USDC issuer Circle had an enormously successful public debut on the New York Stock Exchange on Thursday, with its stock almost tripling in value as it soared 168%, but not everyone was happy.

Jeff Dorman, the chief investment officer at Arca, one of Circle’s earliest backers, shared a brutally critical open letter to the firm and its founder on X.

He headed up the letter in a now-deleted post on X: “An open letter to @jerallaire and @circle called ‘Fuck you!’”

Dorman said Arca had placed an order for $10 million of Circle’s IPO shares months ago on “Day 1” of Circle’s roadshow, but that it had received only “a measly” $135,000 allocation of the stock — just 1.35% of its order. 

Describing Arca’s stock allocation as “a joke,” he said: “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.

“Most of Arca’s management team left Wall Street eight years ago to start a crypto-native company specifically to get away from TradFi clowns like you,” Dorman said. “Ironically, you’ve come full Circle.

This story is an excerpt from the Unchained Daily newsletter.

“You and Coinbase deserve each other,” he said, “A match made in heaven of two incompetent management teams who were early, but screw up everything you touch.”

Dorman said Arca would close its Circle accounts, tell all of the dealers it works with that it would stop accepting USDC, begin using rival stablecoins such as USDT, and actively discourage other crypto firms from partnering with Circle.

“If you want to see how irrelevant and generic your product has become, this is a decision that was easy to make and doesn’t affect our business one bit because there are perfect substitutes everywhere,” he said.

Circle has not responded publicly to Dorman’s accusations.