Numerai SEC Filings: 13F and Form ADV Footprint
SEC 13F holdings and Form ADV adviser data show Numerai GP LLC as the sole filer in this dataset, with roughly $5.5B of cumulative reported public-equity value across 13 quarters.
Across 13 straight 13F filings, the count of distinct Numerai-related filers in this dataset is 1. The count of outside institutional advisers showing up alongside Numerai GP LLC is also 1 — there are no third-party filers in the panel. That is the answer to "who institutionally backs NMR?" from EDGAR: nobody we can see. The same Numerai-managed account, in quarter after quarter, growing from $147M to $830M of reported equity value.
For the on-chain side of the story, see NMR Token Economics.
Why SEC Filings Matter
Two filing types carry the signal (see the About page for sourcing details).
13F filings are quarterly disclosures required of investment managers with more than $100M in qualifying assets. They list long U.S. equity and options holdings. In this dataset, they reveal the reported public-equity portfolio for Numerai GP LLC; they do not reveal NMR token holders, shorts, leverage, private fund investors, or the full trading book.
Form ADV is the registration document for investment advisers. It discloses regulatory AUM, client types, compensation structures, and business activities, which helps track the adviser entity behind quantitative, AI-driven, or crowdsourced strategies.
Neither form was designed for crypto-native assets. Together they are a useful public lens on Numerai's regulated adviser footprint, but a limited lens on outside demand for NMR or on the fund's complete risk book.
The 13F Picture
The filing count sits flat at exactly one per quarter from late 2022 through late 2025. The same reporter shows up every cycle rather than a growing roster. Thin coverage is itself a data point: this dataset is tracking one regulated Numerai-related filer, not a widening list of third-party institutions. Contrast this with Renaissance Technologies or Two Sigma, where dozens of related entities and fund-of-fund allocators surface in EDGAR rollups — Numerai's filing footprint is closer to a single proprietary trading book than a typical hedge fund with external LPs that file separately.
Top Holders
The top-holders view collapses to a single entry. Numerai GP LLC accounts for roughly $5.5B of cumulative reported value across its filings, and no other filer appears in the dataset. Concentration is absolute, but the interpretation is narrow: this is a single-filer 13F panel, not proof that one institution owns all economically relevant Numerai exposure.
Adviser AUM Trends
Form ADV adds a separate view: regulatory AUM for the adviser entity. This should not be read like a daily NAV or a 13F market-value series. ADV updates are sparse and rules-based, but they help anchor the scale of the registered adviser behind the tournament-fed hedge fund.
Holding Size Distribution
On a log scale the distribution is roughly bell-shaped. Most individual holdings land between about $200K and $3M with a peak near $1M. The tails run from roughly $30K up to about $10M, and counts per bin top out around 220. That is not a long tail of tiny positions. It is a cluster of mid-sized institutional line items, which fits a single large filer reporting many consistently-sized holdings rather than a mass of exploratory research bites. The lack of $20M+ positions is the cleanest signal in the chart: this is a quant-style breadth book — no single name is allowed to carry idiosyncratic risk.
What This Means for Numerai
A broader third-party institutional footprint would show up as more outside filers, more adviser records, or cleaner evidence of allocators using crowdsourced alpha at scale. Today's 13F footprint is one filer, so the data supports a narrower conclusion: Numerai's own regulated reporting is visible, while outside institutional adoption remains hard to measure from these forms.
Concentration also limits inference. A single-filer dataset cannot tell us whether outside demand is broadening, whether liquidity risk is rising, or how the fund's non-13F exposures behave. The 45-day 13F reporting lag means even the visible long-equity book may already be stale by the time the filing hits EDGAR.
Caveats
SEC filing data has real limits for tracking a crypto-native ecosystem.
Reporting delays. 13F filings are due 45 days after quarter-end, so public data is always weeks stale.
Incomplete coverage. Only managers with $100M+ in qualifying assets file 13F. Smaller funds, individuals, and non-US institutions never show up.
Classification ambiguity. Numerai-related filing filters can mix adviser identity, issuer names, and strategy labels, which makes comprehensive rollups hard.
Value distortion. Reported values are pinned to quarter-end prices, which can diverge sharply from average holding values in volatile crypto markets.
Stale positions. A 13F line can represent a legacy holding a manager already plans to liquidate rather than an active thesis.
Takeaways
SEC filings are a partial but useful lens. They miss most of the crypto-native picture and much of the trading book, but they capture the public regulated-adviser footprint worth watching alongside round economics and token supply flows.
Concentration is absolute in this dataset. Numerai GP LLC carries the entire reported 13F value, and the quarterly filing count has been flat at one for 13 quarters. That is the shape of a narrow public filing panel, not evidence of a broad institutional holder base.
Treat the numbers as directional. Reporting lag, coverage gaps, classification noise, and 13F's long-only scope mean these filings should inform a read on Numerai's regulated footprint, not settle the question of institutional engagement.