On June 7, Arca CIO Jeff Dorman posted on social media that, in the spirit of transparency, he is announcing that Arca has sold its Circle (CRCL) shares, with specific sale details yet to be disclosed.
Previously, Arca, a long-term partner of Circle, only received a $135,000 allocation in Circle's IPO, far below its $10 million subscription application. Arca CIO Jeff Dorman publicly stated that Circle "prioritizes traditional financial institutions" and shows "no respect" for crypto-native institutions, and announced that he will close his Circle account and switch to alternative stablecoins like USDT.
Jeff Dorman previously stated that the core principle of cryptocurrency is to give back to users, not just benefit passive shareholders. He strongly demanded that the allocation be given to crypto funds that have been using USDC and Circle for nearly a decade, rather than to traditional financial funds that may not have even read the prospectus.
