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Numeraire

NMR · Field entry
AIAI

The staking token data scientists put at risk on stock predictions for the Numerai hedge fund

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$11.221.48%Snapshot · October 20, 2026 · updates live
Market cap
$80.41M
24h volume
$10.83M
Rank
#320
Circulating
7.17M NMR
Max supply
11.00M NMR
All-time high
$93.15 May 16, 2021

NMR price chart

7-day snapshot. Chart data from CoinGecko.

What is Numeraire?

Numeraire (NMR) is the token behind Numerai, a San Francisco hedge fund that crowdsources stock market predictions from data scientists. Participants stake NMR on their models; good results earn more NMR and poor results get part of the stake burned. NMR has a fixed cap of 11 million tokens and has been in use since 2017.

Utility Lens

What Numeraire actually does

Lets data scientists put money at risk on their own stock-market models so Numerai can tell which predictions to trust.

Real-world usage
establishedNMR has been staked on live tournament predictions since 2017, and those stakes directly shape the models a working hedge fund trades on.
Token necessity
integralOnly NMR-staked predictions carry weight in the meta model, though anyone can submit unstaked predictions to build a track record.
Decentralization
centralizedNumerai the company runs the tournament, scoring, treasury and fund, and decides payout rules.
Track record
longNMR was issued in February 2017 and tournament staking has run ever since; we found no record of a major hack of the token.

How we rate

What it’s used for

Data scientists build models and submit stock market predictions to Numerai each round through its open API. Staking NMR is optional, but only staked models feed the stake-weighted meta model that the fund trades on. Payouts come from Numerai's treasury rather than new issuance, and since July 2025 the company has bought NMR on the open market to refill that treasury.

Role of the NMR token:

collateralbuyback

Evidence of real use

  • Numerai's docs say a staked submission that scores well earns additional NMR, while a poor score causes part of the stake to be burned. Source
  • In July 2025 Numerai said over 1 million NMR was staked on its models daily and announced a $1 million open-market buyback. Source
  • Numerai said in July 2026 it had bought back $3.2 million of NMR in total and managed about $700 million in assets. Source

The AI angle

AI role
data/labeling
What actually happens
Thousands of data scientists supply machine learning predictions that Numerai combines into the model its hedge fund trades. NMR is the stake they put behind those predictions, so its use is tied to real paid work for the fund rather than to emissions, which NMR does not have.

AI crypto, explained

How Numeraire works

Numerai runs a global competition in which data scientists, and increasingly AI agents, send it stock market predictions through an open API each round. Unstaked submissions are scored like any other, which lets newcomers build a live record without risk. To influence the fund, though, a participant must stake NMR on the model. Numerai combines staked predictions into a stake-weighted meta model and uses it to trade global equities in its hedge fund.

Once a round is scored against real market results, good predictions earn extra NMR and bad ones lose part of their stake. Lost NMR is burned, meaning it is sent to an address no one can spend from, including Numerai. Numerai says this gives every participant skin in the game and filters out random or careless submissions. Its current on-chain system, called Atomic staking, ties each stake to a single round and model.

NMR is not a share in Numerai. The company's docs say holding or staking it gives no ownership, dividends, voting rights or claim on the fund. Payouts come from a company treasury, not from new minting, so in July 2025 Numerai began buying NMR on the open market. The company says it had bought $3.2 million by July 2026. Separately, it says JPMorgan Asset Management invested in the fund and secured $500 million of capacity.

Key moments

  1. 2017Numerai issues 1 million NMR to about 12,000 data scientists in February to launch tournament staking.
  2. 2025Numerai announces in July that it will buy back $1 million of NMR on the open market.
  3. 2025Numerai says JPMorgan Asset Management has invested in its fund and secured $500 million of capacity.
  4. 2026Numerai completes a third buyback in July, bringing total repurchases to $3.2 million.

Supply

NMR is an Ethereum token with a hard cap of 11 million that cannot be raised. Tokens burned through poor predictions reduce total supply, while rewards are paid from Numerai's treasury, which held about 3.1 million NMR before the July 2026 buyback. Numerai publishes live figures for supply, burns and staking on its own data service.

Risks to understand

  • Numerai controls the tournament rules, treasury and payouts, so demand for NMR depends on one company.
  • Stakers can lose part of their NMR if their models score badly.
  • NMR gives no claim on the hedge fund or its profits, even though its use is tied to the fund's performance.
  • Kraken restricts NMR for US clients, so US access is more limited than for larger tokens.

Numeraire FAQ

Is buying NMR the same as investing in Numerai's hedge fund?

No. Numerai's docs say NMR gives no ownership, dividends or claim on the fund or its profits.

What happens to burned NMR?

It is destroyed permanently and does not go to Numerai or other users, which lowers the total supply.

Can more NMR be created?

No. Numerai says NMR is capped at 11 million and that it cannot mint more, which is why it now buys tokens back.

Sources

  1. NMR token data — Numerai Docs
  2. Staking — Numerai Docs
  3. A new cryptocurrency for coordinating artificial intelligence on Numerai — Numerai
  4. Numerai kicks off strategic NMR buyback — Numerai
  5. JPMorgan secures $500m capacity in Numerai — Numerai
  6. Numerai completes third strategic NMR buyback, bringing total repurchases to $3.2 million — Chainwire via Investing.com
  7. Numeraire price page — Coinbase
  8. Where is Kraken licensed or regulated? — Kraken Support

Last reviewed October 20, 2026. Written by . Utility Lens ratings are editorial judgments, not investment advice. Market data from CoinGecko. Spot an error? Request a correction.

About the author

Dave McNaught has worked in IT since 1999 and founded All Business Technologies (ABT) in 2003, a Boston-area firm providing Managed IT, Cybersecurity, Managed AI, Web Design and App Development. He publishes The Crypto Guide.

Full bio