Circle Faces Harsh Criticism From Early Backer Over IPO Allocation Snub


Arca's chief investment officer Jeff Dorman has publicly blasted Circle after receiving only $135,000 allocation from a $10 million IPO order.


Dorman accused Circle of poor judgment and announced the closure of all Arca accounts with the stablecoin issuer.


Arca was among Circle's earliest backers and maintained support through delays caused by macroeconomic pressures from tariffs.


Circle's stock surged over 200% during its first trading day on the New York Stock Exchange, June 5.


The company raised its IPO target twice, ultimately offering 34 million shares worth $1.05 billion.


In a now-deleted X post, Dorman called the allocation a "joke" and their treatment of Arca unprecedented among crypto companies.


Circle's public debut marks a significant milestone as the issuer of the second-largest stablecoin by market cap opens to traditional finance.


  cointelegraph.com/news/arca-ex...

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June 05, 2025 at 11:36 PM
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