Ark Invest on Monday sold $2.8 million worth of shares of its Next Generation Internet ETF (ARKW) exchange-traded fund, representing 44,609 shares of its ARKB exchange-traded fund.
The company sold a total of $17.5 million worth of ARKB shares as part of its diversification strategy, in which it limits individual holdings to no more than 10% of a fund's portfolio.
Despite the sales, ARKB remains the second largest holding in the ARKW fund, with a 9.93% weighting worth $139.7 million.
This equates to about 5% of the ARKB Bitcoin ETF's total assets under management, which currently stands at $2.9 billion.