Ark Invest offloaded 12,077 Coinbase shares — worth $2.7 million — from its Next Generation Internet exchange-traded fund (ARKW) on Wednesday.

It’s the first time the Cathie Wood-led investment firm has sold Coinbase shares since it offloaded $4.3 million worth of COIN on July 19. Ark’s investment strategy generally aims to avoid individual holdings taking 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 COIN’s value rises relative to Ark's other holdings in the fund.

According to the firm’s latest disclosures, COIN is now the fourth-largest holding within its ARKW ETF, with a weighting of 7.3% as of Aug 1, behind Ark’s own spot Bitcoin ETF (ARKB), Tesla and Roku shares with 11%, …