According to Cointelegraph, Arca Chief Investment Officer Jeff Dorman announced that the digital investment firm has sold all its shares in Circle following the stablecoin company's recent listing on the New York Stock Exchange. This decision comes after Dorman published a critical open letter on social media on June 5, expressing dissatisfaction with Circle's allocation of shares during its initial public offering (IPO).
Dorman revealed that Arca had placed an order for $10 million worth of Circle shares in April 2025 but received only a $135,000 allocation. Despite being a long-time supporter and one of the earliest investors to submit a bid, Arca felt sidelined in the IPO process. In the now-deleted letter, Dorman expressed frustration, stating, "We pinged you separately two months ago indicating our order, and you thanked us for the support. If you were going to f[***] us at the end, the least you could have done was tell us two months ago so we didn't waste our analysts' and ops teams' time on a deal that you had no intention of allocating shares to us." He further mentioned that Arca would be closing all accounts with Circle and would inform every dealer 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 by 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 market.
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 surge, increasing by 167% on its debut and closing the trading day at $82. The rally continued on June 6, with shares trading around $115 per share during intraday hours. This development highlights the growing interest and investment in the cryptocurrency sector, as traditional financial markets increasingly engage with digital assets.
