Ark Invest sells $13.3 million in Coinbase shares, $8.7 million of its own bitcoin ETF after record highs

Cathie Wood-led investment firm Ark Invest sold 34,207 Coinbase shares, worth around $13.3 million, from its Next Generation Internet exchange-traded fund (ARKW) on Tuesday and also offloaded $8.7 million worth of its own spot bitcoin ETF following record highs for both assets.

Ark Invest's investment strategy involves letting no individual holding take up more than 10% of a fund's portfolio. This is to maintain diversification within its funds, meaning Ark is likely to continue rebalancing its weightings if the value of certain assets rises or falls significantly relative to other holdings in its funds.

According to the firm's latest disclosures, COIN is currently the second-largest holding within its ARKW fund, with a weighting of 7.9%, worth around $172.8 million, as of July 15. Robinhood is the largest ARKW holding, representing 8% of the fund, valued at $175.5 million.

Coinbase closed up 1.8% at a record $394.01 on Monday, pushing its market cap past the $100 billion level for the first time. The crypto exchange's stock has surged 50% over the past month alone, boosted by bitcoin's all-time high rally and its USDC stablecoin partner Circle's blockbuster IPO. Coinbase shares fell slightly by 1.5% on Tuesday to $388.02, according to The Block's COIN price page, with a market cap of $98.6 billion.

Ark sells $8.7 million worth of its own spot bitcoin ETF

Ark Invest also sold 225,742 shares of its own spot bitcoin ETF, ARKB, on Tuesday from the same Next Generation Internet fund, worth $8.7 million.

That came just a day after bitcoin set a new all-time high above $123,000 on Monday, subsequently slumping to below $116,000 again on Tuesday before recovering. Bitcoin is currently trading for $119,133, according to The Block's BTC price page — up 25% year-to-date.

ARKB remains the fourth-largest allocation within its Next Generation Internet fund, with a weighting of 7.2%, valued at approximately $157.2 million. Tesla and Roblox make up the remainder of the fund's top five positions.

Ark Invest's ARKB saw net outflows of $6.2 million overall on Tuesday, while the combined spot bitcoin ETFs notched $403.1 million net inflows for the day, led by BlackRock's IBIT with $416.3 million. The bitcoin ETFs are currently on a nine-day inflow streak totaling $4.4 billion, with total net inflows since their January 2024 launch now at $53.3 billion, according to data compiled by The Block.

Ark Invest's spot bitcoin ETF accounts for $2.9 billion of those cumulative net inflows, with $5 billion in assets now under management amid the concurrent price rise, according to The Block's ARKB Tracker page.

"With ETF inflows holding, altcoins catching up, and sentiment buoyed by macro rumors, we see further upside," BRN Lead Research Analyst Valentin Fournier told The Block. "Bitcoin has room to run before its cycle top, but we're letting alts lead the charge in the short term."

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.