Numerai Initiates Strategic NMR Buyback Program

BlockBeats News, July 17th, according to official sources, Numerai stated that NMR is a fixed-supply token with a total supply cap of 11 million. As Numerai pays out NMR to data scientists from its treasury, there are currently only about 3 million NMR left in the treasury. Once depleted, staking and rewards distribution will no longer be sustainable.

Therefore, Numerai has announced that it will execute a $1 million worth of NMR buyback on the open market. To conduct this buyback as transparently as possible, they have engaged with the Coinbase Institutional team, who will assist in facilitating the purchase. They do not wish for the buyback to disrupt the NMR market in any way, so Coinbase will place orders at the buy price or near the buy price level. This means that the buyback may take some time to complete.