According to The Block, Arca's Chief Investment Officer Jeff Dorman criticized Circle for allocating him only a "pitiful" $135,000 worth of shares in the oversubscribed IPO.
Arca had placed an order to subscribe for $10 million. Dorman stated that Circle was a long-term partner that helped them navigate the USDC de-pegging crisis during the 2023 banking crisis. However, they were not given a fair allocation. Dorman publicly announced that he would close his Circle account and switch to competing stablecoins like USDT.
