⚓⚡According to Cointelegraph, Jeff Dorman, Chief Investment Officer at Arca, 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 posted a critical open letter on social media on June 5, expressing his dissatisfaction with Circle's allocation of shares during the initial public offering.
Dorman revealed that Arca had submitted a request to purchase $10 million worth of shares in Circle in April 2025 but only received an allocation of $135,000. Despite being a long-time supporter and one of the early investors to make an offer, Arca felt sidelined in the IPO process. In the now-deleted letter, Dorman expressed his frustration, saying: "We reached out to you separately two months ago to indicate our request, and you thanked us for the support. If you planned not to allocate shares to us in the end, the least you could have done was to inform us two months in advance so we wouldn't waste our analysts' and operations teams' time on a deal you had no intention of allocating shares to us." He also noted that Arca will close all accounts with Circle and inform all traders they work with that they will no longer accept USDC.
Cointelegraph reached out to Circle for comment on the letter but did not receive a response by the time of publication. Circle’s public listing represents a significant milestone in the cryptocurrency industry, as the issuer of the world’s second-largest stablecoin, Circle-USD (USDC), which has a market value exceeding $61 billion, now has access to the deepest capital markets in the world.
Circle began trading on the New York Stock Exchange on June 5 under the ticker CRCL, following an IPO that raised $1.05 billion. The company's stock price saw a notable increase, rising by 167% on its debut and closing the trading day at $82. The increase continued on June 6, with shares trading around $115 during trading hours. This development highlights the growing interest and investment in the cryptocurrency sector, as traditional financial markets increasingly engage with digital assets.
