Arca exec writes scathing letter to Circle post-IPO
Summary
Circle faces criticism from Jeff Dorman of Arca over a $135,000 allocation during Circle's IPO. Dorman called the allocation "inappropriate" and announced Arca's decision to close all accounts with Circle. Arca had requested a $10 million participation and was one of Circle's early supporters. Dorman expressed disappointment, stating Arca's long-term support was met with a minimal allocation. He criticized Circle's actions as reminiscent of traditional finance practices. Circle's public debut on the NYSE marks a significant milestone for the crypto sector, opening up to traditional finance liquidity.
