ARCA Chief Investment Officer Jeff Dorman said the digital investment company has sold all of its Circle stocks following Stablecoin Company’s recent listing on the New York Stock Exchange.
The update followed a rigorous open letter issued by Dorman on social media on June 5th, which criticized the circle for providing a “throwing” quota to the circle’s initial public offering (IPO).
According to Dorman, ARCA filed an order of $10 million in circle stock in April 2025, receiving an allocation of $135,000 despite being a longtime supporter and one of the earliest investors to file a bid. The executive wrote in a now deleted letter:
“We showed you separately two months ago and you thanked us for your support. If you were to f(***) us the last time you could tell us, two months ago, did not waste our analysts and OPS team time, so you didn’t make a trade that was not willing to allocate stocks to us.”
“Arca has closed all accounts on Circle and we will tell all dealers we work for that we will no longer accept USDC,” continues Dorman.
Cointelegraph contacted the circle for comment on the letter, but had not received a response by the time of publication.
Circle’s public list is a key development in the Crypto industry as the publisher of Circle-USD (USDC), the world’s second largest Stablecoin, with a total market capitalization of over $61 billion, and now has access to the world’s deepest capital markets.
Related: 10% Stock in BlackRock Eyes Circle’s IPO – Report
Circle lists to trade frenzy on NYSE
The Circle began trading in the NYSE under the ticker CRCL on June 5th, following an IPO that raised $1.05 billion.
The company’s stock jumped 167% on its debut, closing the trading day at $82.
The stock continued its rally on June 6th and currently trades hands at around $115 per share during daytime hours.
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