ARCA Chief Investment Officer Jeff Dorman said that the digital investment company has sold all its circle shares after the recent listing of Stabelcoin Company at the New York Stock Exchange.
One after update Open letter Published by Dorman on social media on 5 June, criticizing the circle for giving “throwway” allocation to the investment firm Circle’s initial public offering (IPO).
According to Dorman, ARCA submitted an order for $ 10 million in circle stocks in April 2025 and received an allocation of only $ 135,000 despite being a long -time supporter and one of the initial investors to present the bid. The executive has now written in a removed letter:
“We indicated you separately our order two months ago, and you thanked us for support. If you were going to us at F (***) at the end, at least you could have told us two months ago, so we did not waste our analysts and did not waste the time of OPS teams on a deal, which had no idea to allocate you.”
“The ARCA is closing all our accounts with circle and will tell each dealer that we work that we will no longer accept the USDC,” Derman continued.
Cointelegraph arrived for the circle to comment on the letter, but did not receive any response until the time of publication.
Circle’s public listing is a significant development as issuer in the crypto industry World’s second largest stabechoinCircle-USD (USDC), With a total market capitalization of more than $ 61 billion, now the world’s deepest capital market is now accessible.
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Circle list for trading frenzy on NYSE
Circle started trading on NYSE Under Tick CRCL on 5 June, after an IPO $ 1.05 billion raised,
Company shares Rose to 167% In its beginning, closing Trading Day at $ 82.
Stock continued the rally on 6 June and is currently trading around $ 115 per share during intraday hours.
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