Fallout, allocation & industry tensions

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Jeff Dorman, CIO of Arca, citing a long partnership with Circle, announced that Arca would close its Circle accounts and move to rival stablecoins, citing misaligned priorities and accusing Circle of taking its partners for granted
Jeff Dorman, CIO of Arca, criticised Circle’s IPO allocation process, revealing that Arca received just 1.35% of its $10M investment request, calling the result a “measly” $135K slice and accusing Circle of favouring TradFi mutual funds and hedge funds over long-time crypto-native partners

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