Backed by Paul Tudor Jones, the AI-driven hedge fund Numerai has secured a commitment of up to $500 million from JPMorgan Asset Management—this substantial funding could more than double its assets under management and highlights the growing interest from institutions in cryptocurrency-friendly fund management companies.
Numerai confirmed on Tuesday that the funds will be deployed internally next year, with returns linked to its crowdsourced trading models built by thousands of data scientists worldwide.
Since its establishment in 2015, Numerai has expanded its assets under management to approximately $450 million, with most of the growth occurring in the past three years.
In 2024, the hedge fund achieved over 25% net returns through a strategy that combines crowdsourcing, artificial intelligence, digital assets, and other quantitative-driven approaches.
The company also operates its own cryptocurrency, Numeraire (NMR), which was launched in 2017. In July, Numerai began repurchasing NMR tokens, initially investing $1 million.
Following JPMorgan's announcement on Tuesday, NMR surged over 38% to $11.40, with daily trading volume increasing by over 880%, according to CoinMarketCap data.
While JPMorgan did not directly comment on its commitment to Numerai, the Wall Street giant has steadily increased its involvement in digital assets in recent years. It has partnered with Coinbase to facilitate cryptocurrency purchases and is reportedly exploring stablecoin issuance and cryptocurrency-backed loans, potentially allowing customers to borrow against holdings like Bitcoin (BTC) and Ethereum (ETH).
Numerai stands out as a fund that integrates artificial intelligence, blockchain technology, and crowdsourced predictive models to guide investment strategies. However, the fusion of these technologies is not limited to hedge funds.
One of the most notable examples is in the mining sector, where Bitcoin mining companies are increasingly reallocating resources to AI and high-performance computing workloads. Companies like Hive Digital, Hut 8, TeraWulf, and IREN have begun this transformation, positioning themselves to capture demand beyond traditional cryptocurrency mining.
The cryptocurrency-focused investment management firm DNA Fund is deeply involved in the Bittensor ecosystem. CEO Chris Miglino told Cointelegraph, "Decentralized AI is consuming everything we do."
According to CoinMarketCap data, the decentralized machine learning network Bittensor currently has a market capitalization of approximately $3.2 billion.
The United Nations Conference on Trade and Development (UNCTAD) predicts that artificial intelligence will become the world's most valuable technology sector in the next decade, underscoring that its integration with existing systems will accelerate. UNCTAD further estimates that AI's share of the global "frontier technology" market will quadruple in the next eight years.
Related: Tim Draper: Altcoins serve as a "testing ground" for Bitcoin (BTC), aiding its optimization and upgrade.
Original article: “Hedge Fund Numerai Secures $500 Million Commitment from JPMorgan, Driving Crypto-AI Integration”
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