Ark Invest sold 118,209 shares of its ARKB spot Bitcoin exchange-traded fund, worth $7.76 million, from its Next Generation Internet ETF (ARKW) on Wednesday.

This is the first time the Cathie Wood-led investment firm has sold shares in the Ark Invest and 21Shares-issued ARKB since the spot Bitcoin ETFs launched in January.

Ark’s investment strategy aims to let no individual holding take up more than 10% of an ETF’s portfolio. This is to maintain diversification within its funds — meaning it is likely to continue rebalancing its weightings if ARKB rises relative to Ark's other holdings in the fund.

According to the firm’s latest disclosures, ARKB is the largest holding within its ARKW ETF, with a weighting of 10.98% as of July 24, ahead of Tesla, Roku and Coinbase shares on 9.5%, 8.48% …