Jeff Dorman, chief investment officer at Arca, criticized Circle over a minimal $135,000 allocation they received during Circle's recent $10 million IPO. In a scathing open letter, Dorman expressed disappointment at Circle's treatment of Arca, especially given the firm's long-standing support for the stablecoin issuer. He emphasized that Arca was among the earliest backers of Circle and highlighted the resilience they showed during past industry challenges. Dorman announced that Arca would close all accounts with Circle, calling its allocation a 'joke' and discouraging other firms from partnering with the stablecoin giant. Circle made its public debut on June 5, marking a significant milestone in the crypto sector as it opened up to liquidity from traditional finance.

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