Ark Invest offloaded 77,561 Coinbase shares — worth $20.4 million — across two of its exchange-traded funds on Thursday.

The Cathie Wood-led investment firm sold 63,627 shares ($16.7 million) from its Innovation ETF (ARKK) and 13,934 shares ($3.7 million) from its Next Generation Internet ETF (ARKW), according to the company’s latest trade filing.

Ark’s investment strategy aims to let no individual holding take up more than 10% of an ETF’s portfolio to maintain diversification within its funds — meaning it is likely to continue rebalancing its weightings if Coinbase’s stock price continues to rise compared to other holdings in the funds.

According to the firm’s latest disclosures, Coinbase is the second-largest holding within its ARKK ETF, with a weighting of 9.7%, behind Tesla at …