Marshall Wace Books $700 Million Gain on Circle’s Hot IPO
Circle Internet Financial Ltd. signage during the company's initial public offering (IPO) on the floor of the New York Stock Exchange (NYSE) in New York on June 5.
Photographer: Michael Nagle/BloombergAn early investment in stablecoin issuer Circle Internet Group Inc. has turned into one of the most profitable trades ever for Marshall Wace, netting a roughly $700 million profit from crypto firm’s stellar initial public offering.
Marshall Wace’s XO Digital Finance Fund, in which its flagship Eureka hedge fund is the principal investor, recorded an estimated 47% internal rate of return on its investment, according to a person familiar with the deal. A spokesperson for Marshall Wace declined to comment.