Circle’s Blockbuster IPO Marred by Backlash From Early Investor

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While Circle’s shares soared 167% in their NYSE debut, the celebratory mood was dampened by public criticism from Arca, one of its earliest backers.

Arca CIO Jeff Dorman slammed the company in a now-deleted X post, calling his firm’s $135,000 allocation “a joke” given years of support. “You are the first crypto company to treat Arca this way,” he wrote.

Despite the drama, Circle’s (CRCL) stock closed at $82 after a 235% intraday surge, fueled by heavy institutional interest—including BlackRock’s potential 10% stake and ARK Invest’s $150 million order. The IPO was upsized to $1.05 billion amid overwhelming demand.