Arca Sells All CRCL Holdings Due to Disappointment with Circle IPO Allocation

BlockBeats News, June 7th, Jeff Dorman, CIO of digital asset investment firm Arca, announced on social media that, in the spirit of transparency, Arca has sold its Circle (CRCL) holdings. The specific sell-off information has not been disclosed.

Previously, Arca, a long-time partner of Circle, only received a $135,000 allocation in Circle's IPO, far below its $10 million subscription request. Arca CIO Jeff Dorman publicly stated that Circle "prioritizes traditional financial institutions" and shows "no respect" for crypto-native firms. He also announced the closure of the Circle account and a switch to alternative stablecoins like USDT.

Jeff Dorman has previously stated that the core concept of cryptocurrency is to benefit users, not just passive shareholders. He strongly advocated for the allocation of IPO shares to crypto funds that have been using USDC and Circle for nearly a decade, rather than distributing them to traditional financial funds that may not have even read the prospectus.