Arca Dumps Circle Shares After Disappointing IPO Allocation
Summary
Arca sold all its Circle shares after criticizing the stablecoin company's IPO allocation. Arca's $10 million order received only $135,000 in shares, prompting the firm to close accounts with Circle and reject USDC. Circle, now listed on the NYSE under CRCL, raised $1.05 billion in its IPO. The shares surged 167% on debut, closing at $82, and continued rising to around $115. Circle's listing marks a significant milestone as the issuer of USDC, the second-largest stablecoin with a market cap over $61 billion, gains access to major capital markets.
