In a move that has surely set tongues wagging in the crypto world, Arca’s Chief Investment Officer, Jeff Dorman, has announced that the digital investment company has sold off every last share of Circle following the stablecoin giant’s recent debut on the New York Stock Exchange. The saga began with an open letter, scathingly criticizing Circle’s treatment of Arca, posted to social media on June 5. Talk about a digital breakup!
According to Dorman, Arca placed a $10 million order for Circle shares back in April 2025, yet they were shockingly allocated only a measly $135,000 worth. A huge slap in the face for a firm that had been a long-time supporter and one of the very first to make a bid. Dorman didn’t hold back in his now-deleted rant:
“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.”
And if you thought that was spicy, buckle up. Dorman didn’t stop there, declaring that Arca is severing ties with Circle for good, saying, “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.” Well, that’s one way to make an exit! 💥
In case anyone missed the memo, Circle’s public listing is not just another crypto headline—this is a seismic event in the digital currency world. As the issuer of the world’s second-largest stablecoin, Circle-USD (USDC), with a market cap surpassing a cool $61 billion, the company now has access to the world’s deepest pockets. But don’t worry, their recent drama is far from over.
Circle lists on the NYSE to trading frenzy
Circle made its NYSE debut on June 5, trading under the ticker CRCL. The IPO raised an eye-watering $1.05 billion. But wait, it gets better—on its first day of trading, Circle’s stock surged by a jaw-dropping 167%, closing at $82. So, naturally, the stock kept its party going on June 6, reaching a cool $115 per share. Guess Arca isn’t the only one having a great time in the market!
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2025-06-06 23:39