Numeraire (NMR), the token linked to AI hedge fund Numerai, rose 91% in a single day to $15.68, bringing its market value to $124 million. Daily trading soared to $798 million, more than 11,600% higher than the previous day.
The rally comes after Numerai announced that JPMorgan Asset Management agreed to provide up to $500 million in funding for the hedge fund, marking a major milestone for the San Francisco-based company.
“Over the past three years, we’ve grown from managing $60 million to $450 million,” Numerai said. “Now, JPMorgan has invested in our fund and secured $500 million in capacity. This is our biggest milestone yet.”
Part of the surge was also driven by token staking. As of August 21, more than $7 million worth of NMR had been staked, up from $5.5 million in May.
With only 7.5 million tokens available out of a total supply of 11 million, the locked-up tokens reduced the supply in the market, making prices climb faster.
The spike reflects renewed interest in AI-focused tokens, even as some other projects like Fetch.ai and SingularityNET have cooled. Numeraire, still about 76% below its 2025 high of $68, is attracting attention as one of the undervalued tokens in the AI space.
Numerai’s hedge fund has been delivering strong results. In 2024, the fund posted a 25.45% net return with a 2.75 Sharpe ratio and only one losing month. “The point of Numerai has always been to create a hedge fund for the AI age,” the company said.
Its open platform allows data scientists and AI models to submit stock predictions, giving the fund access to diverse approaches, from tree ensembles to large language model signals.
The company is expanding its team, hiring AI researchers and trading engineers, and repurchasing $1 million of NMR to strengthen ties with its community.
The wider crypto market is also rising, with a global market cap of $3.87 trillion and Bitcoin trading at $111,851, but Numeraire’s jump stands out as one of the biggest in recent memory.
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