On June 5, 2025, a true cryptocurrency spectacle took place on the New York Stock Exchange. Circle — the modest issuer of the second-largest stablecoin in the world, USDC — suddenly transformed into Cinderella from Wall Street. An IPO? Not just any IPO. It was a white-hot debut that even the most seasoned Nasdaq trader will remember for a long time. Shares under the ticker CRCL began trading, surged 167% up in one day, and then… continued to rise. You know, as if it’s not crypto but some Elon Musk on LSD.
But let’s not rush to celebrate. Because not everyone at this party ended up on the guest list.
In bursts Jeff Dorman. The Chief Investment Officer of Arca. The man who apparently expected champagne but got a glass of USDC without gas.
It all started beautifully. Arca, being one of the earliest supporters of Circle, modestly applied for $10 million in shares in April. In return, they received… $135 thousand. It’s like reserving the presidential suite at the Ritz, only to be placed in a storage room with vacuum cleaners.
Of course, Dorman didn’t stay silent. He rolled out an open letter, bluntly stating: 'If you were planning to screw us in the end, you could at least have warned us in advance.' Honestly? It’s rare to be so direct in crypto. We respect that. Straightforwardness is the last currency reserve in a world where everyone promises 'web3 access to freedom' and instead hands out tokens to the BlackRock fund.
And now Arca is exiting the game: selling all its shares, closing accounts, and abandoning USDC. As if someone found a love letter between their crypto exchange and another fund and orchestrated the perfect rage quit.
And Circle? Without batting an eye, moved on. Their shares soared to $115, and already jumping into bed with them was Cathie Wood from ARK Invest (buying 4.5 million shares for $373 million), while the media trumpets about a 'new era of crypto companies on the stock exchange.'
So it’s all like in classic late-stage capitalism: some were invited to the ball, while others were left to wash the dishes afterward.
While crowds of investors celebrate 'institutional acceptance' and the IPO as a path to the mainstream, don’t forget who the key players are in this process. Those with money aren’t always the first to support a project. The world isn’t fair. Especially on the NYSE.
But if you still think that Circle is a company about honesty and transparency… Just ask Arca.
