Paul Tudor Jones-backed Numerai LLC has secured a commitment of up to $500 million from JPMorgan Asset Management, potentially more than doubling its size from the $450 million it currently manages. The San Francisco-based crowdsourcing hedge fund sources trading ideas from freelance quants who are compensated in its Numeraire cryptocurrency and use the token to stake confidence in their models. Numerai delivered a 25% return last year after a 17% loss in 2023, marking 15 consecutive months of gains and drawing fresh investor interest. The Numerai One fund has delivered positive results in all but one year since inception, including a 20% gain in 2022. It is estimated to be up about 6% net of fees so far this year.
