status of the Project
The project is not just an idea, it is a real hedge fund currently managing around $700 million in assets, after managing only $60 million three years ago. In August 2025, it secured a $500 million commitment from JPMorgan Asset Management to expand its operations.
It also raised a Series C funding round of $30 million in November 2025 led by major university endowments, bringing the company's valuation to $500 million. This investment caused the price of the NMR coin to rise more than 40% in a single day.
And because the company distributes NMR rewards from its own treasury, it conducts periodic buybacks from the open market. So far it has made three purchases totaling $3.2 million via Coinbase Institutional to replenish its treasury, where it has about 3.1 million coins left.
The coin's price today moves around $9 to $10, with a market cap of approximately $73 million and a daily trading volume of $7 million.