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The cryptocurrency investment firm Arca recently announced the liquidation of its Circle shares and the termination of their partnership. According to Cointelegraph, Arca's Chief Investment Officer Jeff Dorman publicly stated that during Circle's IPO process, Arca planned to subscribe for $10 million worth of shares, but ultimately was allocated only $135,000.
Dorman criticized Circle for not communicating in advance about the allocation of IPO quotas, resulting in a waste of resources for the Arca team. In response, Arca decided to close all Circle accounts and stop accepting USDC.