Arca Dumps Circle Shares After Disappointing IPO Allocation

[***]Arca Chief Investment Officer Jeff Dorman said the digital investment company has sold all of its Circle shares following the stablecoin company’s recent listing on the New York Stock Exchange.

[***]The update followed a scathing open letter published by Dorman on social media on June 5, criticizing Circle for giving the investment firm a “throwaway” allocation in Circle’s initial public offering (IPO).

Circle, Stocks, Stablecoin — *Source:* *Jeff Dorman*

[***]According to Dorman, Arca submitted an order for $10 million in Circle shares in April 2025 and only received a $135,000 allocation despite being a long-time supporter and one of the earliest investors to submit a bid. The executive wrote in a now-deleted letter:

“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.”

[***]“Arca is closing all of our accounts with Circle and will tell every single dealer we work with that we will no longer accept USDC,” Dorman continued.

[***]Cointelegraph reached out to Circle for comment on the letter but hadn’t received a response by the time of publication.

[***]Circle’s public listing is a significant development in the crypto industry as the issuer of the world’s second-largest stablecoin, Circle-USD (USDC), with a total market capitalization of over $61 billion, now has access to the world’s deepest capital market.