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

Quotes that support claims

Arca Chief Investment Officer Jeff Dorman said the firm received a “measly” $135,000 allocation of Circle’s IPO shares, despite placing a $10 million order to invest in its longstanding partner.

You decide to give fat allocations to TradFi mutual funds and hedge funds who likely didn’t even read your prospectus, have no wallets, and will never use your product,” Dorman wrote in a public letter — titled “F*ck you!” — posted to X.