![](\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjUtMDEvMDE5NDM0NmUtMDNjNC03MDQ0LTkyNGMtNWFmZTM5NTMzMjdj.jpg\")
\n <\/p>\n\n \n <\/p>\n
Arca was one of the earliest crypto investment firms to back Circle, Arca chief investment officer Jeff Dorman wrote in the letter.<\/p>\n
Circle is facing criticism from Jeff Dorman, chief investment officer at digital asset investment firm Arca, over a $135,000 allocation to the company during the stablecoin issuer\u2019s recent initial public offering. <\/p>\n
In an open letter posted to social media<\/a>, Dorman accused Circle and its leadership of poor judgment, calling the allocation \u201cinapp<\/a>ropriate\u201d and announcing the closing of all Arca\u2019s accounts with Circle. <\/p>\n According to Dorman\u2019s post, Arca was granted only a $135,000 participation in its $10 million order on the offering. Dorman said Arca was one of the first entities to make an offer. The executive said the company is one of Circle\u2019s earliest backers and held steady even amid rumors of Circle delaying its IPO plans due to the macroeconomic shock of tariffs. The letter read:<\/p>\n \u201cMost of Arca\u2019s management team left Wall Street eight years ago to start a crypto-native company specifically to get away from TradFi clowns like you. Ironically, you\u2019ve come full Circle,\u201d the letter continued.<\/p>\n Read more<\/p>\n<\/p>\n If you liked the article, do not forget to share it with your friends. Follow us on\u00a0Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n If you want to read more News<\/a> articles, you can visit our General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n\n