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Arca closes all positions in Circle stocks and terminates business cooperation
Gate News bot message, Cryptocurrency investment firm Arca recently announced the liquidation of its Circle stock 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 only received an allocation of $135,000.
Dorman criticized Circle for not communicating in advance about the allocation of IPO quotas, which led to a waste of resources for the Arca team. In response, Arca decided to close all Circle accounts and stop accepting USDC.
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