Arca's Chief Investment Officer, Jeff Dorman, announced that the investment firm sold all its shares in Circle after receiving a disappointing allocation during Circle's recent IPO on the New York Stock Exchange. Despite submitting a $10 million order, Arca was allocated only $135,000 worth of shares, which Dorman described as a 'throwaway' allocation. In a now-deleted letter, he expressed frustration over the allocation process and stated that Arca would cease all business dealings with Circle, including rejecting USDC in future transactions. The IPO, where Circle's shares debuted under the ticker CRCL, was a significant milestone for the crypto sector, with the stock price initially rising to $82 and later trading around $115. Circle's listing marks an important transition as it gains access to broader capital markets.

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