Ark Invest, led by Cathie Wood, sold 218,986 Coinbase shares worth $90.58 million in three of its exchange-traded funds (ETFs) on Monday.
The move came after Coinbase rose to an all-time high above $437 last week, driven by the passage of important cryptocurrency legislation by the US House of Representatives.
The sales were distributed as follows: the ARK Innovation ETF (ARKK) 174,746 shares, the ARK Next Generation Internet ETF (ARKW) 27,663 shares, and the ARK Fintech Innovation ETF (ARKF) 16,577 shares.
Coinbase closed Monday down 1.47% at $413.63, despite recently re-entering the top 100 on Apple's App Store for the first time since January.