CoinVoice has learned that, according to The Block, Arca's Chief Investment Officer Jeff Dorman criticized Circle for allocating a "meager" $135,000 shares in its oversubscribed IPO.

Arca had placed an order to subscribe for $10 million, and Dorman stated that Circle is its long-term partner, having assisted them during the USDC de-pegging crisis during the banking turmoil in 2023, yet they have not received a fair allocation. Dorman publicly announced that he would close the Circle account and switch to competing stablecoins like USDT. [Original link]