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Arca unloads Circle shares after scathing IPO letter

cryptoweekly by cryptoweekly
June 6, 2025
in bitcoin, News
0

Arca’s chief investment officer, Jeff Dorman, previously said the investment company would stop doing business with Circle.

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).

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:

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  • Ether vulnerable as ‘meaningful unwinding’ on horizon — Analyst
  • US crypto legislation drives $4B surge in stablecoin supply
  • Hong Kong hoses down stablecoin frenzy, Pokemon on Solana: Asia Express
  • Bitcoin is losing its bullish momentum: Is a drop to $115K next?
  • MEV arbitrageurs on Ethereum increasingly centralized — Research
  • Ex-Gemini, Kraken exec appointed as CEO of crypto advocacy group
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