Circle stock pumps too aggressively, and some people are not happy! Arca exploded with anger: the allocation amount is too small, betraying encryption, everyone switch to USDT.
Stablecoin giant Circle successfully landed on the New York Stock Exchange, but early investor Arca was unhappy because the IPO stock placement was "unfair to the crypto space". (Summary: Circle (CRCL) Stocks can rise more than cryptocurrencies! Soared nearly 4 times on day 2 (Background added: Analyzing the Game of Thrones behind USDC: The only problem with Coinbase's acquisition of Circle is price? Stablecoin issuer Circle Internet Financial officially went public on the New York Stock Exchange ( NYSE ) on June 5 under the ticker symbol CRCL, breaking through $120 on the second day of listing, equivalent to nearly 4 times the listing price. In this way, the initial investors should not be able to earn the corners of their mouths, but there are early investors who are unhappy because they "buy too little". The IPO listing of stablecoin issuer Circle still sparked a placing controversy. Digital investment firm Arca cleared all of its Circle holdings after receiving only $135,000 ($10 million in applications). Jeff Dorman, Chief Investment Officer at Arca, criticized: "Circle clearly prioritizes traditional financial institutions in the placement and has no respect for crypto-native institutions." As a result, Arca closed its Circle account, switched to USDT, and advised resellers to deactivate USDC. At the same time, some analysts believe that Circle's IPO may cause the stock price to rise sharply due to low pricing. Circle said the proceeds will be used for product investments, potential acquisitions and brand enhancement. Circle's success is an inspiration for crypto companies planning IPOs and shows that cryptocurrencies are accelerating their integration into mainstream finance. Arca's chief investment officer, Jeff Dorman, made no secret of his disappointment and anger at "buying too little", publicly criticizing Circle's leadership: "Circle's apparent prioritization of traditional financial mutual funds and hedge funds that may have never used Circle's products in its IPO placement has shown no respect for the native institutions that have supported the crypto ecosystem for years. This is not only disappointing, but also a betrayal of the entire crypto community." It is reported that the digital investment company Arca originally proposed an application of $10 million, but in the end only received $135,000 in shares. Arca quickly took a series of countermeasures: not only immediately sold all allotted Circle shares, but also closed all of the company's accounts on Circle, transferred all funds to the ( of the rival stablecoin Tether ) USDT, and called on cryptocurrency dealers to stop using the USDC stablecoin issued by Circle. This was interpreted by some communities as a signal of collective boycott by crypto-natives against Circle's so-called "betrayal." But on the other hand, if Circle's stock price "doesn't rise much" after going public, will it still see this reaction? UPDATE. They did not. In the spirit of transparency, Arca has sold its $CRCL shares. — Jeff Dorman (@jdorman81) June 6, 2025 Related Stories Circle (CRCL) Stocks can rise more than cryptocurrencies! The 2nd day of listing soared nearly 4 times Circle froze the Libra case of $58 million USDC, the Argentine president can't hide? Circle, BlackRock's "cooperative IPO" details exposed: Blackrock takes over 90% of USDC reserve assets, bans the issuance of stablecoins 〈Circle stock rises too fiercely, some people are unhappy! Arca scolded: Too little placement amount betrays crypto, everyone uses USDT instead" This article was first published in BlockTempo's "Dynamic Trend - The Most Influential Blockchain News Media".
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Circle stock pumps too aggressively, and some people are not happy! Arca exploded with anger: the allocation amount is too small, betraying encryption, everyone switch to USDT.
Stablecoin giant Circle successfully landed on the New York Stock Exchange, but early investor Arca was unhappy because the IPO stock placement was "unfair to the crypto space". (Summary: Circle (CRCL) Stocks can rise more than cryptocurrencies! Soared nearly 4 times on day 2 (Background added: Analyzing the Game of Thrones behind USDC: The only problem with Coinbase's acquisition of Circle is price? Stablecoin issuer Circle Internet Financial officially went public on the New York Stock Exchange ( NYSE ) on June 5 under the ticker symbol CRCL, breaking through $120 on the second day of listing, equivalent to nearly 4 times the listing price. In this way, the initial investors should not be able to earn the corners of their mouths, but there are early investors who are unhappy because they "buy too little". The IPO listing of stablecoin issuer Circle still sparked a placing controversy. Digital investment firm Arca cleared all of its Circle holdings after receiving only $135,000 ($10 million in applications). Jeff Dorman, Chief Investment Officer at Arca, criticized: "Circle clearly prioritizes traditional financial institutions in the placement and has no respect for crypto-native institutions." As a result, Arca closed its Circle account, switched to USDT, and advised resellers to deactivate USDC. At the same time, some analysts believe that Circle's IPO may cause the stock price to rise sharply due to low pricing. Circle said the proceeds will be used for product investments, potential acquisitions and brand enhancement. Circle's success is an inspiration for crypto companies planning IPOs and shows that cryptocurrencies are accelerating their integration into mainstream finance. Arca's chief investment officer, Jeff Dorman, made no secret of his disappointment and anger at "buying too little", publicly criticizing Circle's leadership: "Circle's apparent prioritization of traditional financial mutual funds and hedge funds that may have never used Circle's products in its IPO placement has shown no respect for the native institutions that have supported the crypto ecosystem for years. This is not only disappointing, but also a betrayal of the entire crypto community." It is reported that the digital investment company Arca originally proposed an application of $10 million, but in the end only received $135,000 in shares. Arca quickly took a series of countermeasures: not only immediately sold all allotted Circle shares, but also closed all of the company's accounts on Circle, transferred all funds to the ( of the rival stablecoin Tether ) USDT, and called on cryptocurrency dealers to stop using the USDC stablecoin issued by Circle. This was interpreted by some communities as a signal of collective boycott by crypto-natives against Circle's so-called "betrayal." But on the other hand, if Circle's stock price "doesn't rise much" after going public, will it still see this reaction? UPDATE. They did not. In the spirit of transparency, Arca has sold its $CRCL shares. — Jeff Dorman (@jdorman81) June 6, 2025 Related Stories Circle (CRCL) Stocks can rise more than cryptocurrencies! The 2nd day of listing soared nearly 4 times Circle froze the Libra case of $58 million USDC, the Argentine president can't hide? Circle, BlackRock's "cooperative IPO" details exposed: Blackrock takes over 90% of USDC reserve assets, bans the issuance of stablecoins 〈Circle stock rises too fiercely, some people are unhappy! Arca scolded: Too little placement amount betrays crypto, everyone uses USDT instead" This article was first published in BlockTempo's "Dynamic Trend - The Most Influential Blockchain News Media".