Ark Invest yesterday sold 70,616 Coinbase shares, worth $15.1 million, from three of its listed funds.
These were 45,915 shares ($9.8 million) of its Innovation ETF, 17,755 shares ($3.8 million) of its Next Generation Internet ETF (ARKW) and 6,946 shares ($1.5 million) of its Fintech Innovation ETF.
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This is Ark's first significant sale of Coinbase shares in nearly a month, after it sold $824,000 worth of the company’s sales on April 15 and $20.4 million on April 11.
With its strategy of limiting individual holdings to 10% of an ETF portfolio, Ark could continue to rebalance its weightings if Coinbase's share price rises relative to its other holdings within the funds.