Ark Invest, led by Cathie Wood, has made a significant move by selling 70,616 shares of Coinbase across three exchange-traded funds, totaling $15.1 million. This sale, which occurred on Tuesday, is part of Ark's strategy to maintain a balanced portfolio by limiting any one asset to no more than 10% of the total holdings.

The sale includes shares from the Innovation ETF (ARKK), Next Generation Internet ETF (ARKW), and Fintech Innovation ETF (ARKF), with a total value of $15.1 million. This move comes after a previous sale of $20.4 million worth of COIN on April 11th, and a smaller sale of $824,000 on April 15th. Coinbase currently ranks as the third-largest holding in ARKK ETF and the fourth-largest holding in ARKW, with a significant weighting in ARKF ETF.

Ark's investing philosophy prioritizes diversity, and the company will likely continue to adjust its weightings if Coinbase's stock price fluctuates. The market value of ARKK's Coinbase holdings is $547 million, with ARKW's COIN weightings valued at $129 million and ARKF's at $105 million. Over the last year, the ARKK, ARKW, and ARKF funds have seen significant increases of 24%, 55%, and 61%, respectively.