$USDC

According to Cointelegraph, Arca's Chief Investment Officer, Jeff Dorman, announced that the digital investment firm has sold all its shares in Circle following the recent listing of the stablecoin company on the New York Stock Exchange. This decision comes after Dorman published a critical open letter on social media on June 5, expressing his dissatisfaction with Circle's share allocation during its initial public offering (IPO).

Dorman revealed that Arca had placed an order for Circle shares worth $10 million in April 2025, but only received an allocation of $135,000. Despite being a strong supporter and one of the first investors to place an order, Arca felt sidelined in the IPO process. In the letter, which has now been deleted, Dorman expressed his frustration, stating: "We contacted you separately two months ago indicating our order, and you thanked us for the support. If you were going to screw us in the end, the least you could have done was inform us two months ago so we wouldn't waste the time of our analysts and operations teams on a deal you had no intention of allocating shares to us." He also mentioned that Arca would close all accounts with Circle and inform each distributor they work with that they would no longer accept USDC.

Cointelegraph reached out to Circle for a comment on the letter, but had not received a response at the time of publication. Circle's public listing marks a significant milestone in the cryptocurrency industry, as the issuer of the world's second-largest stablecoin, Circle-USD (USDC), with a market capitalization exceeding $61 billion, now has access to the world's deepest capital markets.

Circle began trading on the NYSE on June 5 under the ticker CRCL, following an IPO that raised $1.05 billion. The company's stock price experienced a remarkable increase, rising by 167% on its debut.