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Arca CIO Jeff Dorman criticized the Circle of USD Coin issuers (USDC) for having given the company yesterday a “meager” allowance during its first public call to public (IPO), and promised to reduce all links with the company.
“I cannot believe that our efforts to help you grow for years have resulted in you giving us a joke, a disposable allowance,” wrote Dorman in an open letter entitled “F * CK You!” for circle shared in an X now deleted job.
It was after Dorman said thatCA placed an order to invest $ 10 million in Introduction on the stock market on Circle has been months ago, but only received a “lean” allowance of $ 135,000, which represents only 1.35% of the order.
Circle accused of promoting tradfi investors during the IPO
Dorman accused the Stablecoin issuer of promoting investors and traditional financial institutions of the Arca, who, according to him, was a faithful fund Circle Over the years.
“You decide to give fat allowances to the common tradfi investment funds and the hedge funds who have probably not even read your prospectus, do not have a portfolio and will never use your product,” he wrote in the letter.
His comments come after Circle’s shares jumped 168% after the company’s start to the New York Stock Exchange (NYSE) yesterday, data Yahoo finance shows.
The IPO had substantial interest, and was overwritten and also increased twice. Initially, the company wanted to sell shares for $ 25, but then decided to sell 32 million shares for between $ 27 and $ 28.
The NYSE welcomes @circle To celebrate its IPO! For more than a decade, Circle connected traditional finances and digital assets, seeking to create a secure digital economy and always on. $ CRCL@jerallaire pic.twitter.com/ynhl34puz7
– NYSE 🏛 (@NYSE) June 5, 2025
Dorman says that Carta will close the accounts with Circle
Usually, an overwriter financing tour reduces the allowances that investors have been promised. Despite this, Dorman believes that his company has obtained the short end of the stick and said that Carta will close all of its customers’ accounts with the stablecoin issuer.
“We will also say to all our customers and LPS in our funds how Circle Works and we hope they also hold their business for you, “he said in the letter to Circle.
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