Jeff Dorman -in -Chief of the Arca said that the digital investment company had sold all its actions Circle following the recent list of the Stablecoin company on the New York Stock Exchange.
The update follows a scathing open letter published by Dorman on social networks on June 5, criticizing Circle for having given the investment company a “disposable” allowance in the initial public offer of Circle (IPO).
According to Dorman, Arca submitted an order of $ 10 million in Circle shares in April 2025 and only received an allowance of $ 135,000, although it was a long -standing supporter and one of the first investors to submit an offer. The executive wrote in a letter now deleted:
“We stung you separately two months ago, indicating our order, and you thanked us for support. If you were going to F[***] At the end, the least you could have done was to tell us two months ago, so we did not waste the time of our analysts and the OPS teams on an agreement that you had no intention to give us actions. “”
“Arca closes all our accounts with Circle and will say to each dealer with whom we work with whom we will no longer accept USDC,” continued Dorman.
Cointelegraph set out to comment on the letter but had not received an answer at the time of publication.
The Circle’s public list is an important development in cryptographic industry as the issuer of the second largest stablecoin in the world, Circle-USD (USDC), with total market capitalization of more than $ 61 billion, now has access to the deepest capital market in the world.
In relation: Blackrock Eyes 10% paped in the IPO of Circle – Report
Circle lists on the nyse to exchange frenzy
Circle began to negotiate the NYSE on June 5 under the CRCL of the Ticker, following an IPO which raised $ 1.05 billion.
The company’s shares jumped 167% during its beginnings, closing the negotiation day at $ 82.
The action continued the rally on June 6 and is currently negotiating on $ 115 per share during intrajournial hours.
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