Ark Invest sold 108,751 shares of its ARKB spot Bitcoin exchange-traded fund, worth $6.9 million, from its Next Generation Internet ETF (ARKW) on Thursday.

The Ark and 21Shares-issued ARKB witnessed a total of $22.4 million in net outflows on Aug. 1 despite the spot Bitcoin ETFs generating $50.6 million in combined net inflows.

The Cathie Wood-led investment firm also ramped up sales of Coinbase stock yesterday, offloading 31,517 shares ($6.7 million) from ARKW and 37,552 shares ($8 million) from its Fintech Innovation ETF (ARKF) after selling $2.7 million worth of COIN on Wednesday, according to the company’s latest trade filing.

Ark’s investment strategy involves letting no individual holding take up more than 10% of an ETF’s portfolio. This is to maintain diversification within its …