PANews reported on July 16 that according to The Block, Cathie Wood's Ark Invest sold 34,207 shares of Coinbase from its ARKW fund on July 15, worth approximately US$13.3 million. It also sold a spot Bitcoin ETF worth US$8.7 million after both assets hit record highs.

Ark Invest's investment strategy is to not let any single holding account for more than 10% of the fund's portfolio. According to the company's latest disclosure, as of July 15, COIN is currently the second largest holding in its ARKW fund, with a weight of 7.9% and a value of approximately $172.8 million. Robinhood is the largest holding in the ARKW fund, accounting for 8% of the fund and worth $175.5 million.