Arca's Chief Investment Officer Jeff Dorman stated that Arca has sold all its holdings in Circle shares, following the stablecoin company's listing on the New York Stock Exchange.
This news came after Dorman published an open letter criticizing Circle on social media on June 5, in which he accused Circle of not giving enough attention to Arca's share allocation in the IPO.
Dorman stated that Arca submitted a $10 million order for Circle shares in April 2025, but ultimately received only $135,000 in allocation. Dorman wrote in a now-deleted letter:
"We expressed our support to you two months ago, and if you ultimately do not plan to allocate shares to us, you should at least inform us in advance to avoid wasting our team's time."
"Arca will close all our accounts with Circle and inform all partnering dealers that we will no longer accept USDC," Dorman continued.
Cointelegraph inquired about this matter with Circle but did not receive a response by the time of publication.
As the issuer of USDC, the world's second-largest stablecoin, Circle's listing is an important development for the cryptocurrency industry. The company currently has a market capitalization of over $61 billion and has entered the global deep capital market.
Circle's listing on the New York Stock Exchange sparked a trading frenzy
Circle began trading on the New York Stock Exchange under the ticker CRCL on June 5, raising $1.05 billion in its IPO.
The company's stock price soared 167% on its first trading day, closing at $82.
On June 6, the stock price continued to rise, currently trading around $115 per share during intraday trading.
