Arca unloads Circle shares after scathing IPO letter

Arca's chief investment officer, Jeff Dorman, previously said the investment company would stop doing business with Circle.

Arca Chief Investment Officer Jeff Dorman said the digital investment company has sold all of its Circle shares following the stablecoin company’s recent listing on the New York Stock Exchange.

The update followed a scathing open letter published by Dorman on social media on June 5, criticizing Circle for giving the investment firm a “throwaway” allocation in Circle’s initial public offering (IPO).

According to Dorman, Arca submitted an order for $10 million in Circle shares in April 2025 and only received a $135,000 allocation despite being a long-time supporter and one of the earliest investors to submit a bid. The executive wrote in a now-deleted letter:

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